I bought a NEW property in Penang,leasehold, very high intensity (2000units). It's affordable units but I buy via Public Units. At RM480K. I haven't get the key yet.

It is in a strategic location. However, my unit is given high floor car park (6th floor starting fr G, 1,2,3,4.... )

I a bit regret.

*Rental hardly can cover 30-40＋％ of the installment, most likely.
**I m willing to sell at very little to none profit.
***There might be many sellers after a few years especially affordable units bought at cheaper price.
****I need suffer lock in period loss if sell now.
***** 2nd hand leasehold, transaction take longer time? How long


This post has been edited by hotguuy: Apr 7 2019, 10:50 AM

Assuming holding 10 yrs:

440k loan, repayment 2300.
-1000 x 12 = -12000 p.a.
- 12k x 10 = -120k

-120k - 350k (amount due with bank = -470k

As a rocket lander, do you think the value of the condo can be able to sell back at spa price of 10 years ago?

It's just a break even + opportunity cost. But still better than lose everything.

BUT if the management is nkt good 10 years of condo can aged really bad.

This post has been edited by heavensea: Apr 5 2019, 08:18 PM

I ain't familiar with rocket land at all, thus my opinion is merely based on figure.

Imho, get rid of it if really ada buyer.

Some said Penang land is scarce and rental income is subsidizing ownership.

Not racing, but rocket lander friend told me its hard to make moneh from Chinse in eocket land especially in: foods, rental.

They already get used to cheap foods and rental. Those prop mahalx2 main ground business folks only.

Totally agree, but mainly Penang employment income is not even Top 3 states in Malaysia. Kuala Lumpur is the first

But, Penang pricing can go up to RM1000/sq feet

This post has been edited by hotguuy: Apr 5 2019, 10:17 PM

How much is the monthly repayment?

How much per month do you have to top up assuming you rent it out empty and unfurnished?

How much do you need to dump in for furnishing to make it fully furnished and how much more per month could you potentially get in rental?

Is there a market to rent it out by the room?

I doubt high floor carpark is an issue.

How long would it take to sell an empty unit? Likelihood of lelong units being cheaper? Can you afford to hold?

what is your initial strategy when purchase the unit?

invest? own stay? flip?

bad market now to sell..

SIFU

1. I haven't started to repay yet... But, it's estimated to be RM3K+ repayment initially. The loan design is like tht, pay higher initially (Full flexi).

2. Rental unfurnished, most likely RM800-1000 (I guess). So, top up at least at least 2k+

3. Estimated minimum 25-30k ba, most likely laminated kitchen(cheapest), but rental maybe increased by RM200 at most. RENTAL maybe RM1000 - 1200 (I guess)
Top up loan, less than RM 2k

4. Room by room, possible. But, the car park not enough. It's more problematic for me too.

5. Thanks

Follow friend buy.... But, she is rich (Cash buyer), I m not.

Location good. Walkable to shopping mall, lots of restaurants walkable, Near sea. (sea view etc)

Almost 500K units, rental around RM800... Thts lost making biz lo.

But, Penang. It's like that lo

-24k++ p.a. to hold...
5 years = 100k....

2.5 percent of yield...
Fd also out run.

Buy cheaper own stay ok la.
Investment wise, commie (that can afford by wealth) is better bet.

Fpr penang.

Less than 2% rental yield if RM800

Sifu, any advice?

Those who voted Others, what is the idea?

This post has been edited by hotguuy: Apr 6 2019, 10:01 AM

One Foresta? More than 2500 units.

Before buying have you done any due diligence? or just base on some friend or "guru's" recommendation?

Under current market condition if the rental can cover your monthly loan interest than it is good enough. Whatever the top ups considered as a savings.

Wonder how many buyers are facing similar dilemma like ts in the market? 10%, 20% or 30%?

Penang property market scenario....

Need to consider bank lock in period too....

Got penalty too

If m.s southville is any precedence, ts may want to consider a quick sales at >30k losses from day one.