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 Opinion on Funding More Money for A Property .

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dreamer101
post Aug 23 2007, 08:24 PM

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QUOTE(simchi @ Aug 23 2007, 12:11 PM)
I & my 2 sisters contribute MYR 800 each into our joint bank account every month as we are planning to get a house @ MYR 300k once our savings have accumulated to MYR 90K which takes approximately 3 years to do so as we do not want to rush into buying a house & having trouble for repayment later should anyone of us get out of job unexpectantly .

Question is should we prolong our saving duration into 6 years then only consider buying a MYR 300K house ? Your opinions are much appreciated .
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simchi,

1) Keep on saving money.

2) Do research on where you want to live.

3) Keep a close watch on the selling price of the house.

4) Wait for a recession. There will be one within the next 6 years and housing price will collapse. Buy one when you find a good bargain at the place that you want to stay.

This is like shopping.

Dreamer
dreamer101
post Aug 24 2007, 04:14 AM

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QUOTE(simchi @ Aug 23 2007, 08:37 PM)
Dreamer101 , how could you predict there's a recession coming within the next 6 years ? Sorry for being a marketing noob . If there;s one coming in the way I guess I would save up more money and get a much lower , decent loan .
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All,

1) Let me ask you a simple reverse question: what makes you think we WILL NOT have a recession in the next 6 years??

2) Malaysia will be a NET OIL IMPORTER in 2010 to 2012. So, no money for MEGA project.

3) Look around you. Can you see any grow or possibility of grow around you.

4) I smell a recession coming. It will happen probably after GE.

QUOTE(kok_hui @ Aug 23 2007, 09:16 PM)
Ignore the recession thing, no one know when it will come or hope it to come. In recession, you probably have no interest to take up loan and buy a new house anyway. Think of your purpose of buying this house, do you want to let your parents live in a new house in 3 years or 6 years time, you should know the answer.
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If a person has unlimited money, a person can do whatever they want. The 3 largest purchases in a person's life is car, house and higher education. Everything is negotiable. If you buy a house earlier by a few months but pay 30K to 50K extra, is it worth it?? On the other hand, you pay too much and find a bad house, you will be paying forever.

House is a very large purchase. Shop around and find the best deal.

Dreamer
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