Thanks for the advice.
This would be a subsale condo/apartment for own stay.
10% of the the property is a good start along with the 'big four' advice. I wanted to get an idea of how much i should budget as this is a first purchase.

Glad to help! I would say also that don't overspend on first purchase Furnishings especially, you can and should take time to accumulate select good quality pieces that can last, like a nice sofa etc. Most people eventually move out/upgrade from their first home, especially near retirement, so focus on comfort and practical needs first. Too many built in furnishings especially if you do a lot of interior decorating in a particular style will affect future resale value because it can look very dated and out of trend in a decade.

Good luck!

this is so true... on average people move house every 10 years due to change of family size and lifestyle.

Welcome and no worries.

Just sharing on the real life lessons learnt by the other customers.. Really felt for them..

no worry bro and do get to know current price of reno before starts furnishing your home
after all, you def do not want overspend and maybe keep it simple if you are planning to upgrade your home in future
quality > quantity

Hi, I'm thinking of whether to buy directly from a developer or to engage a REN from IQI (probably the only known agency available at my place).

1. What are the pros and cons?
2. How much commission do I need to pay the agent and when?

This post has been edited by Dhang: Apr 28 2021, 09:56 PM

Buyer normally only engage an agent to source for a specific property in the secondary market and normal agency commission payable upon signing of SnP..

If you oredi know the seller aka developer, am not sure of the reasons not buying direct from the seller other than wanting to pay money to an agent for buying something you oredi know the seller.

If the developer is oredi represented by authorised agents, normally they will not deal with buyers.

Hi, I'm a first time home buyer and even though I've tried to do as much online research as I can, I have no contacts and experience, so I'm afraid I might miss something important or make a huge mistake in the process of purchasing a house. In my case, is it worth getting the help and services of a property agent?

have u tried to search on property website such as propertyguru etc?
u can find a unit according to ur budget and also can look for an agent for help
with help on an agent of cz they do get commission on every successful purchase, added they can help u to select a property based on ur requirement so a bit less hassle as u no need hunt on ur own whr it maybe more tiring

I would suggest you to do some homework online and what to avoid and understand the area that you are looking for.

If you found the property agent with no bias, and well experience, its ok but I think better to equip yourself with the knowledge.

When it comes to buying a property, better to be self prepared and know all the things before jumping to a decision.

Here some tips before you engage a REN.

1. Ensure he/she still have valid registration number. Can check their REN ID via www.lppeh.gov.my
2. If new REN, try to get their team leader to support so you won’t miss out any important stuff

Having a REN to assist you can help reduce a lot of hassles. But make sure the REN know what they are doing and know their stuff. REN can be a great helper but if you find a incompetent one, you would probably better dealing directly with owner.

For commission, under the 7th schedule, the agency can charge up to 3% of the final agreed selling/purchasing price. Under BOVAEP guidelines, REN can only accept from a single party for the professional fees. So either seller or purchaser. If the seller is already paying for it, then you won’t need to pay anything to the REN. The fees are payable upon signing of SPA by both vendor and purchaser.

Hope this help. If you have any other questions. Feel free to ask .

is that true all condominiums will have to apply TNB as commercial first then only convert after VP?

i got this information from developer for under-con residential condo and this is part of TNB guideline

If I recall correctly, this only applies to residential properties under commercial title (i.e. service apartments).

Developer would have initially applied commercial first as title is commercial.

Subsequently when VP you as owner when apply for electricity supply for your unit you can apply to get residential tariff. Some developers will claim to do this for you on your behalf.

Condos under residential title there is no need to convert, unless the land itself isn't converted to residential title.

This post has been edited by DragonReine: Apr 30 2021, 06:56 PM

nvm it's sorted
it is residential title and they made a mistake there

Yup … happened for commercial titled strata properties under HDA … can apply for conversion after vp

I'm planning to buy my first property but I can't decide whether I should buy it for investment or own stay.
Let's say I buy my first property for investment and use to collect rent, 3 years down I decide to buy another one for my own stay, how would that affect my loan chances?

With the current property scenario, if you buy to rent, many tenants would be happy as there would be more choices and are you going to be a nice or tough landlord ?

1) DSR/commitment if too high will affect chance of approval (banks don't really look at rental income because it's high risk income which isn't steady)

2) Bank may not give you 90% of SPA loan margin if they see high DSR and you're buying several properties in a short period of time, unless your annual salary is in 6 figures range 😅

I suggest you think about the objective of your purchase first before you put your money on the table.

For investment - it's all about ROI. No personal feelings should involved.

For own stay - if you are planning to stay for a long time before moving on, you will have more to consider.

But either all, make sure your purchase is within your budget.

We no longer in the time where property will create wealth easily.

As for loan chances, since it's only your 2nd property, you will still able to get 90% loan margin for a residential property. (of course, provided your income is within the price range). Some banks do take into consideration of your rental income (make sure it's declared in your income tax), but not full amount. The last I checked, public bank take 70% only of the total rental as your income.

Hope this help

I still have many things to consider I guess, one of the reason I asked was because I was told by a colleague before that its better to do it this way as with the proof of rental income you can still get loans for the second house easily. But its definitely great to get diff opinions. Thank you all for the reply, it was really helpful!!