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> FIRST BUY A NEW CONDO IN CYBERJAYA

tzeyong
post Aug 12 2018, 02:08 AM, updated 7d ago

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Hello sifu,

i am only 23 year old, and i plan to buy a new condo in cyberjaya

the condo SPA price is rm760k and after cash rebate and subsidy nett price is RM500K (including 10% down payment & free legal & spa fee)

cash back is around RM170k

my income is rm 2.6k after deduce epf & socso (house loan cover by myself , family will not support)

i plan to joint name with my family member since my salary is not enough for loan.

as my calculate , i no need to pay the installment up to 4.5 years. Installment amount rm 3300 (using cash back money RM170k)

plan to stay at cyberjaya for long term...but 1st five year plan to rent out with fully furnished (rm 2000- 2400)

is it a very risky investment ? most of my friend had no much info & knowledge about property invest...and im here seeking for advise and recommend..thank you very much.
poilam
post Aug 12 2018, 02:16 AM

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Bubble soon in Cyberjaya due to massive supply

Perhaps MRT might be the game changer, which project is it?
Quang1819
post Aug 12 2018, 02:21 AM

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Don't need get new one lah. Go have a look at those that are being auctioned. A lot are selling below market price, but condition wise you jaga2 tengok2 sendiri lah

Ask sifu askarperang for guidance

This post has been edited by Quang1819: Aug 12 2018, 02:22 AM
tzeyong
post Aug 12 2018, 02:25 AM

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QUOTE(poilam @ Aug 12 2018, 02:16 AM)
Bubble soon in Cyberjaya due to massive supply

Perhaps MRT might be the game changer, which project is it?
*
verdi by symphony hill
tzeyong
post Aug 12 2018, 02:27 AM

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QUOTE(Quang1819 @ Aug 12 2018, 02:21 AM)
Don't need get new one lah. Go have a look at those that are being auctioned. A lot are selling below market price, but condition wise you jaga2 tengok2 sendiri lah

Ask sifu askarperang for guidance
*
for auction..i had think about that before..but since i just start working for 2 years..my saving only have 10k...i dont think i able to do auction property...
i had read some of auction property.. it really need alot of cash to settle...
Quang1819
post Aug 12 2018, 02:33 AM

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QUOTE(tzeyong @ Aug 12 2018, 02:27 AM)
for auction..i had think about that before..but since i just start working for 2 years..my saving only have 10k...i dont think i able to do auction property...
i had read some of auction property.. it really need alot of cash to settle...
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Why cyberjaya btw?
tzeyong
post Aug 12 2018, 02:48 AM

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QUOTE(Quang1819 @ Aug 12 2018, 02:33 AM)
Why cyberjaya btw?
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a peaceful township with lot of greenery... does cbj have good potential to rent out ? 2 bed room unit...
and also near future cbj hospital will start operate.. king henry college and also tamarind square wit anchor village grocer
icemanfx
post Aug 12 2018, 05:48 AM

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Ts is heading for financial/mortgage entrapment.

mangoproperty
post Aug 12 2018, 08:37 AM

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QUOTE(tzeyong @ Aug 12 2018, 02:08 AM)
Hello sifu,

i am only 23 year old, and i plan to buy a new condo in cyberjaya

the condo SPA price is rm760k and after cash rebate and subsidy nett price is RM500K (including 10% down payment & free legal & spa fee)

cash back is around RM170k

my income is rm 2.6k after deduce epf & socso (house loan cover by myself , family will not support)

i plan to joint name with my family member since my salary is not enough for loan.

as my calculate , i no need to pay the installment up to 4.5 years. Installment amount rm 3300 (using cash back money RM170k)

plan to stay at cyberjaya for long term...but 1st five year plan to rent out with fully furnished (rm 2000- 2400)

is it a very risky investment ? most of my friend had no much info & knowledge about property invest...and im here seeking for advise and recommend..thank you very much.
*
Find out if the rental can fetch 2000-2400
Longshot
post Aug 12 2018, 09:21 AM

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QUOTE(tzeyong @ Aug 12 2018, 02:08 AM)
Hello sifu,

i am only 23 year old, and i plan to buy a new condo in cyberjaya

the condo SPA price is rm760k and after cash rebate and subsidy nett price is RM500K (including 10% down payment & free legal & spa fee)

cash back is around RM170k

my income is rm 2.6k after deduce epf & socso (house loan cover by myself , family will not support)

i plan to joint name with my family member since my salary is not enough for loan.

