Hi guys, sorry I'm a bit confused here. Went and look at some houses yesterday. The listed price was 700k and the SPA price is 860k.
Why is SPA price so much higher?
What is SPA price?, First time home buyer
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 May 20 2019, 11:25 AM, updated 7y ago
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#1
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Senior Member
1,653 posts Joined: Aug 2008 From: My Fantasy World  
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May 20 2019, 12:22 PM
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Probation
30 posts Joined: May 2019
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QUOTE(chinti @ May 20 2019, 11:25 AM) Hi guys, sorry I'm a bit confused here. Went and look at some houses yesterday. The listed price was 700k and the SPA price is 860k. Hi! Spa price is the gross price before all the rebate developer givingWhy is SPA price so much higher?  |
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May 20 2019, 12:36 PM
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All Stars
23,688 posts Joined: Aug 2007 From: Outer Space 
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QUOTE(chinti @ May 20 2019, 11:25 AM) Hi guys, sorry I'm a bit confused here. Went and look at some houses yesterday. The listed price was 700k and the SPA price is 860k. If you managed to secure 90% loan = 774k. Why is SPA price so much higher? The differences 74k can cash out, take out to reno, buy car, etc. But take note that since developer inflated the price, you will be paying higher monthly loan repayment to the bank. And also less likely you are able to sell the unit back at 860k. Coz the real value of the unit is only 700k. This is a usual method actually from developer targeting people that got no cash but want to buy property. This post has been edited by AskarPerang: May 20 2019, 12:37 PM |
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May 23 2019, 01:34 AM
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1,203 posts Joined: Oct 2006 From: Kuala Lumpur
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QUOTE(AskarPerang @ May 20 2019, 12:36 PM) If you managed to secure 90% loan = 774k. best explanation ever The differences 74k can cash out, take out to reno, buy car, etc. But take note that since developer inflated the price, you will be paying higher monthly loan repayment to the bank. And also less likely you are able to sell the unit back at 860k. Coz the real value of the unit is only 700k. This is a usual method actually from developer targeting people that got no cash but want to buy property.  |
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May 23 2019, 10:03 AM
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#5
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Senior Member
1,653 posts Joined: Aug 2008 From: My Fantasy World
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QUOTE(AskarPerang @ May 20 2019, 12:36 PM) If you managed to secure 90% loan = 774k. The differences 74k can cash out, take out to reno, buy car, etc. But take note that since developer inflated the price, you will be paying higher monthly loan repayment to the bank. And also less likely you are able to sell the unit back at 860k. Coz the real value of the unit is only 700k. This is a usual method actually from developer targeting people that got no cash but want to buy property. QUOTE(hanhanhan @ May 23 2019, 01:34 AM) best explanation ever haha thanks for the explanation, understand d.  |
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May 23 2019, 10:05 AM
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1,732 posts Joined: Jul 2016 From: tomato land
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Good info
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May 26 2019, 08:28 AM
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52 posts Joined: Apr 2019
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very nice explanation
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Jun 9 2019, 03:04 PM
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#8
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Senior Member
1,653 posts Joined: Aug 2008 From: My Fantasy World
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QUOTE(CPI Group @ May 20 2019, 12:22 PM) Hi! Spa price is the gross price before all the rebate developer giving QUOTE(AskarPerang @ May 20 2019, 12:36 PM) If you managed to secure 90% loan = 774k. need some advise, my agent suddenly told me the SPA price was wrong and it is now 15k higher.The differences 74k can cash out, take out to reno, buy car, etc. But take note that since developer inflated the price, you will be paying higher monthly loan repayment to the bank. And also less likely you are able to sell the unit back at 860k. Coz the real value of the unit is only 700k. This is a usual method actually from developer targeting people that got no cash but want to buy property. does this affects anything? the selling price is still same and the loan i wan to take is only 60% of the selling price. |
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