Can anyone share experience on how & what's the procedure & things we should know before buying a new house?
I'm planning for a new house, probably a condominium. Would appreciate if someone can guide/share their experience or knowlegde.

check is it freehold or leasehold
how many parking bay given
how is the security
what facilities provided

If u r chinese n believe on "ba zi" then u should consult master in which direction of house u should purchase..

and make sure it is fully built before u buy

alot of cases of condominium halt project and u gotta bear the loan!

How about some basic information on how to get loans? what are the documents required? lawyers fee? S&P agreements and etc?

check on the monthly maintanence fees....n make sure surrounding area no land marked as FOR FUTURE DEVELOPMENT, most likely end up dump site...

Just do a check on the developers past project.


You just need EPF statement/payslip to get loan approved!

Do we have to find our own lawyer or it's provided by the developer?
I'm confuse on the whole process actually.
Do i have to get the loan approved first or withdraw my EPF for down payment?
Can someone share the exact procedure from buying house to paying mthly installment ?
Help would be very much appreciated

developer will provide assigned lawyer but if u hav ur own lawyer can skip theirs.

Once u book the house n sign SPA can use it to apply for EPF withdrawal.

booking -- apply loan --got approval --sign SPA -- begin loan instalment depends on ur project development , bank will release money stage by stage to the developer, ur loan will slowly increase...

hey, visit these website :
www.hba.org.my
www.realestates.net.my

very helpful..

This post has been edited by yewkhuay: Jul 9 2007, 11:28 PM

thank you , guess i'll dig info from there by the way.. the second website should be "www.realestate.net.my" without the "s" .
Appreciate all the help from you all. Hopefully this topic helps out someone, well..at least it helps myself

paiseh, typo.....haha....good luck!

"www.realestate.net.my" without the "s" .? that would be www.realetate.net.my LOL

pai seh.. my mistake

Then will become www.realtetek.com.my

erm, this is property talk in business n finance forum, pls go kopitiam for any bullshit...

Cheh! No fun one, cannot make a joke here is it? Wheres your sense of humor?

Why are you so serious? Its an expression. Im just riding along a joke. Nvm, my bad!

perhaps joking heaven is a better place for u... <---this is my expression, not being serious or wat, just a matter of RESPECT for the forumers here.

yeah...and not just respect...make sure the post we make here informative and benefits ppl.

my advice...
ensure the project completed... and ready to roll in.. no headache like mine.. paying interest too much...

get the feel.. touch the wall, see the floor... it 200k .. it not RM20

Ya definately completed!! Support support
If u dun buy completed or 20down/80 after complete properties.....u might REGRET big timeeeee
I paid more than 10k in interest itself and still going on becoz my project delayed by 1 year ++!! And thank gawd it complete....coz if not, U r gonna be paying for nothing for a long long time......

Btw....do consider buying freehold...coz no matter wat they say, leasehold can be quite problematic later on....

That's the problem .. but the completed one will definitely cost more, but the good thing is that can move in earlier and save rental from there
Still looking for the place .. and there are too much things to take into consideration.. haiz..

if uncompleted one, buy from a reputable developer.

Also beware that condo is strict, they have so many regulations that might restricted you.

But the most painstaking part is they have the right to charge you a high service charge management fees. Example: like me 3 years ago before buying a condo, the sales person guarantee me that at least the maintenance fees is only going to be chrage 22 sen per square feet max. After it is completed suddenly it went up to 35 sen per square feet. Cannot lawsuit also because we sign the SPA already with them. This is among condo resdient biggest headache and turn off. But of course your property will be more cleaner and properly maintained?

And also what purpose do you buy your condo? for living or as an investment? If its for investment i can even teach you some skill that can make you money even when you buy the condo, not only when selling it .

Well..the purpose is for both living and investment. Would be glad if you can share the skill you mentioned

Hahaha to apply my skill in profiting not only from selling but also buying condo i need to know lotsa stuff. This skills only applies on 'certain' conditions, location and such.

Some of the things i need to know is where is the condo location? its SPA price? its 'actual' selling price? are you a bumi or non bumi? whats the size(in total squarefoot of your condo)? is it under construction buy from developer or your buying from another owner? is there any college, lrt, komuter, shopping complex near your house, predicted projected rental? ROI? How many rooms how many bathrooms? Do you consider the condo as total investment or for own living?

