Hi
Would like to ask for advice from experienced home buyer here.

What is the property value I can afford with about 5k income. Nett would be 43++. Assuming I can pay 10% of the down payment. About 50-70k.

At what income did you get your first property? And how much is the property?

Am planning to get a place in 3years time, hopefully when my income increases. Btw location, klang valley

Please don’t troll, want to get some opinion so I can know what to expect.

Got mine when I was earning around RM5k, 2016.
RM522k SNP (Actual RM485k), landed terrace in my hometown.

This post has been edited by Michaelbyz23: Jun 17 2022, 09:51 PM

Importantly what your comfort level on the monthly installment? For a start might consider RuwapWIP / Rumah SelangorKu and upgrade as your income incremental down the road.

4k nett bought first property rm400k during MCO

single storey terrace in KV

200k

Depend on your current commitment, and status.
if you want to twist maximum can go up to 70% of your salary portion DSR for a house.

But if you included owning a house without given up your life style then better control at 35-40% of your salary

If let said you stay with parent, eat & live with parent, have plenty extra money to buy home, then can go 70%

If you have a girl friend, i suggest not joint loan, and if you need to commit some GF money, then 25% of your income for a house.

Depend on your current commitment, and status.
if you want to twist maximum can go up to 70% of your salary portion DSR for a house.

But if you included owning a house without given up your life style then better control at 35-40% of your salary

If let said you stay with parent, eat & live with parent, have plenty extra money to buy home, then can go 70%

If you have a girl friend, i suggest not joint loan, and if you need to commit some GF money, then 25% of your income for a house.

Can I ask how much was your down payment? And monthly repayment amount?

Congrats btw. How much is your repayment and loan amount?

Planning to get a place few years later only, but if talking about current commitment, its just a car and just monthly allowance to parents. Still got balance 2k+ for expenses and savings.
And yeah GF wise, im not gonna have a joint loan with her, my goal is to move out and live alone atleast for a year till i decide to get married.

Downpayment around RM20k, monthly repayment RM2200 back in 2016.

RumaWIP is the best starter if you're not hungry investor type, in fact some might argue it's actually pretty solid investment product

500k property can just put 20k downpayment? i thought usually 10% or more?

Price isn't too important factor for you, as long as within ur affording level. Buy good location u will never regret, if u don't like that you can rent or sell easily.

3 years time probably you can target undercon project with reputable developer. No rush.

100% loan under first house scheme as under 500k

Repay around 1600 to 1700 per month... 35 years.. Hope can settle earlier though if have cash

Snp 522k (borrow 90% based on this) - RM469k
Actual price RM488k.
So top up about RM20k only.
Free spa legal fee and MOT stamping

There is no one answer to this. You must first ask yourself how much you are willing to spend on housing commitment monthly and not to overspend on housing.

I got my first house back in 2017 with 3.5k salary. It was an RSKU unit near to my parent’s house so, it suits me just best at the time.

The important thing is I think, whether you are able to mentally prepare for it. A 35-year loan can be daunting.

This post has been edited by arffrhn: Jun 18 2022, 10:53 AM

On hold first, wait OPR up again and will have alot promotion coming from developers.

This post has been edited by wilson1149: Jun 18 2022, 01:53 PM

if you ideal price is around 430K+- its fairly a good ideal price for your current stage.

As the cashflow on your hand i can see your choice is wider. i can sharing my opinion for your case.

New project: Public transport attach project
Operating MRT project: Cheras Area
MRT project not yet operating: Seri Kembangan
LRT Project: Bukit Jalil, Chan Sow Lin
or Rumah Wip / Rumah selangorku

If sub-sale
Apartment / flat 5min walking distance from public transport with good condition.

If you are risk taker, welcome to lelong below market value 30% (do enough research to avoid the caveat, double transfer, developer in liquidation, owner occupied unit.

I knew it can be trouble if "breaking up" after signing the loan, but I have no idea how worse it could be... like legal process, financial conflict etc... would you mind to share a little bit to me

It's not about the legal process, it's the emotional part of it, imagine if joint loan which needs both signature, if she boh song you or die die want you stay and use that reason not to sign on the document, what can you do? Kill her arh? Or you break up then she don't want pay her part and also don't want to sell, you gonna bear it?

If you do not want to burden yourself, Rumawip or now call Residensi Wilayah also not bad.
300K house with installment + maintenance fee around RM2,000 per month
Need calculate your current monthly expenses (rent, car loan, petrol, toll, food and misc)
I used to calculate like that in my earlier days before buy my property.
Less not get so stress about buying property, there is no fixed age to buy.
Buy when you are ready.

