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 Deciding to buy a house by 24

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dreamer101
post Jul 29 2007, 10:50 AM

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QUOTE(scrubiee @ Jul 29 2007, 10:20 AM)
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 =)
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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
dreamer101
post Jul 29 2007, 11:08 AM

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QUOTE(olman @ Jul 29 2007, 10:55 AM)
then is there an "ideal time" to buy a roof over my head???
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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
dreamer101
post Jul 30 2007, 07:38 PM

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QUOTE(kenji1903 @ Jul 30 2007, 04:16 PM)

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...
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Kenji1903,

If the person have not pay off the car, the salary requirement will be higher.

Dreamer
dreamer101
post Jul 31 2007, 10:24 AM

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QUOTE(a6meister @ Jul 30 2007, 11:39 PM)
hey Dreamer, u said is a bad ideal ? and thus, what do you suggest ? dump all the cash into stock ? you speak somewhow like what a city broker in wall street practised.  if not buying a house at young, what age should he/she buy ? when buy a house, is there any age guidelines for better hints ?  if everyone keep having this thinking, all the properties market will be so dull. well, i understand it is just your opinions, but, dont you think is sort of bias ?
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a6meister,

Have you read carefully?? TS does not have the cash yet. Even if he does, he only has the minimum. And, he probably has not pay off his car yet.

So, do you think it is a GOOD IDEA for a person to buy both car and house and get themselves into serious DEBT HOLE at young age??

Do a person buy a 300K house while still paying for a car?? The person only works for 3 years after graduation. Can a normal person afford this??

Should a person get into this kind of serious DEBT?

<<if not buying a house at young, what age should he/she buy ? when buy a house, is there any age guidelines for better hints ? >>

I had mentioned this before. The best time is after a person pay off their car and had worked for 5 to 10 years. Paying for both car and house at the same time is a serious burden for most people

<<If everyone keep having this thinking, all the properties market will be so dull. >>

Most people do not think this way. And, they ended up paying to the bank for their whole life and making me rich. This is one of reason why most average people are not rich. They spent most of their income on interest that they pay to the bank.

Actually, if people do not listen to my advice, it is better for me. I make more money this way.

Think carefully....

Dreamer
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