Do you know that you can even purchase a quarter million or half million property by only paying 1k?

you're using speculation method? i thought you can only do that if you know people from the developer... i heard of people doing that before... anyway, i would like to know about your skills

i'm non-bumi, looking for a linkhouse, about 22x75, freehold for own stay, locations will be e.g. Bukit Jelutong, Ara Damansara area... not urgent, just part of my next plan... PM me if not convenient to reply here

Hmm to call it speculating is rather dangerous word . This is applied specialized knowledge that i learn not from any book but from street experience in trading condo. My skills is only applicable if you fully plan on ONLY MAKING MONEY ON YOUR PROPERTY, and dont have any emotional attachment with the property as your own residential. I dont plan to reveal it to the mass, as good specialized knowledge that makes money doesnt come free. I'll charge a very small fee for a personal meet up mentorship program.

Let me rought it up to give you some insight. In residential be it house or condo or apartment, especially the under construction property Sales and Purchase Agreement price that usually written in ad for sale is usually never the 'actual' selling price. My skills involved having developer as your 'associate' so that you make money even when you buy the property. I profited 17k++ from this, I have seen the confidential refund list of developer that theres even some other people makes 22k++ out of the same unit with me . You'll make hell lotsa more when you sell it off after you rent it out for 2-3 years time 'speculating' on the difference between SPA price and 'actual' selling price to the potential buyer. Any bumi investor here may pm me I'll personally show you how your 5% or 7% bumi discount can give you lots more profit from my skills.

From your quote know people from the developer? Its a piece of cake. With communication and sociable skills I simply makes friends with the important people inside developer(Credit Control Department Manager) and help them sell off some of their unsaled condo or townhouse for a commission ranging from RM5k-RM10k per deal depends on what type and value of the residential unit. Even if you dont have contacts within inside people of the developer they simply mail you after you buy a unit from them, asking if you can direct any other person interested to buy a unit from them, and the deal is ON, you will get the same commission as I mentioned before. So this makes me a free agent of the developer. But this one is a totally another different things.

I wanna teach people who trust me here how in Malaysia can make money, don't simply need to work really hard, just need some guts to do it, blend with complete knowledge on the property your about to invest. So dont blame the government of Malaysia or Pak Lah or whining on the Real World Issues thread when you cant make money.....

in other words you team up with the developer to make an "earlier" booking on "hot cake" units, corner lots in linkhouses for instance? then sell it of to "potential buyers" and make instant profit on the spot, right? i've heard of this actually... just didn't know how things were done, still in highschool that time

of course there's added advantage for bumis... not only guts... that i think what comes first is your networking, 2nd guts, 3rd cash

how method sounds like a good way to make fast money... especially next year onwards where most development are half done, unsold units most probably will retain it's developer price... for condos especially...
how much are you charging?

what do you think of the current property market? mind sharing your transaction history?
i have a few colleagues who are potential buyers, PM me if it's not convenient here

This post has been edited by kenji1903: Aug 7 2007, 11:42 PM

Your first paragraph on roughly how the transaction was done was definitely incorrect!
Fast depends on your own term how you define fast. Money will come depends on how fast the property will be completed, and you must buy direct from developer for this to work. Of course buy from reputable and established developer since you know lah how many projects left uncompleted here in Malaysia.

Most normal people will suggest you to pay out 10% from total downpayment for your unit and take the fastest amount of loan possible to quickly clear it off. My strategy is definitely the OPPOSITE! Thats why i get extraordinary reward than the average people buying and selling condo does.

My market sentiment is not like normal people who analyze property booming sector as a whole in Malaysia, political and economy and such. I specified in EXACT LOCATION which your going to invest. I doesnt matter what year is recession or what year is the business booming. If the condo you invest in,beside it is a college, in front of it is a shopping complex, your backyard is full with shop offices from Multinational company, you will constantly make money and charge a premium for rental ratesor selling prices. Hope you get what i mean.

I will formulated the skills as its all in my head right now and arrange it in written form so that people that get a mentoring with me would understand the principles easily, I will pm you when its ready. Personal meet up and mentoring maybe I'll charge minimum around RM150-200, I will charge a little extra if you want me to research any condo, apartment, house that you plan to buy, whether it is strategic for investment, help you secure a 'better' deal with the financer and developer. I interested only to teach people who seriously seeks this kind of opportunity and really take action and invest in themselves to make money.

You manage to make RM17,000 and already act like a big-time "sifu". Questions:

1. How many years experience do you have in property investment? 6 months?

2. How many property do you own? Only Cyberia?

3. How old are you? If you are earning less than RM2,000 salarywise, should be below 25?

Yeah, yeah, I know about how to buy property with no money down ... I've a friend who has a net worth of over RM400,000 ... not just RM17k ... and he offered to teach me for free

This post has been edited by Malefic: Aug 9 2007, 12:39 AM

To be exact, more than 3 years already.

