Hi everyone,

Would just like some of your kind advice for my current situation:

I bought an older condo early this year with the help of my parents for half of the down payment, the condo in question is Tropika Paradise in USJ 17 Subang Jaya.

Bought it for RM400k+ and my monthly repayment is now RM1,680 per month with the maintenance fee being RM330.

The condition of the interior is okay but it's a bit dated and old, so if I were to stay there I have to renovate the place which will have another major cost.

I'm having a bit of trouble deciding whether I should rent this out or slowly save for the renovation cost and live on my own, as right now after paying for the installment and maintenance fee, I find it hard to save.

Just trying to look for your point of view, if you were in my shoes. I have a bit of reservation with renting as I already bought some nice furniture's for it (which is still being kept in the store, as we have asked them to deliver it when I'm ready to move in) and I'm not sure if I am able to handle it if I get a bad tenant.

Thank you.

Personal opinion. Don't put anything nice if you are renting it out, its gonna get worn out, regardless of good tenant or bad one.

And renting out is almost always a gamble, could be stress free and pleasant, or an absolute nightmare that you have to deal with.

If you think you can handle the risk, rent it out. Otherwise try to focus on how you can increase your income instead.

My 2 cents

Personally I would just find another place...

But since you're like having very tight financial....

No choice, need to stay put first before you get better financially...

Old condos, don't waste time doing renovation... Not really worth... Because another 10 year sure another bigger problem.... Condo is not for long stay... 30years max after VP... Which all major problem would pop up... & Burnt your pocket

Appreciate the feedback

Currently you are renting, family home?

What was your original intend buying into this prop?

Ya, decided to just stay put and maybe rent it out to at least be able to save more first.

Always wanted to have my own property, but now after experiencing it, reality really hit.

And would you be able to share more about why condos are not for long-term? My first time hearing it actually

Ya, staying with my family.

Intention was for own stay, I've always wanted my own space since I've been staying with my family from young till now.

depends on whether the rental can cover your installment + management

if way below, better renovate it then rent out

if still cant cover, then better own stay

Mostly it's leaking problems from upstairs floor...

It's would get bad to worse... If your upstairs neighbors is uncooperative...

Hair line cracks on walls (sometimes even bigger)...

This post has been edited by nexona88: Dec 4 2024, 05:07 PM

You might be able to cover your installment since not many available units for rent based on quick searches at places like mudah.my and propertyguru. Get a good agent.

Thanks will do 🙏🏻

From what I calculated it should be able to

Other problem would be looking for a good tenant 😅

Thanks for sharing this 🙏🏻

if can rent out and can cover, dont wait

Keep one room to yourself and rent out the others. You still get your own place but just with housemate.

Will it defeat the purpose if you stay in and rent out rooms only (maybe single only/ each) while setting up your own space? Survey, shop, fit out is a good experience.

If that is doable, just start with minimum reno ie fresh coat of painting, wet works, plaster ceiling (If necessary) c/w lightings, ac/ water heater only.

Slowly do up the rest. You can leave cabinetry last.

This post has been edited by jojolicia: Dec 4 2024, 06:53 PM

Condo once hit 10 15 years, design is old and you cannot make any changes to it. Even if your unit reno until like Palace, the condo is just Old.

Price will be stagnant. People will move out.. Lots of costs to repair this that.

Sell.

Yes I have considered renting the rooms to other people.

But personally I don’t really like staying with strangers and I’m a person that needs their own personal space 😅 that’s why it’s not something that I’ll likely do

But thank you both for the suggestion, I appreciate it greatly 🙏🏻

Just to add on, the rooms and the living rooms are fine. Only the toilet and the kitchen needs a good refurbishing.

Wahhh..

I put around 30 year...

Your 15 years.... Give chance boss 😜

But basically yeah.... Condo not really good investment... More cost to maintain after certain period... Issues here there...

only those at prime location shine, like those old building in Damansara or mount kiara. The sinking fund will use to repaint the building every 10 years.

