dennis1209
New member
@griffithjose All the best, but you're probably better off settling for something cheaper so you have more cash to spend.
750k condo for first home + ownstay, 0% down payment, partially furnished. Bad idea or not, for sub-7k salaryman?
- Thread starter griffithjose
- Start date
timothydavis17
New member
@griffithjose Hi OP, I’m in exactly your situation now. Lots of my F&F said have similar advice what given in this thread (buy a house, don’t pay for someone else, etc). But OP, I also had really good friends who also pointed how much interest I will be paying in total, hidden costs and that it’s really not worth it to buy right now. There are people who rent their entire life even when they are earning more than enough to get a big house. You might say that you’re not interest in things now but in future things will change.
Don’t fall for the “oh but you will have your own property”. If you really want a peace of mind, rent in the surrounding area for a year first. See how you feel of the place. Ain’t nothing wrong in buying a second hand house as well. The market is plenty.
Remember, if you’re buying a house, you’re gonna stay a long time so even minor annoyance can become major (noisy neighbours, changing landscape, increase in traffic overtime, etc).
Another thing to look at is resell value. Yes you will say I’m gonna live a very long time but situation can change. However, for 750k condo, I’m pretty sure the place is well established, usually resell value atleast will stay same if not increase higher.
Don’t fall for the “oh but you will have your own property”. If you really want a peace of mind, rent in the surrounding area for a year first. See how you feel of the place. Ain’t nothing wrong in buying a second hand house as well. The market is plenty.
Remember, if you’re buying a house, you’re gonna stay a long time so even minor annoyance can become major (noisy neighbours, changing landscape, increase in traffic overtime, etc).
Another thing to look at is resell value. Yes you will say I’m gonna live a very long time but situation can change. However, for 750k condo, I’m pretty sure the place is well established, usually resell value atleast will stay same if not increase higher.
jake0382938
New member
@griffithjose first off ,750k is way off your budget with your pay currently, 500k would be more realistic if you want to maintain a sane lifestyle and not work to just pay bills. and you also wan less than 35 years fof mortgage it means u hve to fork out more monthly to pay for it.
To be really sure if you wan to proceed, you are looking at 4k just for house things which includes mortgage, bills, fee and slightly bit extra in case of emergencies. that leaves u 1.4k for the month on how you live your life usually. is that enough? if it's not, then i think you have an answer.
To be really sure if you wan to proceed, you are looking at 4k just for house things which includes mortgage, bills, fee and slightly bit extra in case of emergencies. that leaves u 1.4k for the month on how you live your life usually. is that enough? if it's not, then i think you have an answer.
@griffithjose No sir if own stay try landed but a bit far away you can get better deal than that btw that is a bit too expensive for you. 
Unless next to klcc other than that it may be a bad move
Unless next to klcc other than that it may be a bad move@griffithjose I think it’s too much. You’ll be stuck financially and when you spot an actual good deal in the near future you won’t be able to take advantage of it.
Opportunity cost is a thing too, when people overleverage they lose every opportunity that comes their way.
Opportunity cost is a thing too, when people overleverage they lose every opportunity that comes their way.
humblepie777
New member
@griffithjose Without reading too much of what you are asking, I would personally buy the property and rent out rooms on Airbnb/ or get room mates to cover atleast half the mortgage monthly payments OR even the whole amount.
hikaridemand
New member
@griffithjose Since u have no intention of starting a family.. Wouldn't it be better to just rent till the end and save up whatever u would save from paying monthly installment
@griffithjose Simple rule of thumb: total housing cost pa. should be 25% or less than your net active income pa.
Reason: Less stress, less house-rich but life-poor, more cash flow to invest consistently & have emergency buffer, home = expense not $ generating asset.
Side note - mine was 20% and less XD
Reason: Less stress, less house-rich but life-poor, more cash flow to invest consistently & have emergency buffer, home = expense not $ generating asset.
Side note - mine was 20% and less XD
@griffithjose a 750k property has to be 3-bedroom right?
Have you considered renting the rooms out to reduce the cost?
Say RM900 for each room, while you occupy the master bedroom and absorb the maintenance fee, taxes, etc.
Not the best way to do this, but its one way to achieve your dream if you really want to make this work.
Have you considered renting the rooms out to reduce the cost?
Say RM900 for each room, while you occupy the master bedroom and absorb the maintenance fee, taxes, etc.
Not the best way to do this, but its one way to achieve your dream if you really want to make this work.
@griffithjose anything above 28-30% of your take home is no go- that is all. please consider your future because its a commitment for at least half your life (35 years)