Covid19 and MCO effect on properties, Q&A Session on the effects
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 May 3 2020, 05:45 PM
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#1
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Junior Member
269 posts Joined: Mar 2020  
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This MCO made me hesitated on my purchase on a unit in a new project..
The loan was approved a day before MCO started, and not signed yet till now. My purchase is meant for own stay purpose and the installment + estimated maintenance fee will take roughly 39% of my net income (after deduct other commitments, epf and pcb etc.). Not sure it will be a burden. Any suggestion? Thanks |
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May 3 2020, 06:54 PM
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#2
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Junior Member
269 posts Joined: Mar 2020
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QUOTE(icemanfx @ May 3 2020, 05:49 PM) Ideally, loan repayment should be kept <20% of income and loan repayment >30% of income is considered stressed. Hi, is that < 20% of gross income or net income?Before you sign anything, could put this 39% aside, live with the balance for a few months to experience.  It's around 30% of my current gross income.. I still manage to live with the left over money after the monthly repayment, but with lesser saving per month.. (probably left 2-3k saving per month only) |
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May 3 2020, 06:58 PM
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#3
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Junior Member
269 posts Joined: Mar 2020
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QUOTE(eric.tangps @ May 3 2020, 06:15 PM) 1. Would you be able to survive with 69% ? Hi there.2. Would you be able to cope with reduced lifestyle? Some actually dipped into credit cards to support the lifestyle and dig a hole in it. 3. The property is located nearby the workplace? 1. Yes. 2. My lifestyle won't be affected because I actually have excessive input than output. 3. Ar, yea! This is a plus to me, it is nearer. I'm actually struggling because takut suddenly need a large sum of money from rainy fund and my saving per month will be reduced after the monthly repayment starts.. |
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May 3 2020, 10:42 PM
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#4
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Junior Member
269 posts Joined: Mar 2020
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QUOTE(Zwean @ May 3 2020, 10:37 PM) Buying a home will always be a scary decision. Just like getting married, having kids, etc. It is really scary especially in this bad economy..Take the first step with confidence. Over the long term you’ll be alright. Just have 6 months back up sitting pretty. hopefully nothing bad happens at the developer side. agree on that getting married part too.. veryyy expensive as my gf wants a "memorable" wedding..   |
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May 4 2020, 10:34 AM
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#5
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Junior Member
269 posts Joined: Mar 2020
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QUOTE(Zwean @ May 4 2020, 09:08 AM) I shouldn't be giving relationship advice here but... You should tell her what you want too, if she insists upon it and it is not up for discussion.. Its just a red flag. Yea, it is a new project.Anyway, I presume you're purchasing it from a developer based on what you said. How many years till completion? The project completion date is adjusted to 2023 Q1 due to MCO. Many things could happen within 2-3 years.. |
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May 4 2020, 12:56 PM
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#6
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Junior Member
269 posts Joined: Mar 2020
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QUOTE(Zwean @ May 4 2020, 12:31 PM) 2-3 years... you'll be fine. But if possible, cancel it and buy from the secondary market in the next 2 years. Thought of that as well,was thinking about to buy bank lelong unit at around RM400-500k. However, the entry cost for it might be too high for me. Need to prepare around RM 100k cash (downpayment around RM 40-50k with all those fees and another 50k for renovation). I can't afford to fork out that much saving and leaving my rainy fund to close to nothing and eventually opt for a new project with fully furnished and renovation at a much lower entry cost. Thanks for your suggestion, it could be very helpful for people with extra cash in hand. |
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May 4 2020, 04:35 PM
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#7
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Junior Member
269 posts Joined: Mar 2020
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QUOTE(Zwean @ May 4 2020, 01:05 PM) No need to look at the auction market, just keep and eye out for fire sale and structure it in a way that is minimum cash down. thank you mate Cheers.  |
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May 4 2020, 05:23 PM
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#8
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Junior Member
269 posts Joined: Mar 2020
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QUOTE(Death Wings @ May 4 2020, 04:41 PM) it's almost every couples dream to have a memorable wedding. Thanks for your input. since I married kinda late 30+, I looked at life from a diff angle. my wedding day no videographer (that's because I know the time we go watch back the vid is really low), only freelance photographer for rm500. I'm not saying you should follow, but if you have that mindset of keeping things simple, try sharing with your to be wife. Trim on the unnecessary things, because wedding is one of the high expenses event in your lifetime other than car and house   I do agree on the part where we shall avoid unrealistic expensive dream wedding unless I can afford it without any stress. Otherwise, it would really be a serious burden. |
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