You can learn from your friends then.

Im on my journey to success, as you can see im only 25 years old. Im not Azizi Ali or something to preach everything about investment, nor bragged about it.

I just wanna teach SPECIFIC skills to people who wants to know how SPECIFICALLY to make money not only when selling but also when buying from developer.

If your friend have a net worth of 400k good then coz im not far behind, I have a net worth of 328k.

No money down is piece of cake, everyone can do that. What I need to highlighted here is, the minute I signed the SPA agreement form I'm already entitled to a 17k money.

You can doubt as much as you want, only people that wanna learn and absolutely believe it can happen will reap the benefits.

This is my last post here, if you guys thinking im scamming here then fine, I'll keep it within myself and makes much more from a very simple principle.

Adios~!

every now then then ppl get challenged for what they had posted n they either choose to silent way out or prove themselves with facts , either way ended up stop posting or argue with retards....

i just hope fellow LYNers here if not share here but will continue to share in other topics... we need others' experience sharing n not just mention ppl's/frens' net worth or ability, rite?

Yeah, correct.

Anyway, I posted so much i think some brilliant people or a genius could simply analyze all my posting and analyze what specific skills/principle im refering too.

Okay lor this is the final one.

Hope you can share the knowledge with me too max_cavalera

my bad mate
that's one "speculative" method i heard of... but yours seems to need some holding power... with some tenancy agreements, you can move on to the next property... but without a strong payslip, getting the next loan will pose some problems... unless of course... your method does not depended on a loan?

also quite a bit of cash for downpayment if you plan to buy one every 1 or 2 years...
you mentioned about 17k profit after signing the SPA... anything to do with bumi status?

what happen if you have a house at a not so popular location and difficult to sell....is there any magic that you can do to sell it at a profit ? at least cover your cost lah....

mate, i think your scenario is a bit misleading, as u didnt tell everyone the full story. While I know your methods is definitely do-able, but you should re-phrase the word "profited" --> borrowed

Is not really a skill mate, its called taking advantage. Its illegal IF u got caught BTW.


btw spana :

house at a not so popular location and difficult to sell --> u should stay there until the selling price meets your target price, then only sell it off.
I seriously believe setting a good investment goal + proper homework prior buying the said property could've avoid this issue.

I'm cracked up looking at how this topic strayed

that is usually what happens when someone is trying to promote their service/blog in the middle of the discussion
always ask you all to PM lah...refer their website lah...sien

anyway back to the discussion for this topic.

To buy a condo/apartment , basically what you need to prepare is:

- Booking fee (how much is depends on the developer) mine was 2k
- The 10% downpayment of the property.
- Apply for home Loan. (Fixed, Flexi or others types.)
- Developer's side's Disbursement and legal fee (Free for some developments) Mine was RM250
- Legal fees for Bank Loan (Free if you take free moving cost home loan package)
- MRTA (Insurance for your loan) - Take note some home loan already include this together.
- Maintenance fee deposit when key handling. (Usually 3 months i think)
- Fire insurance


Another scenario. let's say If you buy a property of RM250k and you only want to borrow RM200K.
1. Pay the downpayment.
2. Apply the RM200K loan and pay the necessary legal fees.
3. Wait for the progress of the construction. When it's time to pay they will send you the bill.
After paying the 10% which is 20K, you will have a balance of 30K to pay the developer.
When the bill comes out, you pay your part until 30K then the developer will send a letter to the Bank stating that you have cleared the outstanding and asking them to release the money from now on.


Just my 2 cents trying to help.
Please add/correct me if there is any left out or wrong.
peace.

mind explaining on the "illegal" part?

It means your are cheating your banker

Hi, I would like to ask whether koi kinrara a good property to buy?

bankers are not as dumb as you think... a bank is a bank, there's no possibility that a bank will get cheated... can further explain?

u r right, banks r not stupid, but some consumer are just smarter. I do not wish to explain the details as its illegal to begin with.



Diablos, I'd stay away from Koi Kinrara if i were you

Why leh? care to explain? I'm noobie in property.

is this the Puchong serviced apartment with a lot of freebies and polka dotted paint?

that is koi tropika. That is leasehold. Koi kinrara is nearby villamas. under construction. I'm still thinking

same developer, same problem. They are well known in screwing their buyers

Stay outta the gingerbread apartments

Thanks for the info.

dem fugly facade, they probably asked a 9 yr old to do up the drawings

Hi there...I'm one of the buyer of Kinrara Koi.
Basically I have done chosen this unit because it's freehold, former estate land(no mining land unlike rest of the puchong), no other bulding can be build to obstruct views since this Koi Kinrara is at highest point on the hill and main thing is freehold.

