Hello,

I'm going to buy a condo, and I'm a total idiot in this area. Are there any buying guides for idiots like me? Any websites? Articles? Etc?

Let me know, thanks!

Try iproperty.com.my , its a local Property Website - U can search for your desired property using it , u can shorlist it by selections such as : New or Used Property , Price Range , Type or Property ( Condo , Apartment , Terrace house , Shop , etc... ) Locations , & also Keyworks ( as in Taman / Bandar ) ....

This post has been edited by dannyl77: Feb 16 2009, 11:06 AM

which area and what type of condo? can elaborate more on the on-site and nearby facilities/ammenities ?

Well, thanks for the info.

I know where to find the condos, etc, but to decide on one, what kinda factors should I really look into? What bout the financing? Which bank has the best loan, etc... That kinda information

you can get the loan packages here.

very updated with malaysia banks' loans and gives you all the information needed on your financing. somewhat down for the past 2 days though.

iproperty is still a good website for you to survey the aspects you should be looking into. comparing the price, whether it's around the market value, under- or over-.

as for other factors, it depends on your buying purpose, whether it's for own-stay or investment. there are some minor difference in factors to consider.

It's for own-stay... My first one, to be lived in after the wedding...

@TuX,
Check if it's on commercial land or residential land. If it's called a Serviced Apartment it usually means it's on commercial land and thus your utility bills will be v much higher cause you'll be paying commercial rates.

The other think U want to take note of is the monthly maintenance fees + sinking fund.

What bout the following terms?

BLR?
OC?

What is the range for the following normally?

Lawyer fees?
Interest rate?
Loan years?

(like I said, I'm a noob)

BLR- base lending rate. it's the interest rate the bank charges on your loan amount. most banks have reduced their BLR to 5.95% by 3rd feb, but currently the banks in malaysia have BLRs from 5.75%-6.00%, don't expect all banks to have the same BLR.

OC - occupation certificate, which is issued when a new property is ready for occupancy. you'll come across some developers who put 'CF obtained' (certificate of fitness) instead of OC, which holds the same meaning.

lawyer fees - it's very hard to give a range of legal fees as different values of the property gives different range of fees. usually the lawyer will help you prepare the SPA (sales & purchase agreement), stamping, memorandum of transfer, and some other miscellaneous charges (usually helping you to do bankruptcy searches, photostating documents, etc). there's a wide range. for example, for a 200k property the legal fees may range from 3k-5k, it depends on how your lawyer charges you.

interest rate - as mentioned above, the standard interest rate from banks ranges from 5.75%-6.00%. but many banks are offering loan packages with BLR-X.XX%, which will indicate the actual interest rate after the deduction. do take note that BLR may change from time to time. but i'd say some banks are offering very good packages with the average interest around 4% +-. that you'll have to do some homework in searching for good loans.

loan years - usually the maximum will be 30 years tenure or with financing age limit up to 65 years-old, although there are some exceptions in certain loan packages. you can choose yourself the tenure duration, it's not a must to get a 30-years tenure, you can even have a 10 year tenure if you have the capabilities to pay off the monthly installment that comes with the loan package. in which your installment shouldn't exceed 1/3 (33.3%) of your income monthly (some loans allow 40% ratio).



This post has been edited by livingmonolith: Feb 16 2009, 06:09 PM

I suggest you read "How to Become a Property Millionaire" by Azizi Ali. Or books by Renesial Leong or Milan Doshi (Google for more info). They are not just for property investors. I read them all before I bought my first property.

Thanks for the lengthy but VERY INFORMATIVE reply! It really helps... I guess my next step is to do some research on which loan is the best for me.

Here are more questions:

1. I've always thought that 10% is the fixed down payment, but now, I'm hearing that it varies. Which is true? I'm eyeing on a used condo, so does that apply?

2. What do you think of a used condo? It's 10yrs old now, and it has a lease hold of 99yrs. Any concerns if I don't plan to live there more than 10yrs?

3. What are the factors that one will look for when it comes to a used condo? For me, in no particular order, it's the maintenance of the condo, cleanliness of the unit, furniture, facilities, density, traffic jam, location (to work, common places), etc. What about you?

4. What is the average price for a 900sq unit in Penang? I know, it varies lots, but I just wanna see the range. I didn't do much research on this. Kinda fell in love with the first unit I saw :$

5. I would appreciate any other important information... Thanks!

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Added on February 16, 2009, 9:33 pm6. What is ZEC (Zero Entry Cost)?

7. What is EPA?

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Added on February 16, 2009, 9:34 pm8. What is MRTA?

This post has been edited by TuX: Feb 16 2009, 09:34 PM

http://www.money3.com.my

that site should answer most of your home loan qs, i found it very useful when buying my first property, especially the loan finder function

don't forget about the "Strata title" concept... i'm not an expert... but you can read all about it here:

http://forum.lowyat.net/topic/409235

the reason why this also concerns you is because... at first the developer will run the maintenance/security etc until you receive strata title (oh this also incurs additional legal fees, watch out)... then by that time, your condo residents hopefully already elects a responsible committee to decide the new management for the condo... that's when lots of problems start, with selfish people who default on maintenance causing funds to deplete...