I have been living in walk up flat almost my whole life.
In recent months, my father fall on his head and had a minor surgery. His memory is very much weaken and is too weak to walk. My mother is very old as well, although still considered strong at her age, she needs more time to climb the staires. Thus, I wish to buy a lift apartment to live with them. My salary is around 3400 basic before deductions, my monthly after deductions total is around 3600 to 3800 plus 750 rental income.

My family is living in a walk up flat in Sri Endah worth around 160k to 200k, and I have another one in Sri Kembangan worth around 200k above. I plan to sell that one, and get a loan to buy a 3 rooms lift apartment in KL with good convenience such as market, shops just on the ground floor, less than 1 hour drive to government hospital, train station. After we move in, we would be renting out the one we are living in then.

Another option is to sell both houses, get a dual key, and rent out the studio unit. But doing so, might need to rent outside during the transaction period.

I have a few questions, should I engage an agent to help me do all these transactions and loan application or DIY? What will be the price difference? I can't afford to gamble on this, so I am more toward completed unit. Is this way more expensive? Is it near impossible for my income?

imo if you dont mind dealing with renters, rent out the unit you living in and use the rental income of both house to go rent a lift apartment/condo/landed. since both is fully paid, you can fall back on those later.

i estimate rental income from house A = 750 plus house B = 750, you can rent a sri petaling condo for the price ald
when you rent, you have the convenience of moving away if the house does not suit you or when your parents are not here

bear in mind, when you buy a prop, old or new there are legal costs, taxes etc involved

added pic



This post has been edited by hightechgadgets8: Dec 7 2024, 11:53 AM

Old folks, moving as minimum as possible is a priority for me. Plus, after paying off loan, I intend to use the rental for my parents. Owning 2 houses for rental income to pay for an own stay rental seems, pointless for my current condition.

Get a 300k rumahwip after selling your house.

Edit

Rumah madani is 200k by mahsing, you can choose that one too

This post has been edited by Jazted: Dec 7 2024, 12:08 PM

Rumah wip requirement is not have any property.

My old house at setapak, setapak now many highrise also very close to HKL if the government hospital you saying close to KL compare to my current house, but setapak really not for human live , the amount of traffic and population too packed in setapak/wangsa maju/etc that why long time ago move out from this palce, if you okay can try have a look look and survey also many highway to exit also very jam even you paying toll on peak hours, I'm not those who keep buying house for investment so not sure what best for you just maybe you can have a look , good luck.

even after you sell the house you currently own?

No, I think it is not ethical to do so by selling current houses just to buy one that is meant for those who really need it.
Anyway, I wish to buy a unit that is convenient for my parents, not just affordable.

Agent POV ya:

Engage agent that specializes in the area and sell both off. One now and another later once you have moved into the new one. You can always DIY but it's always a trade off between time and money. They should advise you based on the data of the recent transaction of the particular apartment.

Going for completed unit isn't a bad thing. You get what you see. Whether got water leakage or not all easy to identify if it's completed development. Can go and tour around the area as well. The reason why you buy.

Personally, at your current salary, I would sell off both, move my parents to a rental unit (it's a renter market, plenty of choices for you) for 2-3 years, and get a new project development that I can pay progressively. Then only shift all once done . You'll have enough monetary cushion for this just don't turn into an idiot and leave your parents alone after selling the units🥲

Or rent a unit outside and take your time checking out the completed developments and selling off the two current ones.

But that's my take based on what I have read ya. As the immediate thing is the wellbeing of your parents.

This post has been edited by raymondleong29: Dec 7 2024, 04:33 PM

https://www.propertyguru.com.my/property-li...ny-tan-41590502

Too good to be true?
Freehold, mid alley, dual key.

Fake ads baiting for leads.

Btw I’ll suggest you to rent a rumawip first, 1.3k you can get a 3R2B rumawip in KL area, partially furnished if you lucky.

Then slowly sell off your unit while planning for your next ownstay property. I don’t think you can afford to wait until you have sold off your property+hunt for the next one.

Urgent hunting would mean selling at a loss, or buying at a higher price.

Hi ts. Where do you work.. And what supermarkets are you looking at? NSK or aeon or..

I work in oval TTDI, but I don't think I'll live near there. I can take train to work.
NSK in Jalan Kuchai Lama is my mom's favorite.