As for problems at Koi Tropika, I understand that steps were taken to rectify the defects.
But this is normal defects which any developer will face.
Go check Malaysian RealEstate Forum and you will see that even good developers do have some issues.
Important thing is how we overcome it.

Good luck with your decisions!
You can e-mail for any further info.

hi thk, good to know u r happy with your purchase.

can share with us how much did u bought ur unit and the size of your unit?

if you wanna say borrow, i assume you only understood a small portion of my strategy?. Lets say eventhou you consider it as a borrowed money, what if i say the rental collection after slight renovation more than cover the monthly loan payment?. So would you still consider that as a borrowed money or your one lump sum clean profit? if you don't like my way you can do it the average people way and gain the average people way.

Owh and please don't be judgemental as saying it as illegal, sourcing for higher loan isn't illegal as long as managing to pay it on time and in full. the affluent people networks and the poor just work. Its done from the agreement between you and your developer. Heck even local car companies abusing this method, would you call them illegal for giving car discount up to 3k-5k++?? while submitting original undiscounted price to the bankers? bank couldn't care less as long as your able to pay them up on time. Its a grey area that profited all parties and I would confess that even my banker loan officer openly knows this and doesn't mind to source me the higher loans.

owh and PS: i couldn't care less about other people OPINIONS whether its good or wrong, lack the balls to do it, illegal or unlawful as long as i make money and your mere opinion doesn't affect a single cents of my cashflow

This post has been edited by max_cavalera: Sep 2 2007, 12:36 AM

Your rental collection is not guaranteed mate (especially GRSs), and I see your strategy as high risk with low-medium gains.

Im not being judgemental, but making 'secret' alliance with unscrupulous developer to cheat banks in obtaining higher loans sounds illegal, at least to me. The risk is there IF you are caught, so play at your own risk. Im just trying to educate our forumers here that the risks is real, the choice is always up to them

Im a risk taker myself, and I always encourage ppl to TAKE CALCULATED RISK. Illegal or not, the method and the investment you are advocating IMO are highly risky with low potential returns, and would potentially screw other's life

You replied my post, and that means u do care what others think of you. I know u got balls , and its good to have gutsy ppl like you, but guts without brains are a recipe for disaster.

Btw, good luck in your investments. I personally wont touch anything in Cyberjaya/Putrajaya, but heck, there's money to be made everywhere. I hope u'll make yours.

Cheers mate

a fair enough reply. you sounded like a too safe investor thou. apparently speculating method doesnt suits you .

anyway different people different strategy on how to handle things. you and i could do the same thing and same strategy but either one could go in financial mess and the other making lotsa money out of it.

it depends on individual thou.

Yeah, I dont speculate as properties are unlike stocks, where you can cut off your losses and sell it off tomorow. Make 1 mistake in a property deal n u r stuck for 25 years and bad properties takes months or even years to dispose, not to mention the interest you need to pay to banks.

I wont touch a property unless Im absolutely sure I'll get at least 9% yield & min 10% cap gains. No need to speculate, at least for me

This post has been edited by Pai: Sep 2 2007, 02:27 AM

Please take your debates somewhere else. Check the title of this discussion.

long time didn't check this topic , it turns out kids arguement pula.....

Hi there...

Unit price for RM195,000.
Rebate given 10% - RM19,500 (This rebate will be shown that we have paid 10% payment)

So Purchase price - about RM175'500.

Unit - 1076sq feet.

with - 1) 1 unit of air-con at living/dining room.
2) 1 covered car park.
3) RM2888 ang pow which will be given after your loan draw down.

I took the unit without balcony as it comes with lanai...it's quite nice as with windows all around.
If balcony, many people use it only to hang clothes and seldom spend time/utilise the space.
With this lanai concept, you can actually utilise the space.
Lawn provided also is quite big.

I'm attaching some pictures for your reference. If you need anything, I will be glad to answer.
Remember that I'm only a purchaser of that unit.
Anyway some of us the purchasers at Koi Kinrara already our own forum that we use to exchange info.
This way, we can have strong committee to go after the developer shd there be any problem.

Regards.


Attached thumbnail(s)

the maintenance fee include sinking fund is rm0.20. That means this unit is rm 200++ per month.

If ur getting a condominium, it's important to ensure it's built on a residential land, and not commercial land for otherwise your Utility bills are gonna kill you!

I think the rest have said enough and given sufficient information

@diablos,
Maintenance fees & Sinking fund should be separate. You better double check again.

This post has been edited by tinkerbel: Sep 4 2007, 06:12 PM