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 When can I afford to buy a home?

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TSDingdongcc
post Jun 17 2022, 09:47 PM, updated 4y ago

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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.


TSDingdongcc
post Jun 17 2022, 11:24 PM

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QUOTE(Michaelbyz23 @ Jun 17 2022, 09:51 PM)
Got mine when I was earning around RM5k, 2016.
RM522k SNP (Actual RM485k), landed terrace in my hometown.
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Can I ask how much was your down payment? And monthly repayment amount?
TSDingdongcc
post Jun 17 2022, 11:26 PM

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QUOTE(kens88` @ Jun 17 2022, 10:15 PM)
4k nett bought first property rm400k during MCO

single storey terrace in KV
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Congrats btw. How much is your repayment and loan amount?
TSDingdongcc
post Jun 17 2022, 11:31 PM

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QUOTE(Aldo-Kirosu @ Jun 17 2022, 10:30 PM)
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.
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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.
TSDingdongcc
post Jun 18 2022, 12:13 AM

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QUOTE(Michaelbyz23 @ Jun 17 2022, 11:55 PM)
Downpayment around RM20k, monthly repayment RM2200 back in 2016.
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500k property can just put 20k downpayment? i thought usually 10% or more?
TSDingdongcc
post Jun 19 2022, 10:08 PM

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QUOTE(wilson1149 @ Jun 18 2022, 01:49 PM)
On hold first, wait OPR up again and will have alot promotion coming from developers.
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Do you think when recession comes, property prices might crash as well?
TSDingdongcc
post Jun 19 2022, 10:10 PM

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QUOTE(kens88` @ Jun 19 2022, 12:44 AM)
B4 buy need consider many things... Spa, legal fees, renovation, maintenance if any.... The price tag is just half the story
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Yup for sure, definitely saving for those other fees
TSDingdongcc
post Jun 19 2022, 10:12 PM

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QUOTE(ketupatlazat @ Jun 18 2022, 09:08 PM)
350k @ 4k celery, subsale.

surprised my loan got approved, but of course it was thru CIMB, which is supposedly the easiest to get approval
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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?
TSDingdongcc
post Jun 19 2022, 10:21 PM

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QUOTE(Aldo-Kirosu @ Jun 18 2022, 01:59 PM)
biggrin.gif 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.

biggrin.gif
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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.
TSDingdongcc
post Jun 19 2022, 10:23 PM

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QUOTE(arffrhn @ Jun 18 2022, 10:50 AM)
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.
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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.
TSDingdongcc
post Jun 20 2022, 10:33 PM

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QUOTE(Aldo-Kirosu @ Jun 20 2022, 10:22 PM)
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.

😆
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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.
TSDingdongcc
post Jun 22 2022, 09:48 PM

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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.
TSDingdongcc
post Jun 23 2022, 12:49 AM

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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?
TSDingdongcc
post Jun 29 2022, 12:02 AM

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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
TSDingdongcc
post Jun 29 2022, 10:30 AM

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QUOTE(digitalz @ Jun 29 2022, 09:17 AM)
It depends - you want new or subsale (from investors/developers) directly?
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if possible would like a new one from developer, as it would have more rebates and discounts
TSDingdongcc
post Jun 29 2022, 11:26 AM

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QUOTE(digitalz @ Jun 29 2022, 11:06 AM)
Since your aim is already for 2 - 3 years letter, then maybe you might only want to decide down the road instead of now.
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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

 

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