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 Regret in Purchasing

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TSChern1991
post Nov 2 2021, 02:02 PM, updated 5y ago

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Hi Everyone,

As per title, I have a little regret after purchasing a subsale unit of RM350k , 988sqft, 3R2B low dense condo/flat.

Initially was planned for own stay and low monthly commitments, but now I found out it's a bit far from the city, 15km+/- to klcc

More infos on my purchase :

-Signed SPA on August 2021
-Loan 35 years
-allocated 60k budget to renovate whole unit ( havent done )

highly appreciate if I could hear your opinion/advice on how I should handling the situation. Should I keep or let go at some loss?

This post has been edited by Chern1991: Nov 2 2021, 02:44 PM
TSChern1991
post Nov 2 2021, 02:32 PM

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QUOTE(sunami @ Nov 2 2021, 02:20 PM)
possible to lease it?
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the lease area is around RM900. I have appointed an interior design firm for renovation.

initially for own stay, so i have allocated of 60~70k for renovation ( change old pipings, electric wiring, windows, doors, ++ ). If i renovated nicely and rent out. I think the value will be highly depreciated, that's why sad.gif

let's say if i stayed for 1~2 years and sell it to a cheaper price and then get another unit. what is the issue I should be worried?
TSChern1991
post Nov 2 2021, 02:34 PM

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QUOTE(mini orchard @ Nov 2 2021, 02:31 PM)
How much loss are you prepared to take ?
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may i know what is the expected loss resulting in this situation?
TSChern1991
post Nov 2 2021, 03:07 PM

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QUOTE(mini orchard @ Nov 2 2021, 02:46 PM)
Since you have no intention to stay there, then you put it up for sale. The loss will be depending on how much discount you want to give and how urgent.

Is no point to spend 60k on reno and shift out later.

Btw, give yourself sometime to consider. 20km may initially looks frightening but is a matter of getting use to it.
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I dont mind lost, but i was thinking I can still stay there for 2~3 years, then move out and give this unit for my parents since they are retiring soon.

Paying 1.3k monthly (instalment + maintenance fee) is still consider ok for me.

Yes you are right, since already purchased, can give sometime to consider, adapt and overcome.

I work from home mostly but my partner workplace is like 35km away. sad.gif
TSChern1991
post Nov 2 2021, 03:08 PM

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QUOTE(mini orchard @ Nov 2 2021, 02:58 PM)
If the buyer decide to opt out of the SnP, the max forfeiture sum is the 10%. I doubt seller will go for any lesser amount.

If is freehold, I would reckon the process will be completing soon. MOT would have been paid including stamp duty for loan.

If is leasehold, then it is possible if is still under consent stage.
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It is freehold. The process is completed. Will soon go to masjlis perbandaran to change/update the name.
TSChern1991
post Nov 3 2021, 10:39 AM

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QUOTE(digitalz @ Nov 3 2021, 09:19 AM)
Since property is yours now/soon, nothing else to say on the property.

Loan 35 years. Normally, the loan will be tied in for at least 3 years.

After that, you have to consider that the valuation of the property might be different and you will have to settle a differential sum if the valuation is different from your loan sum.

So... many things to be considered before anything is done.
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Yes, there is nothing else can do other than adapt and overcome.

Do you mean within 3 years can sell because of terms & conditions?

Let's say i were to sell at 300k, may i know what's the steps and the 'differential' ?





TSChern1991
post Nov 3 2021, 11:07 PM

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QUOTE(mini orchard @ Nov 3 2021, 12:30 PM)
You can sell the unit anytime.

You have to check your loan agreement if there is a lockdown period. If is stated 1, 2 or 3 years, meaning if your sell within the stated time, then there is a loan penalty for early termination.

If you sell for 300k and your outstanding loan is more than 300k, eg 310k, then you have to settle the 10k before the bank allow you to proceed. If is more, then you will receive the balance money after the completion of sale.
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Hi, thank you for answering, appreciate it.


Based on the info on the image, Let's say if i were to sell at 300k and 350k

what is the amount I should be settle with the bank?

user posted image
user posted image
TSChern1991
post Nov 4 2021, 10:40 AM

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QUOTE(mini orchard @ Nov 4 2021, 06:37 AM)
For your rough calculation guide ....

In your monthly loan repayment, 40% will goes towards reducing the principal sum and 60% for interest.

So if you sell in 2 years ....

1230 x 40% = 492 x 24 months = 11,808

315,000 - 11,808 = 303,192.

If you sell 300k, then you have to settle 3,192 and the balance from buyer .

You cancel the mrta and ci and received some small refund.
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I see, thanks for the calculation, it really made me easier to understand. May I know what is this mean : and the balance from the buyer





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