Most of the other area same as you mentioned, last 10-15 years only, some management run away with the money.

Your unit layout was quite superb, normally i will do a partition (you could do a brick also for sound proofing and security) turning it into a dual key unit.

The dual key unit one with 1+1 room and 1 bath you can rent maybe $700-800? while you stay in another half. Also since it near to LRT hence tenant might no need parking.

Nowadays hard to find new unit that can turn into dual key, it really a good location and freehold some more



This post has been edited by Jazted: Dec 4 2024, 09:39 PM

Oh I didn’t think of that, that’s a pretty good way to save some privacy.

There’s actually high rise blocks and low rise blocks in Tropika Paradise, and mine is the low rise. The layout is similar to the one you’ve attached but it is slightly different.

you can also install separate electrical meter if the tenant wanted an aircond.

Condo basically is a place even developer won't stay.

That says it all.

Have you seen old condo in Mont Kiara. Getting cheaper. Design is just old. And so many on sales now.

Watch DPC condos, they're getting old too. See if their price stagnant after this.

Old condos in Mont Kiara and Bangsar still cost a bomb though

not at all. 500k-700k, spacious.. no one wants. typically the price of most condos these days.

huge size. but maintenance also high.

Do you have any of the project names for the RM500k condos? So far the ones I found is minimum 700k.

Ya Maintenance Fee is something to look out for.

https://www.propertyguru.com.my/property-fo...price&order=asc

put in criteria then you can find.

Thank you kindly

https://www.propertyguru.com.my/property-fo...perty_type_code[]=CONDO&market=residential&minsize=1200&region_code=58jok&search=true

mont kiara plenty cheap cheap

now price point no different from cheras, kepong, puchong condo price. the difference is maintanence fee.

On the note that condo only last for around 10 years plus due to maintenance .. macam la those landed no have issue ..

Worst got money buy no money maintained in next generation makes me laugh .. cant even paint the house exterior .. tak payah sembang kencang on the inside ..

Give this a go then. Try it out.

Thank you, your advice has been great

for old condo actually maintenance was verry low. Normally just RM2xx per house or 0.2 per sqft despite having a bigger size. Old day the unit are almost all similarity in size hence the fund can divide equaly.




The new launch condo mostly come with variety of size (studio, 1+1, penthouse, 2+1 etc), only the small unit get the benefit while the bigger layout pays for the higher price.

Also, some equipment the developer specific put in under a specialise company like pool pump system, water filter system, gym equipment, solar panel. Some seem didn't last long, and oddly the warranty was given only a short period (suspicious).

Same goes with tiles, certain tiles /facade treatment need specialist contractor.

So, unless the community plan to change the system itself (which is more costly), it's just having to stick with the same specialist/maintenance contractor.

I know most old condo. Bigger size. 1.5k sqf or more. Usually maintanence 600 above..

Even old condo 1700 sft2 maintenance fee at damansara is just around rm360..

How long will you consider the building is old? Maybe location factor or building age factor. If during 2010 usually developer will pick the tender will low initial cost but high end cost when changing the spare parts.

1993. it was 600+ per month... damn, just saw they are now 800+... price was 860k a few years ago... now got worse

I think at this moment, if you are still fine with living with your parents, take that option.

Your financial situation means you don't have a choice. Rent it out for a year, build up your reserves then decide if you want to stay in it or not. Do a simple paint job if it's too old interior-wise, fans, aircond, lightings and you are good to go.

Take it as your first experience as a landlord. As an agent myself, regarding the bad tenant, you'll never know if they are bad or good. People who act the richest can sometimes be the worst tenant ever 😅

Talk to them, learn what's their occupation, why are they renting would at least give you a good indicator. Not the most perfect method, but it's the better way than doing nothing.

With regards to your furniture, you can put it in the unit if you decide to rent it out and put a clause perhaps in your agreement that you'll come by once a month to check on things.

