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> Should I make this approach?, 15 - 18k Salary. Sifu come in!

AlanMosby
post Sep 13 2018, 09:27 PM, updated 2w ago

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Thank you for your time.

Salary: 15 - 18k monthly
Age: 27

Problem bangwall.gif : I want to buy a landed property for aging parents and starting a family soon.

Scenario icon_question.gif : Parents own Property (A) 400k not yet paid off. currently staying there. I have one Condo (B) 700k under my name for investment, under construction. No other commitments.

Question confused.gif : Would you advise or against me buying another Property © 600k-700k (property that fits my requirements in the area I want) for family stay? Parents will move in with me so Property (A) can be rented for their retirement nest. Condo (B) is to be renovated and rent out asap once completion is done by 2021.

Reason hmm.gif : I find it best to purchase another place now as my "official home" since landed is better for a family in the long run, planning for marriage and kids in the near future, as well as since I am only paying the interest now for Condo (B). I have 2-3 years before Condo (B) is done and I have to make full monthly installment and I don't want both Condo (B) and Property © to come together. Yes the burden of each Condo (B) and Property © will set me back RM 6.5k starting 2021.

Your thoughts? notworthy.gif

This post has been edited by AlanMosby: Sep 13 2018, 10:10 PM
tikaram
post Sep 13 2018, 09:34 PM

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QUOTE(AlanMosby @ Sep 13 2018, 10:27 PM)
Thank you for your time.

Salary: 15 - 18k monthly
Age: 27

Problem bangwall.gif : I want to buy a landed property for aging parents and starting a family soon.

Scenario icon_question.gif : Parents own Property (A) 400k not yet paid off. currently staying there. I have one Condo (B) 700k under my name for investment, under construction. No other commitments.

Question console.gif : Would you advise or against me buying another Property © 600k-700k (property that fits my requirements in the area I want) for family stay? Parents will move in with me so Property (A) can be rented for their retirement nest. Condo (B) is to be renovated and rent out asap once completion is done by 2021.

Reason hmm.gif : I find it best to purchase another place now as my "official home" since landed is better for a family in the long run, planning for marriage and kids in the near future, as well as since I am only paying the interest now for Condo (B). I have 2-3 years before Condo (B) is done and I have to make full monthly installment and I don't want both Condo (B) and Property © to come together. Yes the burden of each Condo (B) and Property © will set me back RM 6.5k starting 2021.

Your thoughts?  notworthy.gif
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No.

Stay in old parent house better.

Cash is king during DDD
Syahrim Naim
post Sep 13 2018, 09:59 PM

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Stay in you parents crib. You still got a long way to cater for your children. Better use the money to buy another investment unit which you can sell off to buy your landed unit later.
corleone74
post Sep 13 2018, 10:33 PM

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QUOTE(AlanMosby @ Sep 13 2018, 09:27 PM)
Thank you for your time.

Salary: 15 - 18k monthly
Age: 27

Problem bangwall.gif : I want to buy a landed property for aging parents and starting a family soon.

Scenario icon_question.gif : Parents own Property (A) 400k not yet paid off. currently staying there. I have one Condo (B) 700k under my name for investment, under construction. No other commitments.

Question  confused.gif : Would you advise or against me buying another Property © 600k-700k (property that fits my requirements in the area I want) for family stay? Parents will move in with me so Property (A) can be rented for their retirement nest. Condo (B) is to be renovated and rent out asap once completion is done by 2021.

Reason hmm.gif : I find it best to purchase another place now as my "official home" since landed is better for a family in the long run, planning for marriage and kids in the near future, as well as since I am only paying the interest now for Condo (B). I have 2-3 years before Condo (B) is done and I have to make full monthly installment and I don't want both Condo (B) and Property © to come together. Yes the burden of each Condo (B) and Property © will set me back RM 6.5k starting 2021.

Your thoughts?  notworthy.gif
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what's the location of the property u intend to buy ?

salary decent. if family alrd decide, just do it. after all, money is meant to be used for family happiness.


This post has been edited by corleone74: Sep 13 2018, 10:37 PM
AlanMosby
post Sep 13 2018, 10:45 PM

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QUOTE(tikaram @ Sep 13 2018, 09:34 PM)
No.

Stay in old parent house better.

