i have decided to buy a house at the age of 24 and i am currently 21 soon 22 next year at January =)
so can any1 tell me the factors i need to look for before considering to buy a property?
i plan to get a house at RM 250k-300k around klang valley and kuala lumpur, klang valley most preferred is around PJ, subang,Bandar utama, damansara perdana, USJ around those areas ba...
i have no ideas in buying properties so i came here for advices for example:
what do i need to look in to when im buying a property?

thank you for your time =)

I am now 21, I am also plan to get a place before 25. I think the most important thing is you must get the right salary for the installment.

good for ur investment, my fiance also get house, at 24....

I don't think you can get a house new PJ area with the budget of yours.

yes you can,

apartments and some condominiums are around TS's budget

Those hot areas will fetch around RM 450k to RM 1.5M at least. Even my parents' house in Kota Damansara bought at RM 700k fetch RM 1.2M now. I too bought a property at 24 in PJ but only an 1000SF apartment at RM 118k. Problem with such cheap property is that the developer is lousy. Imagine this, the project was stalled midway in 2004. Now it already 2007 and after several lawsuits, they promise to deliver by end of 2007.

scrubiee,

A) Make sure that you can afford the down payment, furniture, renovation and etc.. So, we are talking about at least 30K to 60K of savings.

B) Make sure that you have enough income.

C) Are you married?? If not, you future spouse may force you to move and sell the house.

IMHO, the younger and earlier that you buy a house, you will be in a worst financial situation. In summary, I think it is a BAD IDEA.

Dreamer

This post has been edited by dreamer101: Jul 29 2007, 10:52 AM

then is there an "ideal time" to buy a roof over my head???

olman,

1) You have pay off your car aka no car payment.

2) You can afford a LARGE down payment for the house.

3) You know where you want to live and you found a GOOD DEAL.

4) You are married.

Typically, it is at least 5 years after you started working. To some people, it is 10 years.

Dreamer

oh thank you for your advices =)
haha plan 2 marry by 24 thats why i need a house i have savings now and im learning about investment just bought 400++ worth of investment books yesterday at curve
i started my business and im going to graduate in 1 years time and ill do full time after that and open other businesses as well hope everything goes fine for our future is uncertain hehe!

always remember that what the mind can conceive and believe, you can achieve =)

mind to share wht business are you doing?

wow, buy so many books? buy one by one n read one by one better...

all the best for ur business!!!

u hav 3yrs to save at least 30K for house downpayment n another 30K for renovation n furnitures. !!

Hey buddy,
can introduce what investment books that you bought?
Thanks!

Wahlau leh I jealous ler..u so young can buy house. How much u earning? By the way, I think 400 books does seem to be a lot. Should have bought in batches so that can get some tax redemption every year. If not mistaken there is a max for tax redemption on books.

rm400 books only around 8 books for RM50 each. but propety investment books around rm70-80.. so maybe around 5 books

Say a house for RM300k.
U'll need 10% d/p, RM8k for legal fees, RM20k for basic reno, RM15k for furniture + electrical appliances.
Total up to around RM73k.

Work hard, work smart & save up your pennies. On average u need to save RM25k per year to achieve your goal.

Note: The above figure is based on current market. But building material & land price is constantly increasing. So the house price & renovation cost could be very much different 3 years later.

This post has been edited by scorgio: Jul 30 2007, 12:42 AM

25k/year? wow... need to save at least 2k/month..

now u know WANTED to buy a 300K house n ABLE to buy a 300K house is totally different talk....

Hi dreamer, i think otherwise.

getting into debt early is good, there's good debt and bad debt...

i'd rather see my child spend his salary to service a property loan rather than spend on new mobile phones, expensive clothings, lavish restaurants, sports cars, etc...

TS, if you are a business owner and able to pay a large sum for downpayment, most probably the bank will consider giving you a loan...

if you are a normal wage earner, you need to show your payslip... in general, banks prefer the installment amount to me about 1/3 of your gross salary, some insists on net salary...

say you buy a RM300K prop, you somehow managed to settle the down payment, legal fees and insurance with cash, you will have a clean RM270k loan...
take 20 years tenor@BLR-1.2% you will end up with RM1.8k loan installment...
technically you need to have a basic salary of RM5.4k... at 24, how many can have that kind of constant salary?
another thing to note, property prices don't always go up... check out Bukit Beruntung...

For a 250K house, you will need a minimun of 25K as downpayment. Dont forget to prepare another 10K for the agreement charges. If you are going to apply MRTA for your house, that's another 5K there unless you have good insurance that the bank can accept to give you loan without MRTA. Personally, I dont encourage MRTA.

You will need to do renovation for sure. For condo unit, maybe the renovation is like 15K. But for terrace house, it will cost you like another 30K for very very simple renovation. No extension at all. Assuming your parents will sponsor you the furniture, you need to have 60K CASH ready.

For montly installment, you will likely have to pay average 1.3K every month for 30years. So your basic should be around 4K/month.