This post has been edited by raymondleong29: Dec 5 2024, 02:58 PM

so your parent helped you paid 20k downpayment.. hoping that you will be moving out yourself to start a new life, meet new partner, know new neighbour and friends. pls be considered, let them have their couple life again, you can visit them once a week.

and you decided to rent it out to stranger with the new fancy furniture you already brought (i believe is luxury double bed, comfortable sofa, wooden dining table or etc) because you feel the house abit old, and wanted to rent out to others that doesnt mind it look old and cacat, and willing to pay rental to you?

believe me, the tenant/agent will just critic your place is too old and cacat, in the end you wont get a good price and you will feel hurt.

your cost is already 1680+330 = RM2010.. how much you want to rent out to feel comfortable of all the scarified you made ?

my opinion, hard to save money is okay one after purchase new house, cut your others expenses... coffee, movie, phone replacement plan, travel plan, stop dine out, learn how to home cook, go NSK more dont go jaya grocer, drive less use public transport more, dont yamcha with your friends anymore, stop hanging out with your friends

last, welcome to the house owner group, you are not alone.

This is true. And honestly, if the landed house are linked together, people are still at the mercy of their neighbour. Especially when it's regarding water leaking issues from their roof/slabs. Owner maintain it but neighbour didn't do anything, water seeps in from neighbor side. Good luck getting the neighbour to repair it.

I was in the waterproofing industry. Been up plenty of roofs 😅

Thank you really much for the advice, I’m pretty sure I’m going with this route first.

In my line of work, I have to deal with a lot of people so I definitely understand where you’re coming from when you say the people who act the richest can be the worst tenant haha.


All in all I think it will be a good learning experience for this 😊

Actually it was me who wanted to get a property for my own, as I’ve always wanted my own space as I’ve been with my parents since young 😅


In my parents perspective, they would rather me stay with them for the foreseeable future and if I didn’t initiate it, they would probably be happy to have me around.

And ya I agree with you, I’ve actually cut out a lot of luxuries already. I don’t really go out much with friends and have been cooking meals to bring to the office.

As for my home the interior of the rooms and the living room is actually great, it’s only the toilets that are dated (they look like those 90s style toilets with the small square tiles). I’m happy enough if the rent can cover the installment, the maintenance fee I’ll just take it as a loss.

Appreciate your advice 🙏🏻

owning and stay at 2nd house now.

first house left for 4 months, and next Jan tenant will enter. cut short, much fussy to look for new tenant. they will ask for new paint, washing machine, extra bed, all room aircond.. fushhh..

owning 2nd house like owning 2-3 car.. confirm that for 2nd or 3rd car u will just left behind.. then this 2-3 car become burden for ur pocket. that include road tax, tyre, maintenance..

look into long future.. what ur coming plan .. if just stay with father mother now, no extend of room size need, easier on daily task (household, billing..) .. that much saying your 2nd house not needed.

rent it, let agent handle.. or last resort to sold it.

Yes I’ll be handling it with my agent on Sunday, I decided that it’s best for me to save up first so that I have more free reign to do what I want with my condo in the future.

Thank you for your advice 🙏🏻

Boss,
I just passing thru, so i thought i drop a word,:

Firstly, congratulations to you for being a property owner. Journey to property ownership is never easy. Congrats...!!!
Second, great choice because your unit potential rental amount can cover 100% of your monthly bank installment. That alone is another achievement. Most new development consider themselves lucky if can cover 80%.
Third, your unit can be considered as TOD development as i think there is a side gate in the development that leads directly to the USJ 21 LRT station. Not sure the gate operation hours.
Forth, renting it out first may be good for the initial 2 to 3 years and thereafter see how's the market of your newly minted neighbor Alora Residence performance and further down Hype to gauge your position and decide whether to continue renting (at higher rental) or disposal with some capital appreciation. Position your unit nicely....ya
And fifth, please take your parent out for a nice dinner (nothing fancy) when you have save a bit money as all the above would not be possible without their support.

All the best...ya

Thanks for your kind words and advice, and I will take my parents for a nice dinner.

Have a great Friday ahead