as my calculate , i no need to pay the installment up to 4.5 years. Installment amount rm 3300 (using cash back money RM170k)

plan to stay at cyberjaya for long term...but 1st five year plan to rent out with fully furnished (rm 2000- 2400)

is it a very risky investment ? most of my friend had no much info & knowledge about property invest...and im here seeking for advise and recommend..thank you very much.
*
Good u want to start at a young age but bad to start at such high priced unit.
Suggest you look around Cyberjaya for better deal.

you have to do ur Due-D.
No shortcut.
AskarPerang
post Aug 12 2018, 09:56 AM

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QUOTE(tzeyong @ Aug 12 2018, 02:08 AM)
Hello sifu,

i am only 23 year old, and i plan to buy a new condo in cyberjaya

the condo SPA price is rm760k and after cash rebate and subsidy nett price is RM500K (including 10% down payment & free legal & spa fee)

cash back is around RM170k

my income is rm 2.6k after deduce epf & socso (house loan cover by myself , family will not support)

i plan to joint name with my family member since my salary is not enough for loan.

as my calculate , i no need to pay the installment up to 4.5 years. Installment amount rm 3300 (using cash back money RM170k)

plan to stay at cyberjaya for long term...but 1st five year plan to rent out with fully furnished (rm 2000- 2400)

is it a very risky investment ? most of my friend had no much info & knowledge about property invest...and im here seeking for advise and recommend..thank you very much.
*
Firstly using cash back money to calculate how long you can hold is wrong.
You need to factor in:
- Renovation
- Maintenance fees & Sinking fund
- Yearly cukai & fire insurance

Just same like GRR. All already factor into the price. You need to pay back for an overprice property for 35 years long.
Monthly installement 3300 + monthly fees let's say around 300 = RM3600 monthly commitment and you can only rent out 2400 max.
Are you sure you can fork out 1000+ monthly and this is best case scenario provided you are able to rent out. If not able, sure end up die standing.

And with 2600 nett income, and want to buy a 760k property?
Is so wrong. Dont buy something beyond your mean.

Why choose Cyberjaya? Is well known lelong house this area. Just luckily you didnt pick studio unit.
Here your 2 bedrooms unit at Verdi:

02-19-03, Block 2, Verdi Residence, Symphony Hills
Reserve price 🔥🔥RM 473,850🔥🔥
Freehold
990 sqft
Auction: 14-Aug-2018 (Tue)

Expecting nobody will bid and price will drop further to 420k. Maybe somebody will grab at this price? Or will drop further to below 400k?
For a 760K bank valuation property.
sheahann
post Aug 12 2018, 10:01 AM

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Buy buy buy. Up up up
As usual agent will tell you buy now after 3 years ur salary will become 10k ady.
BEANCOUNTER
post Aug 12 2018, 10:35 AM

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my 1st rule of thumb is when I read cash back, run far far away.

if the property is such in demand, no developer will offer you cash back and huge discount.

buy at your own peril.

the developer has been selling this Verdi for 3 years, from ground zero til completion and only managed 30% (or thereabout) sale. if this project is developed by grade b or c developer, surely will abandoned half way bcos they wont have the finances to complete the project.
Quang1819
post Aug 12 2018, 10:36 AM

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QUOTE(tzeyong @ Aug 12 2018, 02:48 AM)
a peaceful township with lot of greenery... does cbj have good potential to rent out ? 2 bed room unit...
and also near future cbj hospital will start operate.. king henry college and also tamarind square wit anchor  village grocer
*
It's very hard to rent out in that area, even Airbnb can't do it. As you can read from the forummers telling you here lol. If you're keen on buying it then it's best for your own stay. If you think of it as an investment be it for short term like you said 5 years, you'll be burning your money only.
BEANCOUNTER
post Aug 12 2018, 10:42 AM

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QUOTE(Quang1819 @ Aug 12 2018, 10:36 AM)
It's very hard to rent out in that area, even Airbnb can't do it. As you can read from the forummers telling you here lol. If you're keen on buying it then it's best for your own stay. If you think of it as an investment be it for short term like you said 5 years, you'll be burning your money only.
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seriously anyone here actually do this before????

buy a brand new property, put on rental for 5 yrs or more, and then later move in for own use for good?

