People who Bought Subsale Propety

[iyimipiru]

Idk if this is the right sub for this but it could be usefull for someone who is considering Subsale Property.

Can I get a rough estimate as to how much upfront payment you guys provided just to purchase the unit?

I went online to figure out the calculations but I'm not exactly sure if I have the numbers correct. My biggest fear is agreeing to purchase a property but ending up I don't have enough initial capital.

Example:
To purchase a 500k value property

1. Down-payment (10%): 50k
2. SPA and Legal Fee
   1% for first 150k, 0.7 for remaining 1mil: 3950
3. Stamp Duty
   1% for first 100k, 2% for subsequent 500k: 9k
4. Professional Legal Fee
   1k to 1.5k (for the sake of this example I'll assume it's 1.5k)
5. Loan Agreement Legal Fee
   0.5% of total loal amount: 2250
6. Valuation Fee
   0.3% of property value: 1.5k
7. Bank Processing Fee
   50 to 200 (for the sake of this example I'll assume it's 200)

Total Upfront Cash Needed: 68.4k

Am I getting the numbers correct or did I miss out on any further payments? Hoping someone can shed some light on this. Thanks!

 

[apa]

@iyimipiru Roughly 13%.

So your calculation is bang on.

 

[dirtysouthboy]

@iyimipiru Downpayment may be 10%, but there may be a valuation vs sale price difference that you may need to cover.

Example, sale price 500k, valuation 450k, loan is 90% of valuation = 405k. Remaining payable is 95k, downpayment 50k, so there's a difference of 45k that you need to pay after depending on the schedule/clauses.

 

[shannonhartwell24]

@iyimipiru Prepare 15% and you’ll be fine

 

[jonnyalliance]

@iyimipiru Basically you have it right. I purchased just 3 years ago, these is what you have to consider:

1. Downpayment
2. SPA Legal Fees
3. Loan Legal Fees
4. SPA Stamp Duty
5. Loan Stamp Duty
6. Valuation Fee
7. Misc Deposits you will have to pay - e.g. TNB, Air Selangor etc