Need also have money for renovation after get key. That will set aside at least 20-30K as now all also increased price.

https://residensiwilayah.kwp.gov.my/

Best is NEVER buy a house with GF, it will give you a free of mind if break up.
Emotional aspect that you cannot manage. It will get ugly if not mature enough.

Your CCRIS will all stucked, cannot get loan for your own house if not manage correctly.

350k @ 4k celery, subsale.

surprised my loan got approved, but of course it was thru CIMB, which is supposedly the easiest to get approval

Girl Friend > Breaking up
Wife > Divorce
Sibling / Family dynamic > Unfair
Buy property we can afforded, need joint loan mean over budget.

For breaking up case, how serious for joint loan?
The house ownership is for 2 person, so doing any transection or selling need to get both party consent and signed the document.

Problem is here, after breaking the relation, who want to bear the responsibility for that house? As the house itself is already over either one affordability.

Scenarios 1: Agree to sell. Problem if the house sale get profit, how to spare? If rugi leh? how to spare? Before this who pay the more? who pay less? Fair?
Scenarios 2: One party want to hold. 35year finally finished the loan, name transfer moment, either one party will asking money from another party to sign the doc, or never sign, so they are legit staying at "own" house, even not paying 1 sen
Scenarios 3: If one party is declare bankruptcy, then this house will be own auction. If let said after sale the house, still own bank a lot of money. Another party will affected too.

etc etc scenarios. so dont joint loan is the best lah haha. dont moral kidnapping another part to ask for joint loan, but instead buy property based on affordability. That why this thread owner very smart, getting more information and property knowledge from dai gor dai ka jie here.

rumawip kan ada

Yeah be mature, and not joint loan everyone buying a house, agree with you.
i do ever see some man use the joint name buy house method to enhance the marriage rate which is bad.

Mind if i ask which project is that? 400k able to buy single storey at KV area? is it subsale?

B4 buy need consider many things... Spa, legal fees, renovation, maintenance if any.... The price tag is just half the story

This post has been edited by kens88`: Jun 19 2022, 12:47 AM

Yes. Subsale. Owner let go cheaper during mco and because the condition not so good, need do heavy renovation

Do you think when recession comes, property prices might crash as well?

Yup for sure, definitely saving for those other fees

No other loans like car loan? Someone here got 500k property with about 5k salary. So not surprised yours got approved. How much is your repayment?

Any tips to look out for which project might be suitable for own stay or investment? Pretty hard to filter out good projects in sites like property guru.

To give context, I don’t really spend much on other stuff like entertainment. I would say normal spending. So I don’t mind spending 30-40% of my salary in a property.

nope, nth else

repayment back then was 1.6k

All about supply and demand.

If there are too much lelong or who urgent selling off their property for living.

And

Think what if developer need cash flow and they has alot unsold unit in hand?

This post has been edited by wilson1149: Jun 20 2022, 10:49 AM

Don't forget to factor in inflation and interest rate hike.

More than enough to get approve.

In 70% DSR you can get up to Rm 2.3k for installment.

For mrt station I can recommend you open Google map and see for each station surrounding. But so far for what I know is

M vertica little Hong Kong, yeah it's terrible but location wise ready good, if to avoid lift problem just choice lowest or highest floor.

Nexus Residence ( avoid this project for sure got problem or delay)

Arte cheras, full commercial title with luxuries design, only good for Airbnb, long term renting and ownstay not suitable

Guocoland Emerald 9 good for invest and ownstay, but per sqft is so expansive due to it freehold. This is mixed development, if success can get good return, if failed then will be disaster. But I think this project can be success but take time as developer is subsidiaries of hong Leong bank

Metro cheras, price ok, size ok, mrt distance ok, very normal project not more pros and cons

Chan sow Lin lrt k48 residence, size ok, let distance ok, price ok, just the unit without yard. Not so bad

Meta city seri kembangan, very rely on shopping mall, if gg then everything gg. And sharing you, shopping mall at klang valley already overhelm, so this quite hard, and developer not tracking record on managing a shopping mall before so yeah

Etc etc alot haha


Lelong serve lelong page at Facebook

Public transport sub-sale apartment or flat serve Google map and check iproperty to see wortg entry oh know, can see the apartment project at beside setia jaya KTM name menteri court apartment. As it have brt also, choose the nearest to public transport block look good. Etc etc.

