QUOTE(Tamsin @ Oct 20 2023, 10:48 AM)
Seeking advice from veterans here. I'm 28 this year and in the process to purchase my 1st property with the help from my parents. I am planning to buy a 1.6k sqft unit (ayanna residence) in bukit Jalil. What bothers me the most is the extremely huge amount of money thrown in here and I would like to sell it in the future to purchase a bigger house upon nurturing my family growth, as I'm planning to tie the knot in 1-2 years. I have asked my friends and people around me about the pros and cons of the property. Some say location its good, some say its bad. Why buy such an expensive condo when you can get a subsale landed at a cheaper price? Condos are the worst investment, you will definitely lose money and the list goes on.
The reason why I chose this condo because of its price and location, nothing more. Its close to the highway for me to travel to my hometown in melaka and go N9 & Shah Alam for work. Going to central KL/PJ will be a hassle, but I'm willing to sacrifice for the latter options. Food, mall and other amenities is near me, so I can ease in my new life here in BJ
Back to my question, is it wise for me to dump such an amount for a condo? I'm very worried that I could be making a disastrous choice, but houses are getting so expensive in KL and apparently the norm to obtain a 1k sqft+ property condo is already starting at 600k+. It is my 1st property and I don't want to make a bad decision that will affect the rest of my life thinking that I could have used the money to invest in business or something more worth
If you know you are going to upgrade property after 1-2 years, don't bother buying now. either buy the upgraded one now, or buy later.
Property prices hardly moved these days, and appreciation is difficult to come by. Meantime, you will spend 4-5% of property value upfront on legal SPA, loan legal, stamp duty etc. And you haven't count the renovation cost. even basic stuff will cost, and some of these like built-in cabinets and airconds are immovable.
If you move house in 1-2 years, and you sell the property at flat price with no gains - all these upfront cost will burn (legal, stamp duty, reno).
Also consider the current mortgage rate of 4-4.5%, this is the cost interest cost you will incur. And you got to add in things like insurance, maintenance fees, etc. You rent another place for now, rental yield also probably 3%+ only. And you don't need spend upfront cost and maintenance fees not your issue. Might as well rent own place 1-2years, then only buy the upgraded place.
This post has been edited by Knight_2008: Oct 24 2023, 10:34 PM