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Fear of buying house
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poweredbydiscuz
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Nov 12 2020, 10:54 AM
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Buy within your mean.
And if the "what if" happens and can't afford to pay the loan, just sell the house and start to rent again. You won't lose much (if any) as the house won't depreciate much. Heck you may even gain if it appreciates.
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poweredbydiscuz
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Nov 12 2020, 11:07 AM
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Just to add, buying a first house should be an easier decision, because you still need a place to stay no matter what happens.
If things get rough, you have the option to rent out some of the rooms to cover the loan. That way it will be cheaper than you renting a room outside.
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poweredbydiscuz
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Nov 13 2020, 08:23 AM
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QUOTE(zenix @ Nov 13 2020, 12:38 AM) there are many ways to skin a cat so i'll just tell you two stories then you see how you can fit into your personal scenario. » Click to show Spoiler - click again to hide... « 1) i have a female friend (unmarried) that owns two properties she bought from the sub-sale market. the first she bought was a small apartment in SS2. she told me that time the asking price was around 100k. originally it was in a sorry state but at least the previous tenant didn't pour cement down the drain. so she basically clean it up and repainted, then offer it for rental as bare unit. part of it was due to her financial situation at the time and she was thinking whatever tenant she gets that area might be low class people won't appreciate the furniture anyway. she got lucky a chinese couple rented the place because want to send their daughter to the chinese school there. her income was good that she decided to get another property and thinking for the future she decided to get a landed property, she found something cheap in SS14 (she didn't disclose the amount to me) and her target weren't students as most owners in SS14 partition up the houses then rent to students studying at Taylors/Inti, instead she did basically the same as her SS2 property target families wanting a Subang Jaya address for the public and chinese schools in that area for their kids. both properties doing well with long term tenants as the parents would be invested in that area for their kids for at least 5 years and longer if they have more kids. location is important for this, there is less chance of them renting elsewhere or buying their own as prices have risen over the years for sub-sale and new ones would put them in financial burden. heard stories from her that the parents either have no plans to move or bought property which is cheaper but further away in places like Bangi and Rawang, and would move there once the education of their kids is complete or retire as they're working nearby so don't plan to commute. she manage to avoid MCO issues other owners having in subang jaya because colleges are closed so all the students went home and nobody renting their pigeon hole partitioned rooms. yes, u can earn more with partitioning and renting out individually but collection is a headache. she also previously lived a frugal life of renting a small room near any office she works at, now is living rent free with her bf/fiance.
2) i have a male friend whom bought a high-end condo quite recently. he comes from a slightly broken house with an abusive mom and absent father, so whatever he do is always quite kiasu so instead of getting something reasonable and sensible he has to get something really cool to show off as he was convinced after a friend bought at 'tropics @ 3 damansara' that a condo atop a shopping complex was the way to go. so he got a SOFO at atria, i think he got it from developer with all the developer perks but at the height of property price a few years back. he got influence by minimalist lifestyle which lead him to caravan lifestyle which lead him to steath camper lifestyle, he thought of a way to keep his property and earn from it. he converted his mpv unto a stealth camper to stay in while he rented out his SOFO, he then rented an extra car park from the management to park his camper while his original parking spot is for tenant use. in his words he is using all the condo facilities for RM100 parking fee per month and earning rental from his property. he tells me every morning he go to gym, swim, sauna then bath at the common bathroom and change into his work clothes then go to office, he told me slight inconvenience changing in the public shower room and getting up early so nobody uses the facilities yet but apart from that he doesn't pay a single cent for water and electricity. during mco period he either uses the lounge, meeting rooms for WFH (free wifi) or go down to the shopping complex to have lunch then lepak at the cafe for a few hours. he had to make some sacrifices but i think it is smart, he told me if he lived in a camper earlier but didn't own a condo with facilities he would've just gotten a gym membership.  Cool story but TS was asking for own stay though.
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poweredbydiscuz
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Feb 17 2025, 12:30 PM
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QUOTE(burn22 @ Feb 17 2025, 09:35 AM) can buy, but to ur affordability!! if harga umah tak mampu, cari condo or apartment dulu (freehold title). no matter what, sebelum beli, must have backup saving for emergencies, and always pay more 4 down payment with shorter term loan... aka 15 to 18yrs. if take 30yrs, can forget about it, unless lu keja in gomen. No. A wiser way is pay the lowest deposit and take the longest loan, then park the additional money in the flexi/semi loan to offset the interest while able to access it.
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poweredbydiscuz
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Feb 17 2025, 03:19 PM
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QUOTE(MasBoleh! @ Feb 17 2025, 02:58 PM) actually i really doubt you can have early settlement within 3 years looking at the mortgage loan terms. Early settlement only up to 80% within 3 years, unless the loan you had back then don't have all these revised terms Usually need to pay some penalty if settle within the lock in period. This post has been edited by poweredbydiscuz: Feb 17 2025, 03:20 PM
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poweredbydiscuz
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Feb 17 2025, 11:55 PM
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QUOTE(burn22 @ Feb 17 2025, 10:52 PM) bila recession hit twice, and someone you luv got cancer, 2 times ops + treatment oledi cost a bomb. then gaji keja keno potong, mungkin you akan paham. during those days, I sold off my condo unit bila hit with financial difficulty. got another 2yrs to settle, with 14yrs installment. from there, gua bought another apartment unit in cash at lower price, with xtra balance to save for rainy day. untuk gua, shorter term, less paying for yearly interest. bila jual, dapat bigger amount... This exact post shows that you have zero financial knowledge about mortgage. Please do yourself a favour and go learn about how home loan works.
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poweredbydiscuz
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Feb 18 2025, 07:46 AM
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QUOTE(adamhzm90 @ Feb 18 2025, 07:40 AM) No right or wrong here.. Paying shorter term less interest paid.. Paying longer term lower monthly commitment.. Depends on preference Please read my previous post. I'm talking about putting the extra money into the loan (overpay) so that can pay lower interest and at the same time can have access to the overpaid amount at any time, instead of use the money to pay deposit at the beginning (which is gone unless you sell the house). This post has been edited by poweredbydiscuz: Feb 18 2025, 07:47 AM
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