Welcome Guest ( Log In | Register )

Outline · [ Standard ] · Linear+

 Any recommendation?, What condo can I get with RM650k?

views
     
jo8981
post Aug 4 2018, 03:09 PM

Getting Started
**
Junior Member
176 posts

Joined: Dec 2016
QUOTE(beyondreach @ Aug 4 2018, 01:26 AM)
Hi, i am a newbie to property market. After few years of working, and considering the prices are self-adjusting now (buyer's market I understand), I think it's about time to buy a property for my own stay (independence and freedom).

I tried to search propertyguru, iproperty and went to a few property fairs, but have found limited options that are within my budget i.e. maximum RM650K. There didn't seem to be a central aggregator of the complete list of projects available. I was confused/frustrated that agents have been pushing me to buy properties that are priced higher than my budget. I believe in "living within my own means" and would like to explore my options within my budget.

Would appreciate any recommendation with the wishlist below:
1. Condo
2. Freehold
3. Residential title
4. Low-Mid density (high is ok if the road planning and carpark are well supported)
5. Completion by 2019 or 2020
6. 2 to 3 Bedrooms
7. Min. 2 bath
8. Min. 850sqft
9. Areas easily accessible to Hartamas and PJ (public transport is optional). Some jams are unavoidable but hopefully not congested on a daily basis. I have been considering North Kiara, Sentul, Damansara Perdana and not considering Cheras, Subang, Batu Caves for now.
10. Budget around RM650k
11. Not particular about developers as long as can deliver and workmanship is of standard quality
12. Management fee not more than RM0.35 per sqf
13. Min. 1 carpark

Would appreciate any honest feedback with my wishlist and budget too. Please let me know if I'm being unrealistic sad.gif
Sincerely yours,
*
First I would like to commend you on listing out your requirements. I believe it's the first step to filtering what you want. And you are right, you shouldn't be buying beyond your means just so the agent can get a higher commission.

From the list of criteria shared, your requirements do seem very reasonable but I must say, it is quite challenging to find a new project that satisfies all of it. Perhaps you can extend your net to look into the subsale market where there are more options. One thing I like about subsale is that you can physically view the property prior to purchasing so you can assess the workmanship and existing community in person. It is less risky than buying off plan.
jo8981
post Aug 6 2018, 12:53 AM

Getting Started
**
Junior Member
176 posts

Joined: Dec 2016
QUOTE(beyondreach @ Aug 5 2018, 11:00 AM)
Thank you so much for your reply!
Yeah i am also looking into subsale market and went to view a few too.

But I'm aware the upfront costs will be a lot steeper than getting a new one cause nowadays developers are giving so much rebates or discounts to sell their projects. So if subsale market, I am considering a slightly lower budget i.e. maximum 600k.

Another challenge for me in accessing subsale market is that I am not sure what exactly is the market rate for a particular condo and layout. I seem to only see asking prices online. For example one property I'm interested in is asking for about RM580 per sqft. Its condition is pretty decent, high floor nice view and I'm fine with the layout too. But when i checked historical transactions on propertyguru (a bit limited cause only about 10 entry), it shows in 2017 the highest transacted price for similar size and layout is only RM515 per sqft.

I'm very inexperienced in this and have no idea how to access more information to be grounded in putting my offer.

Should i hire a property evaluer or will the management office tell me the average selling prices in a condo? How should I go about in acquiring legit market info for a subsale.?
*
Check brickz or edgeprop for transacted prices of that particular property. It will point you to what the market is actually paying. You can ask the seller/agent/banker what is the bank value for the property or if the seller has a valuation report because the bank only will loan you 90% of the valued amount. If the asking price exceeds the bank value by far you can either let it go or nego down. There are other factors also like furnishing level, condition of the unit, number of parking lots that affect the price.

Many new projects today are commercial title because they can obtain higher plot ratio. So that's one thing you should factor in as well if you're looking for new projects..Unless you're okay with Rumawips then they are residential title and priced at 300k. Some have pretty good locations as well like Kiara Kasih in Mont Kiara which is also coincidentally freehold.
jo8981
post Aug 6 2018, 03:36 PM

Getting Started
**
Junior Member
176 posts

Joined: Dec 2016
QUOTE(beyondreach @ Aug 6 2018, 02:18 PM)
Again thank you for your reply.
I've checked the Brickz and the asking price was indeed on the higher end. On the other hand, I also sat myself down to read a lot more about subsale properties. This guide by KC Lau really eased my nerve a lot - https://kclau.com/investment/residential-pr...uide-checklist/

I managed to speak to bank and got the value for the unit and indeed the asking price is much higher. I'm starting to learn more about subsale market and am excited about the learning process.

I will surely be checking out Kiara Kasih since i am pretty familiar with the area. Thank you for your time and have a nice day!
*
You are on the right track by taking the initiative to acquire more knowledge instead of acting purely upon agents' advises. Don't rush into buying something you don't fully understand yet, take time to digest and learn the ropes before committing to a 35-year long mortgage, and never overgear by buying a property that is beyond your means (some loan agents have "methods" to increase your loan eligibility but there is a basis for the DSR calculation hence it would be unwise to try to attempt to boost it artificially) - we see many such examples ending up in the auction market. All the best to you in your learning and property buying journey thumbup.gif

 

Change to:
| Lo-Fi Version
0.0177sec    0.61    6 queries    GZIP Disabled
Time is now: 7th December 2025 - 02:26 AM