I have thought of selling the rental unit first, use the money as deposit to buy a new one. Move in, then sell off the remaining one to help settle the loan.

Doesnt work that way I belief. Its must be a first home purchase in KL.

From economy pov, this is the right move. If your property is above 200k and you're only getting 750 a mth, that's an ROI of 4.5% (at 200k, lesser when it's more than that) before other costs which says capital not used well.

Property only one is enough. That is also the right decision. The above example has showed you how it's much better to put in epf with a higher return.. Anyway... Topic for another day.

So our question will be.
1. Which area..
2. Possible condos.

Try to find lelong unit as well, you've the upper hand here. Some 30%-50% discount from developer selling price.

.

This post has been edited by gashout: Dec 8 2024, 08:06 AM

And how long would that take?

Can your aged parents afford to wait?

I agree with epf. However, the capital appreciation is a plus point on owning a property compared to epf. I tjink I would be at a worst situation if I dont have these 2 houses. After this, I think I'll just put everything in epf if I can get a dual key to rent out the studio half.

They didn't ask to move. This is my initial thought. I assume half a year is reasonable.

property and capital appreciation is contestable these days, see lelong units already can know how the capital isn't appreciating but depreciating.

anyway, just wanna say you are a good son, and God bless you for looking after your parents.

im interested to see what condo would people recommend - i still think plenty of condo available that is walking distance to mrt (that is covered), so your parents' safety is looked after as well.

Well if they still can climb the stairs then it’s fine.

But half a year to sell and buy another unit is not realistic.

You’ll need at least a year to sell your property, unless it’s a fire sale and you can attract buyer quick enough. And you’ll need time to hunt for the next property as well. Undercon is completely out of the question and you can only go for subsale or leftovers from newly vped project.

So in total you are looking for at least 1-2 years of waiting time before your parents can move in.

Can they wait tho? What happens if halfway they suddenly can’t climb the stairs? It will be problematic to move them out last minute.

Just my 2 cents.

Yes, I think I won't be getting the same appreciation these days compared to back then. My father bought the first one with just over 70k back then. The second one was just over 100k. I think there will still be appreciation, but not as favorable to consumer.

I'm not really in a hurry to buy at this point.

Try find medium cost apartment. Condo not reli affordable these days.

400k loan repayment 1700 per month.

I'm not getting 400k loan.

medium 250k++ can find already

yes, deduct the money from house - probably only 50-100k, that also eof can pay off, so you don't need to fork out any money.

i got a buyer so keen for house viewing the moment i landed in malaysia when i was back from overseas, and the next day said ok to buy the house. even that also took 6 months to get all processes done.

so if want to include advertising, looking for buyer, yes, need at least 1 year.

100% second this. The wisest thing to do is rent first and make sure you like the place.

We’ll need to look at this wholistically.

The entry price of the investment could have been lower- hence apart from rental income there is appreciation of the asset value.

At the current market value of the property the Return on value doesn’t seem to be very attractive - 4.5% kr maybe even 4% after expenses. ( which honestly isn’t too bad) nevertheless I assume the value has increased over the years.

I have somewhat a similar walk up flat in w/maju: entry price was rm 90k in the 2004. Rental started off at RM 530 ( 30 for maintenance) and stands at RM 980 now. I can easily dispose of the property for rm 180k. My returns on value has reduced based on %vs value but not t has always hoovered around the 6% range. I spent about rm 12.5once in 2014 to completely revamp the bathroom/tollet, kitchen and flooring.

So if one does the right purchase - property can be very rewarding

And I don’t believe - Lelong property must be cheaper than developer price - it must be cheaper from the current market value of the property on that area.

This post has been edited by Thasmita: Dec 8 2024, 10:12 PM

You're right on that. Totally missed out on the purchase price. Thanks for correcting me. 😀

I property protery guru got 3 room condos around 250k. 5mims drive to supermarket convenient stores m restaurants just outside of the condo. MRT LRT 10mims or 7-15rm grab depending on traffic

looking through all your replies, here is my observation

1) you and ur parent stay at sri petaling for long long time already, to ensure the life not much changing, suggest you to stay near by neighborhoods - sri petaling, kuchai lama, oldklangroad and etc.