Cash is king during DDD
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What to do with the cash ?
AlanMosby
post Sep 13 2018, 10:46 PM

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QUOTE(Syahrim Naim @ Sep 13 2018, 09:59 PM)
Stay in you parents crib. You still got a long way to cater for your children. Better use the money to buy another investment unit which you can sell off to buy your landed unit later.
*
That is a very good idea!
AlanMosby
post Sep 13 2018, 10:46 PM

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QUOTE(corleone74 @ Sep 13 2018, 10:33 PM)
what's the location of the property u intend to buy ?

salary decent. if family alrd decide, just do it. after all, money is meant to be used for family happiness.
*
That is so true! Family always come first. Thanks for your input!
woolei
post Sep 13 2018, 10:54 PM

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keep more cash, then ops for lelong landed house.
New Klang
post Sep 13 2018, 10:56 PM

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Just do it. Good location, landed freehold, prices wont drop much. Your salary can sustain another rm 1m unit.


nexona88
post Sep 13 2018, 11:05 PM

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just proceed buying the landed property..
later on when your Condo VP.. can rent or sell it out for profit...
aurora97
post Sep 13 2018, 11:53 PM

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QUOTE(AlanMosby @ Sep 13 2018, 09:27 PM)
Thank you for your time.

Salary: 15 - 18k monthly
Age: 27

Problem bangwall.gif : I want to buy a landed property for aging parents and starting a family soon.

Scenario icon_question.gif : Parents own Property (A) 400k not yet paid off. currently staying there. I have one Condo (B) 700k under my name for investment, under construction. No other commitments.

Question  confused.gif : Would you advise or against me buying another Property © 600k-700k (property that fits my requirements in the area I want) for family stay? Parents will move in with me so Property (A) can be rented for their retirement nest. Condo (B) is to be renovated and rent out asap once completion is done by 2021.

Reason hmm.gif : I find it best to purchase another place now as my "official home" since landed is better for a family in the long run, planning for marriage and kids in the near future, as well as since I am only paying the interest now for Condo (B). I have 2-3 years before Condo (B) is done and I have to make full monthly installment and I don't want both Condo (B) and Property © to come together. Yes the burden of each Condo (B) and Property © will set me back RM 6.5k starting 2021.

Your thoughts?  notworthy.gif
*
Details a bit sparse and asking advise in a forum especially financial ones are a bit risky. Suggest you get a proper financial planner. I did mine and boy oh boy... it opened my eyes.

Example:
I slightly over-purchased my insurance, I always had the intention of reducing my tax exposure but i ended up being "too tax efficient". Wasted my disposable income and bought insurance in areas that i am either under-covered or over-protected.
AlanMosby
post Sep 14 2018, 12:30 AM

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QUOTE(nexona88 @ Sep 13 2018, 11:05 PM)
just proceed buying the landed property..
later on when your Condo VP.. can rent or sell it out for profit...
*
My thoughts. Thanks for your input.
AlanMosby
post Sep 14 2018, 12:31 AM

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QUOTE(aurora97 @ Sep 13 2018, 11:53 PM)
Details a bit sparse and asking advise in a forum especially financial ones are a bit risky. Suggest you get a proper financial planner. I did mine and boy oh boy... it opened my eyes.

Example:
I slightly over-purchased my insurance, I always had the intention of reducing my tax exposure but i ended up being "too tax efficient". Wasted my disposable income and bought insurance in areas that i am either under-covered or over-protected.
*
May I ask what tax implication I may be potentially getting myself into?
AlanMosby
post Sep 14 2018, 12:35 AM

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QUOTE(corleone74 @ Sep 13 2018, 10:33 PM)
what's the location of the property u intend to buy ?

salary decent. if family alrd decide, just do it. after all, money is meant to be used for family happiness.
*
Cheras or Ampang areas, but am unable to find them at the right price point. So now looking at Alam Damai.
aurora97
post Sep 14 2018, 12:35 AM

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QUOTE(AlanMosby @ Sep 14 2018, 12:31 AM)
May I ask what tax implication I may be potentially getting myself into?
*
You filed in your form BE (assuming your income is not from business?), are paying like shit loads of tax?

Have you claimed all your deductibles? (books, computers, insurance etc...?).

Based on your estimated salary range, you should be paying through your nose.

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