@griffithjose Mind listing your current expenditure and how much are you currently paying for rent?
750k condo for first home + ownstay, 0% down payment, partially furnished. Bad idea or not, for sub-7k salaryman?
- Thread starter griffithjose
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griffithjose
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@philipito Current rent 1.8k, personal expenditures 2k at most
@griffithjose I know this is inconvenient, but have you considered moving out if you feel the rent you are paying is too high? Also, have you considered a cheaper house?
As for a new house, are you willing to reduce some of your current expenses as a sacrifice of having a new home? To put it in context, you will be paying ~1.5k more in form of mortgage and maintenance fee. Are you ready for such increase of living expenses?
Considering that you also have some 2nd income, you can also consider the house it makes your quality of life much better. It's all about prioritizing what you want in life. Chances are you need to make some adjustments if you decide to go for it, but if you want a place to call home then it might be worth it.
As for a new house, are you willing to reduce some of your current expenses as a sacrifice of having a new home? To put it in context, you will be paying ~1.5k more in form of mortgage and maintenance fee. Are you ready for such increase of living expenses?
Considering that you also have some 2nd income, you can also consider the house it makes your quality of life much better. It's all about prioritizing what you want in life. Chances are you need to make some adjustments if you decide to go for it, but if you want a place to call home then it might be worth it.
griffithjose
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@philipito The problem with me is that I usually tunnel vision towards what I want unless I have enough reason to tell myself that it is unsustainable/impossible. There are many other condos to consider but it’s rare to find the typology/design that I like, so I’d probably not want to have it as my home. But for the moment I guess I will just bite the bullet and move to a cheaper unit in the same block if/when the rent gets increased again. Just uncomfortable that I’m helping someone else pay their mortgage.
@griffithjose for me , RM750k are too much .
griffithjose
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buryacorns
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@griffithjose Not wrong whatsoever in getting ur own home. The problem here is the price. Buy within your means and ensure adequate cash flow is the best advise I could give. I’m not saying you shouldn’t buy, just buy what you can afford comfortably.
See at least 20-30 properties before you even decide.
See at least 20-30 properties before you even decide.
griffithjose
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@buryacorns All right, thanks for the reminder. I’ll keep my mind open to house shopping until I find a decent deal
@griffithjose Bad
griffithjose
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justtrynaunderstandy%E2%80%99all
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@griffithjose If the condo is still under construction, you need to pay both progressive interest and rental. Full installment when your house under defect fix and renovation period, which could be extensive.
Also not sure do you have the furniture and electrical items for your own house. Not to mention renovation fee.
I think if your freelance income could stabilise then it would give you much more confidence in the purchase since it will pay off 5 months worth of installment.
Also not sure do you have the furniture and electrical items for your own house. Not to mention renovation fee.
I think if your freelance income could stabilise then it would give you much more confidence in the purchase since it will pay off 5 months worth of installment.
griffithjose
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@justtrynaunderstandy%E2%80%99all It’s already built. Developer just released their showroom units. I think I have just enough to settle the renovation costs (I wouldn’t need much), but like another commenter said, I will eventually end up living like a beggar if I went through with it. For sure, I’ll have to try and push my freelancing. (But those damn taxes)
justtrynaunderstandy%E2%80%99all
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@griffithjose I think you get a lot of info here on those hidden fees and level of commitment on getting a property, moreover one that exceed 700k. Probably can think and adjust strategy, in the mean time put your savings into work.
Taxes is inevitable
Cheers and all the best!
Taxes is inevitable
Cheers and all the best!ashish_nanda
New member
@griffithjose Some great advice here so I won’t repeat. Just wanted to also point out something you mentioned on OPR changes affecting your rent. Loan repayments are typically based on OPR so you’ll also feel the squeeze if/when BNM raises OPR in the future. At 0% down payment, those increases in interest rate could increase your repayments by a fair bit. Something to bear in mind.
Good luck OP!
Good luck OP!
griffithjose
New member
@ashish_nanda Yeah, I get that, but my initial thoughts were “at least I’m still paying for my own place”. (Most likely until I actually GG from this world) Was just REALLY triggered that my landlord didn’t inform me of the increase until the very last 2 weeks before they actually sent the renewal letter. If 2 months earlier at least I will have time to think or find a different place, but I guess that was their strategy in the first place. Bastards.
Edit: And all the best to you too!
Edit: And all the best to you too!
ashish_nanda
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@griffithjose Haha yeah sounds like a real scummy landlord!
anonymous18
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@griffithjose 750k, borrow 90%, installment 2.9k
750k, borrow 80%, installment 2.5k
(assumed 3.8% interest @ 35 years)
Maintenance 500/mth so I assume its about 1000sqft?
Still need to factor in reno/electrical/furnishing after moving in. Still haven't account for car loan, living expenses etc.
750k, borrow 80%, installment 2.5k
(assumed 3.8% interest @ 35 years)
Maintenance 500/mth so I assume its about 1000sqft?
Still need to factor in reno/electrical/furnishing after moving in. Still haven't account for car loan, living expenses etc.
ravennightsong
New member
@griffithjose 750k unit, still need to pay 500 in maintenance. Not a good deal
Normally > 600k will net you a double storey landed and 150 security fees per month. Rest of the money you can subscribe better gym/car loan.
If you're single, there are a lot more options for rental. No rush to buy property. First purchase benefit will become better in the future as B40 is at the tipping point of poverty again. Property will also become heavily subsidised+abundant when government kept giving free money to rakyat.
HOWEVER if you're married/engaged, buy whatever that's a good deal now. Psychological factor is the main driver.
Avoid 0% downpayment as your future neighborhood will suck, imagine those fellas not paying maintenance/security. You're as good as fked.
Normally > 600k will net you a double storey landed and 150 security fees per month. Rest of the money you can subscribe better gym/car loan.
If you're single, there are a lot more options for rental. No rush to buy property. First purchase benefit will become better in the future as B40 is at the tipping point of poverty again. Property will also become heavily subsidised+abundant when government kept giving free money to rakyat.
HOWEVER if you're married/engaged, buy whatever that's a good deal now. Psychological factor is the main driver.
Avoid 0% downpayment as your future neighborhood will suck, imagine those fellas not paying maintenance/security. You're as good as fked.
dennis1209
New member
@griffithjose How many places have you checked out prior to deciding on this one? Is your interest in the place mostly location? Or the view? Or the size?
griffithjose
New member
@dennis1209 Prior to moving here I went to see a few condos to rent and ended up deciding on this place because the MRT is just walking distance and there’s a grocer downstairs so I don’t have to leave the area to get daily necessities. Basically it’s a low-ish density mixed development. There are cheaper units than the one I want, but the layouts are bleh compared to that corner unit. But at least I know it’s really out of my league at the moment. I’ll try again in a couple of years. Hopefully my salary can catch up with the damn price.