2) downstair got shop & Market is real cool living experience, but somehow i feel the premium is too high, try to check out
- Seventeen Mall condo PJ section 17, down stair got grocery, wet market, opposite got chinese kopitiam
- pinnacle sri petaling, same concept
- kuchai sentral , same concept

the sales price & rental is on the high tier, tbh i also like those so so much, but i not willing to pay those premium, i call it luxury lifestyle.

3) i know everyone want to give their family the best, but sometime the effort is too much, life is short, let not over stress our finance and let make our life more easy. nobody will blame you as you already doing your best.

4) why not try rent a ground floor or 1st floor Sri Endah unit? could be abit premium like RM400-500++, but life stay almost the same, neighbour also still same, can be easily post to your community group to ask.

you are really a very good children, your parent will proud to have you in their life.

Thanks for the suggestion. For those looking to buy a ground floor unit in low cost flat. Don't do it. As there is limited parking for motorbike, most people will just park right next to your front door. They don't care about noise or exhaust getting into your home. There is even some people use ground floor unit as gas tong storage space to sell to those road side warung. If got fire really don't know go where to look for justice.
These are just some of the reasons I wish to move my parents to a better living environment.

Handling tenants is troublesome. I would sell for peace of minds

Mine are very easy. Widow, rental paid by some religious organization.

Use to be like that now every citizen can get 1 wip regardless of having a property or not

Now when I want to sell my old house... Lots of competition, low demand, economy no good people can't afford. Cannot sell so high price...
When I want to buy a new house... All sold out, left few units only, early bird until end of this month only. Price cannot be cheaper anymore..
Haih.

Wow ur a beacon of hope in the current world we live in

Ok firstly what U can do is increase the rental to market rate and add in some furniture to maximize Ur rental. Then ensure to have a tenancy agreement then the bank will consider 80 pct of the rental as additional income. So loan I don't think would be an issue

Secondly, we are now only about a year in recovery. Probably another year more and then the top of the economic cycle for another 2 to 3 years estimate will be there. If Ur selling now, potentially Ur giving up some decent profits coming up. Go back and check out how property prices increased after the last recession in 2008. Remember circa 2011 to 2014 which was after the recovery in 2009 and 2010 (2 years also)

If U want to explore a little bit outside can try Bukit Oug Condo which is an old building but U can get a 3 bedroom 1222 sq ft which is decent space for about 320k right in front of the LRT station

There are other options too

Thanks, if I can't sell at 210k or above, will consider hold for a couple of more years. I am currently aiming at the old Sri Endah condo. Heard got a few dual key units at around 300k above. OUG area is good also.

if u ask me

with 4K+ income living in KL

best if u can be debt free at earliest point in your life as possible - by selling both houses u can get a decent condo in KL

you only have to deal with the assessment and maintenance fees only

That's the idea. Sell 1 first for deposit, buy a dual key, sell the other to pay the rest, rent out the studio.

lol how can it be lots of competition and low demand yet when you want to buy all sold out?

Clearly you have not visited enough properties.

It sounds like your current flat can be rented out easily? Rental paid by religious organization? If rent is secure but so hard to sell why bother?

If both flats can give 750 each, that’s 1500 already. With a dual key and renting the studio out for 1000. You’re already covered, so why bother selling the flats? Makes no sense to me.

IMO for own stay, subsale always better because you would be able to see who are your neighbors, feel the vibe of the place, and experience the actual living conditions. These are especially important for families.

Edit: and these days where got ppl buy property pay deposit one. New ones all 0 money down. Subsale.. Walao need to teach? Ask the agent la they will tell you. Just tell them don’t want pay deposit want full loan.

This post has been edited by Jason: Dec 30 2024, 03:14 AM

At my age, very unlikely can get 100% loan.

Then I would suggest looking for apartments with lift but minimum facilities. I doubt your parents want to go gym or swim.

These apartments can be had <400k and because facilities is minimum the maintenance fees will be low. Just FYI most condos maintenance fees had only went up after the pandemic due to increase in manpower costs. Around 15 to 20 years old — desapark is almost 20 years old now.. just in case you feel it’s “old”. The benefit of old condos? You can see how well it’s maintained, and can see the sinking fund and cash flow of the MO, which gives you an idea of the maintenance fees down the line.

I would not look at new condos at all if I were you because it seems that you need to make sure the house is suitable for own stay, so stuff like your neighbors matter to you.

Buy is easy, living with it can be a pain.