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Serious Talk buying a house...

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a6meister
post Nov 20 2007, 12:27 PM

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QUOTE(Edi8888 @ Nov 20 2007, 09:27 AM)
my locations is at penang,
currently im thinking to buy a house, so far i see a condo quite nice, but the house is small, 670sqf and 1 bed room only, the price is 150k, do u guy think it worth?
currenty i have 2 choice in my mind,
1st: 670 sqf with 1 bed room only, price is rm150k

2nd: 1030sqf with 4 bed room, price is rm200k

i know it is better to get the bigger house....but the extra rm50k will cost me tigh evermonth....sad.gif
i seek those people who already buy house can help me on some advice... base on your experince and maturity...
another one, im only 23 years old, so is it posible that i can have my loan for 40 years?
serious talk only
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so, that mean it is first property with 674 sqf is rm224 per sqf, which is quite expensive to me.
second property is rm 194 per sqf, which is cheaper theoritically compare with first type.

The question now is, how much mortgage loan u gonna get from the bank and duration ?

Lastly, u said the second house is 1040 sqf with 4 bedrooms, dont u think it is too small for the buildup concept for the room ? i believe two of the rooms can only place a single bed, but of course it still depends on the architectural design of the unit.

well, top to bottom, i believe too that both are leasehold in penang.

conclusion, i suggest u have a round talk with your family members since u are still pretty young.

Thanks

This post has been edited by a6meister: Nov 20 2007, 12:32 PM
a6meister
post Nov 20 2007, 04:35 PM

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QUOTE(Edi8888 @ Nov 20 2007, 02:45 PM)
nop...it is free hold........ i nv will consider leasehold...
also, 23 is not a young age, many of them already drive benz  smile.gif
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well, if freehold, that is a good bargain i assume.
23 many drive benz ? well, that time, i am just fresh graduated, perhaps younger generation is really financial wise...
a6meister
post Nov 22 2007, 12:27 PM

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QUOTE(b00n @ Nov 22 2007, 09:38 AM)
gosh...nowadays many rich kids already ahh.....
I'm still driving a car with installment RM700 and my mortgage repayment is Rm1400 and total commitment already eats up to RM2100.... sweat.gif
Gosh!....I'm nearing 30 and only manage to secure an own roof this year....wow!...I must be the type that is considered poor... whistling.gif

A word of advise; does one ever did their own calculation to see whether or not they can AFFORD?!.....or just force themselves to follow the trend?!...

I do see young kids with expensive cars and expensive houses....but I would dedicate 75% of that success to their families; i.e. their parents. Most would have parents to support them. At least I don't want to be group together with them.  hmm.gif

I seriously need to save for many years to come out with the down payment of RM40k and still not affect my lifestyle. If say 5 years to save 40k; it's RM666.66 per month untouchable. 4 years is RM833.33 per month.
So I can't think of one that just graduated and work for 2-3 years can really afford a house without the help from family.

Just give it a thought on what I mentioned.
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i guess you and i are considered poor in this era. i am a 31, and was still driving a second hand car which i bought 4 years ago and own 2 properties.

so, i think i will need to put more and more effort to buy a benz soon, which i guess i do not have the chance.

Yes, i agree is not easy to save up money for the downpayment especially nowadays which take into account higher inflation. Luckily, i worked abroad after my graduation, thus it gives me the chance to have a little estra cash for the properties downpayent and of coourse every month i need to pay about 3000 for those mortgages but i take it as a saving.

Regarding lease or freehold, yes indeed it make a huge different. it is not how many years u gonna live there, but it is the selling value at the end. an ordinary condo in kl with leasehold would come about 260k roughly, but a freehold would come to 380k.

we just share our view and some thin experiences here.
a6meister
post Nov 23 2007, 11:12 AM

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QUOTE(Pai @ Nov 23 2007, 01:42 AM)
this I disagree. One should always consider opportunity-cost prior committing to any form of long-term investment. Why worry about the 5% mortgage interest p/a when you could potentially buy Maybank or PBB shares for less than RM2 at the right opportunity & timing?

IMO, TS should go for flexi loans like Stancharts M1 or HSBC's Home loan to get maximum savings while having a pile of cash on stand by waiting for bigger and better investment pportunity. Borrowing a quote from Dreamer101 :

"Prepare for the worst, and pray for the best"
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This is a good theory, and everyone should learn. I am using standard chartered bank MI mortgage as well, besides have to 10 per month for mantainance acc. bu good for long run and also spare cash.
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