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> Poor People should not buy Apartments & Condos

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scorptim
post May 31 2017, 02:07 AM

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QUOTE(advocado @ May 31 2017, 12:26 AM)
so you're comparing a famous skyscraper in a prime location vs some condo/apartments in KL/PJ?

do you know the spec for skyscrapers are much higher than condos? and do you know how much annually they spend on maintenance & repair? and how much it cost to refurbish old buildings?

sure if you have the money to splash you can even make Pizza Tower straight. but who would wanna refurbish old condos? unless it's monumental. sorry folks, old highrise apartments holds little value.
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If you're talking about leasehold then ur correct, but Freehold condo or apartment is ok. It's precisely because you don't have much money you can buy. Just need to make sure you find a good condo with good management. Those that maintain the condos well. You sell off the condo after 5 to 10 years then you'd definitely make enough profit for a landed property downpayment.

Despite your statement that the price will depreciate with time, I have yet to see well maintained freehold condos in klang Valley where the price has dropped compared to past 10 years. So many condos and apartments built in early 90s which are still sold at good price way above the original purchase price.

You rent rm1500 for 30 years, you would have spent 500k just paying rent without gaining anything. If you bought the 500k condo, even though you may have spent 900k in total paying the installment for 30 years, you could easily sell it off for at least the launching price. Meaning in total you only lose 400k...that's assuming the condo is sold at launching price, which almost never happens. You'd usually get around double after 30 years, maybe even more if ur location boom even more throughout the years.

Anyways, you opened quite few threads on similar topic before this, so my only question to you is... How many units you renting out now? Rental market not that good until you have to keep posting to convince people to keep renting ah?
scorptim
post May 31 2017, 12:12 PM

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QUOTE(MeToo @ May 31 2017, 10:30 AM)
The Rent vs Buy debate is not always about dollar and cents. People will swing between the 2 option depending on where they are in live, how much they are making, work mobility, family status etc...

By buying you also get tied down etc. If I am a single guy with no family, I'm gonna rent be flexible, whenever there is a new condo up that i fancy, I'll move there etc.
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Agreed on your points, but TS specifically referring to poor people mah, when you poor, everything should be decided based on dollars and cents, if not you will remain poor forever. Only when ur financially stable you have the luxury to consider other factors.
scorptim
post May 31 2017, 12:23 PM

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QUOTE(advocado @ May 31 2017, 10:33 AM)
you missed out a point. Condo gets old, if you rent, you can always move to a newer unit, if you own, you are stuck with the unit.

for those than own for own stay, they can always rent out a room like many Singaporeans doing.

and for old condos, how old are we talking about? 30 years? let's wait and see when they are 60 years old. Singapore demolish HDB less than 50 years old and rebuild. old owners still need to top up for new units.
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And... Landed house doesn't get old? What's your point actually?

We don't know yet what the situation will be when condos reach 60 years old, there aren't any in Malaysia that old, max also 30-40 years right now and they are still selling way above the launching price.

Please don't compare with Singapore la, Singapore cars once reach 10 years also have to scrap d, here cars 20 yrs plus still on the road. Based on this, I doubt Malaysia will follow SG and adopt the practice of demolishing condos after 50 years.

Even if we do adopt this and have to top up a bit for new units after living in it for 50 years, it is still better than you not owning ur own property and 50 years down the line when all condos cost 2-3 mil to buy and you're forced to pay monthly rental of 5-10k. Always keep inflation in mind my friend.




scorptim
post May 31 2017, 12:33 PM

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QUOTE(advocado @ May 31 2017, 12:14 PM)
I not just talk about Poor people, i specified Condo & Apartments, because these stuffs don't last as long as landed.

if you poor, buys a landed property you can finance, why not? i mean your kid & grandkids can at least still stay in that 100 years old house right?

Condo & Apartments, you think still there when leasehold expires?

For landed, even leasehold, at least you know you might get some low cost flats as compensation when it's time to move.
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You poor, how to afford landed? It's because they can't so no other choice, have t get condo or apartments

Same same la, landed or condo both also will age. You got proof that landed last longer than condo? And please don't compare with those colonial era houses yea, they are built differently from how houses now are built. Both landed or condo also built using same materials nowadays, so I really dunno why one lasts longer than another. You just see some of those old housing post colonial era that are 40-50 years old...a lot of it also seems like it's gonna fall apart d. The only difference is that landed easier to refurbish than condo.

Why landed leasehold you get some flats as compensation but condo apartment leasehold you get nothing? You got any source to back up your claims? Coz logically thinking, it's much easier to just remove a landed leasehold property once the lease is over without giving and compensation compared to condos. The main reason being the number of people being affected. It's easier to shut 1 landed owner down compared to hundreds of condo owners say if you were to demolish and old condo without giving them anything.
scorptim
post May 31 2017, 12:42 PM

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QUOTE(advocado @ May 31 2017, 12:28 PM)
u need me to bring Einstein here to explain to you?

Houses load on the structure is lower, less variables, Condo/Apartment has higher load, even though they are designed to spec, there are other variables like Earthquake from nearby countries, wind, soil, even nearby works can affect the soil, and if it's built on hillside, even more variables like rain.

so no brainer a normal Landed House would be more durable than a Condo, yes house also needs repair & fixing, but cost is lower. Also you can always demolish ur house & rebuild, or sell the land, can you do that to Condo?

Landed properties you know most of the time you can get 99 years, and extend it for another 99 years, your child, grandchild or even great granchild will still benefit from it.

Condo? your kid probably needs to move out half way.

Someone already mentioned Empire States building is 80 years old, still going strong, baru sold to new buyer. Good on them.
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Yes condos have more load than landed but they are built to support the extra load. All those other variables you mentioned affects landed too.

Cost of fixing landed is lower than condo??? Hahahahhaha. One is you fork out lump sum of money to refurbish yourself, another is constantly maintained and refurbished by condo management and you only pay ur monthly maintenance. The only advantage is landed you can sell off the land and demolish and rebuild as you like.

Again, you better give some proof instead of pulling nonsense out of your ass. Landed 99 years leasehold can easily extend another 99 years? Based on what are you saying this? Condos and apartment leasehold is more likely easier to be extended simply because.... If govt want to take back land to sell or whatever reasons, isn't it easier to screw over and deal with 1 landed owner than hundreds of condo owners? Think man, think!
scorptim
post May 31 2017, 12:52 PM

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QUOTE(jwrx @ May 31 2017, 12:36 PM)
of course it doesnt last as long. I used to live in Tivoli Villa, one of the oldest condos in KL....and i tell you it was SHIT inside...lifts not working, breaking down, leaks, concrete cracking....and as a owner there is nothing you can do exept bug the management office. 

If you are a house owner, you can reno the affected part, or even demolish completely and rebuild. You do not have that option as a condo owner
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Well... That's why condo management plays an important part, you get shifty management then ggwp
scorptim
post May 31 2017, 12:58 PM

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QUOTE(advocado @ May 31 2017, 12:48 PM)
i will let others explain to you as you are being hostile i see no point explaining.

you make it sound like house is expensive to repair condos are cheap.

wait until you have soil issues.

Condos you can extend leasehold, but can the building last 200 years? or you just gonna demolish the condo and rebuild like you own the whole block?
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Well if asking for some proof is being hostile then I am. You keep saying things without anything to back it up.

While I do agree than landed freehold is better than condo freehold, but for leasehold it's not. Dun talk about rebuilding, you won't even get your lease extended.

Like I already said, being able to demolish and rebuild ikut suka hati is Landed privilege, not arguing on that. But as for the other parts, I don't see much difference.

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