Oct 18 2022, 09:29 AM
QUOTE(soulmixx @ Oct 17 2022, 11:39 AM)
Hi..
I'm currently own 2 houses, first is low-cost apartment (bought during single) and landed house (currently stay).
I want to sell my first house, due to lift issue. Little background:
-10th/top floor low-cost apartment in Selayang
-3beds, 1bath, 1toilet
-680sqft (end unit)
-apartment have 2units lift, 1unit broken 1year++ and the 2nd unit broken almost 8months. No renter as previous tenant move out after 1month lift out of service. Now they repaired 1unit lift and I'm thinking to sell this unit immediately.
I search on brickz/fb/property website last transaction found is on 3years ago and no latest transection.
So, I wondering how to check current market value as I want to max profit for d/p my new property purchase.
Thanks..
I'm currently own 2 houses, first is low-cost apartment (bought during single) and landed house (currently stay).
I want to sell my first house, due to lift issue. Little background:
-10th/top floor low-cost apartment in Selayang
-3beds, 1bath, 1toilet
-680sqft (end unit)
-apartment have 2units lift, 1unit broken 1year++ and the 2nd unit broken almost 8months. No renter as previous tenant move out after 1month lift out of service. Now they repaired 1unit lift and I'm thinking to sell this unit immediately.
I search on brickz/fb/property website last transaction found is on 3years ago and no latest transection.
So, I wondering how to check current market value as I want to max profit for d/p my new property purchase.
Thanks..
QUOTE(mini orchard @ Oct 17 2022, 03:58 PM)
Nowadays, many new affordable housing available. The old ones are not easy to sell esp if is badly managed. Most old low cost housing are small and not suitable for families.
Buy new can get 100% loan for most buyers and other perks plus bigger units and some with facilities plus modern design, facade and fittings.
Getting a loan is easier from govt projects compared to subsale. This is confirned by the few auction units after VP. Infact I bought one virgin unit through auction without the previous owner collecting the keys from developers.
Unless the location is highly in demand, chances of a good price is low.
Not trying to upset your plan but the reality is on the ground.
I'm afraid what mini orchard stated is the current ugly truth. There are just too many affordable units flooding the market & they are going to construct more.Buy new can get 100% loan for most buyers and other perks plus bigger units and some with facilities plus modern design, facade and fittings.
Getting a loan is easier from govt projects compared to subsale. This is confirned by the few auction units after VP. Infact I bought one virgin unit through auction without the previous owner collecting the keys from developers.
Unless the location is highly in demand, chances of a good price is low.
Not trying to upset your plan but the reality is on the ground.
1) The immediate valuation will be based on the current transaction price.
2) If there is no latest transaction price, you need to use the valuation of the new market & apply some discount to it due to the aging facilities.
At the moment, rumah WIP is selling at RM 300k @ 856 sq.ft. This translate into around RM 350/ sq.ft.
If your old unit is 680 sq.ft, it will translate into around RM 350 x 680 sq.ft ( yet to discount) = RM 238,000.00
1 new lift will cost around RM350k. Ratio of 1 lift to 100 units, hence per unit cost of lift to apartment unit = RM 350k/100 = RM 3.5k
Your block got 2 lifts, hence price of 2 units of lift = RM 3.5k x 2 = RM 7k ( to be discounted).
Also, the old low cost, you need to put another discount good enough to sell it so that the buyer won't opt for the newly launch Rumah WIP of Selangorku will provide the 100% loan.
If you ask me, the price should be around = 238k -7k -(5~10%) Rumah WIP competition = RM 238k-7k - 23.4k(worst case) = 203.6k
Also, look at the yield. Low cost per unit usually around RM 700-800 / month. 1 year = RM 700 x 12 - less maintenance ( RM 0.15 / sq.ft x 680 ) x 12 = RM 7176 / annum.
Yield 4% per annum = RM 7176*100/4 = RM 179.4k.
I'm in my opinion, it should be around 180k~204k range. Anything more than that, there will limited buyer unless your location is so strategic, no matter how always got tenants ( higher tendency to use yields valuation).
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