I read many people think to do this, what buy for investment and later move it. Does this really happen in reality? anyone? notworthy.gif
Quang1819
post Aug 12 2018, 11:08 AM

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QUOTE(BEANCOUNTER @ Aug 12 2018, 10:42 AM)
seriously anyone here actually do this before????

buy a brand new property, put on rental for 5 yrs or more, and then later move in for own use for good?

I read many people think to do this, what buy for investment and later move it. Does this really happen in reality? anyone? notworthy.gif
*
Well that's TS' plan.

My friend does that, but it's a landed . It doesn't matter to him whether it can rent off or not, cause he's only waiting for the right timing to sell off his current property then he moves in already.

But as for TS' scenario is different. He wants to make some money out of it before he moves into it lol
Andy Lau6235
post Aug 12 2018, 11:39 AM

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QUOTE(BEANCOUNTER @ Aug 12 2018, 10:42 AM)
seriously anyone here actually do this before????

buy a brand new property, put on rental for 5 yrs or more, and then later move in for own use for good?

I read many people think to do this, what buy for investment and later move it. Does this really happen in reality? anyone? notworthy.gif
*
I purchase new porperty and rent for 2yrs, because that time company provided hostel. So buy house and get rental income, so atleast next time quit job also got own house to stay.

But to be confirm is you are willing to stay the house and able to pay the monthly installment.

This teenage is so brave, RM2600 then want to buy nett price 550k property. mega_shok.gif mega_shok.gif
JasonLeeX
post Aug 12 2018, 12:36 PM

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QUOTE(tzeyong @ Aug 12 2018, 02:08 AM)
Hello sifu,

i am only 23 year old, and i plan to buy a new condo in cyberjaya

the condo SPA price is rm760k and after cash rebate and subsidy nett price is RM500K (including 10% down payment & free legal & spa fee)

cash back is around RM170k

my income is rm 2.6k after deduce epf & socso (house loan cover by myself , family will not support)

i plan to joint name with my family member since my salary is not enough for loan.

as my calculate , i no need to pay the installment up to 4.5 years. Installment amount rm 3300 (using cash back money RM170k)

plan to stay at cyberjaya for long term...but 1st five year plan to rent out with fully furnished (rm 2000- 2400)

is it a very risky investment ? most of my friend had no much info & knowledge about property invest...and im here seeking for advise and recommend..thank you very much.
*
Nett price RM500k

Your nett salary is RM2,600. I highly doubt you can get loan from any bank. RM500k loan for 35 years if RM2,382 considering 4.55% interest

Bare in mind that the bank considers 70%-85% of your nett salary only. Then they will question if you got other commitments THEN lets say 70% of your nett salary will further deduct another 10% for so called buffer gap.

Just by the looks of it, you've already not qualified.

This post has been edited by JasonLeeX: Aug 12 2018, 12:45 PM
wohoo
post Aug 12 2018, 12:42 PM

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QUOTE(tzeyong @ Aug 12 2018, 02:08 AM)
Hello sifu,

i am only 23 year old, and i plan to buy a new condo in cyberjaya

the condo SPA price is rm760k and after cash rebate and subsidy nett price is RM500K (including 10% down payment & free legal & spa fee)

cash back is around RM170k

my income is rm 2.6k after deduce epf & socso (house loan cover by myself , family will not support)

i plan to joint name with my family member since my salary is not enough for loan.

as my calculate , i no need to pay the installment up to 4.5 years. Installment amount rm 3300 (using cash back money RM170k)

plan to stay at cyberjaya for long term...but 1st five year plan to rent out with fully furnished (rm 2000- 2400)

is it a very risky investment ? most of my friend had no much info & knowledge about property invest...and im here seeking for advise and recommend..thank you very much.
*
2.6k salaray.. not yet nett... want to buy 760k...you going to hang yourself up.. work for few more years

better buy subsell hse.. at seri kembangan alot about less than 300k.. dont put yourself in trouble with 760k..

icemanfx
post Aug 12 2018, 12:48 PM

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By the time, ts planned move in, the unit is aged, could be less desirable like those built in 2008 currently. By committing a home now will limit his career mobility.

Paying a few years of loan instalment with cash back is subprime by any standard. Bnm should sanction bank that offer this facility, and investors should offload the bank stocks.

This post has been edited by icemanfx: Aug 12 2018, 01:02 PM

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