😆

Thanks for taking the time to recommend. Actually I don’t really rely on public transport as I own a car. But if a station is relatively near that would be good.

As for number of units, I wouldn’t want to stay in a high densed condo. Perhaps 300-500 unit is ok for me.

Good deal

Wow.1% commitment only ?

Yup - good strategy

No la. Nearly 40% already. But need a lot convincing to bank.

Sorry just realised. RM 4 k was your nett salary not commitment for the property.

Any comment to Maxim risen?

Based on my opinion, not right & false, this topic should discuss at Maxim Risen thread, but since you asking here, and maybe share the information to newbie to know how wide the topic and project information can obtained from lowyat forum.

Maxim Risen price is fairly cheap (overall), yeah i used cheap word instead of affordable because.

1. cheapest unit below 300K is sold since it launching. But if divided to built up, it fairly average.
2. Its leasehold, for clarification i love leasehold condo project, but compare to freehold project (emerald 9) i refer (2 mrt station different) the price per-sqft is only around 10-15% different. So i dont think its worth to choose leasehold. (if leasehold vs freehold price more than 30%, yes definitely choose leasehold). Case Study, if Gen KL (freehold) vs Hermingston (leasehold) which one you will choose for investment.
3. Its selling point heavily rely on opposite Eko Cheras but instead of his own unique selling point
4. As Eko cheras residence is nearer and doorstep shopping mall anmernities, i can imagine if i am a regular tenant, i will choose eko cheras instead of Maxim Risen.
5. If i ready want to choose Maxim for room / unit rental. the it must be lower 20% to 30% price only i will consider, and when i think like this, i can predict the tenant profile will not be good. If tenant profile not good, then owner may facing hard to collect rental and hard to find quality tenant at the market.

so this is overall my opinion. and its ok to criticised so that i can digging more brighter point for Maxim Risen

is easy, buy what you can afford only.. this is not rocket science.

This is not helpful.

Looking at TS comment about buying in 3 years, I’d say save your cash and keep your ears to the ground to be ready to pounce. As it stands, there’s still a lot of completed unsold units with more on the way. Don’t panic no matter what the SA say. By the time you’re ready to buy, there will be completed unsold from the Covid launches on top of the the existing ones which I imagine would be discounted heavily by then.

Like most young adults, shop to cater to your peers ie. all the gen Z starting in the work force who prioritise convenience and fitness facilities in a good location.

This post has been edited by Cavatzu: Jun 22 2022, 11:21 AM

3 years a lot things happen, might end up buying expensive car especially gen Z as you mentioned.

Dont under estimate the inflation, data is proven from 1957 until now. Lelong market also picking extrmely fast recently.

Go back to simply logic, buy the afford one.

what do you guys think of Old Klang Road? Isit a good place for own stay? Its one of the places where i can find projects within my budget and good size.

Based on ur income, OKR is not suitable to you.

Cheras or Kepong maybe is the place u can look for.

Go see MiaSing, cheap cheap

Also wanted to ask, I tried to talk to some agents on some enquiry on some property, how come different agent quoted me different pricing although unit is the same?

Try to go for RSKU or RumaWip for your first house. Don't waste the opportunity. My friend recently bought a RSKU apartment 1045sqft in Puchong for less than 278k only. What a good buy

Got my first home 12 years ago at RM150k when i was earning your level, it was a subsale walk-up apartment on the 4th floor.

The apartment then kinda paid for every big spending in the next few years via refinancing. I now live very comfortably, can't imagine if I did not make that purchase at 21 years old, probably stuck in another old high-rise.

After doing a lot of research, I ended up buying my first house, a walk-up apartment at Kinrara BK6 for RM150k.

My salary is almost the same as TS, and with monthly commitment of RM570 for the house, I am very flexible financially.

Following up to some questions, since I plan to buy a property 2-3 years later. Do I look for projects that will be completed then? There are some that im looking at now

It depends - you want new or subsale (from investors/developers) directly?

if possible would like a new one from developer, as it would have more rebates and discounts

Since your aim is already for 2 - 3 years letter, then maybe you might only want to decide down the road instead of now.

Wouldnt deciding now means ill get better deal? since property yet to be up. Correct me if im wrong, if the property is near completion, then there wont be much promo and available units also limited

5.3k b4 kwsp & tax, 470k loan.

Well, its a give or take thing - some people don't want to serve so much interest throughout the years and there's a possibility that you'd get a better deal from the developer units directly - some developers also throw in the legal fees/MOT thing to get your purchase. "Early birds promo" not really a promo down the road.

The downside? The availability of the units.