I have done some research and plan to buy my first house.

I viewed a house in Puchong Wawasan (next to Setia Walk Project), cost 280K.
I only have 10k saving + 10K EFP fund allowed
My salary is 5k.
I am think of getting a personal loan for HL: 15K
No other debt except 3K credit card currently with good payment.

My questions are:
1. Is the house worth the current market price, roughly? (different agents tell different stories)
2. Am I too naive to buy such an expensive first house on my own? Should I buy it?
3. Any suggestion whether I can get loan with 95%, so I don't have to take up personal loan? Which bank? feel free to contact me.
4. Will the extra fee(stamp duty, legal fee, bank charges... ect) cost a lot? I estimated 7K
4. How long should I consider to take up for the repayment? and how much per month?

Chia,

I am a prop negotiator and may be able to give you some information.

Your questions:

1. Is the house worth the current market price, roughly?
I cant give you an accurate answer without knowing the location, size and type of property.

2. Am I too naive to buy such an expensive first house on my own? Should I buy it?
A house is an investment, it rarely goes down in value so buy the maximum you can afford. I know its hard as this is your first house but it will be worth it in the long run.

3. Any suggestion whether I can get loan with 95%, so I don't have to take up personal loan? Which bank? feel free to contact me.
Do NOT take personal loan to buy a house, the interest rate is too high, the better alternative is to get all your financing via a housing loan. I have some contacts with some bankers, feel free to contact me for more information on this. Whether they can give 95% depend on your credit rating and your property value etc. You can always shop around.

4. Will the extra fee(stamp duty, legal fee, bank charges... ect) cost a lot? I estimated 7K
You need an estimated 15% of the purchase price to buy a house eg you need 15K if you want to buy a 100K property. 10K for the 10% deposit and another 5% for all the legal stuff. This will be lower if you have a 95% or 100% loan.


4. How long should I consider to take up for the repayment? and how much per month?
Take the longest repayment that you can, choose flexi type of housing loan where you can pay more if you have money and can take out the excess. You will have more flexibility this way.

Call me if you need any further help. Cheers!

I agreed with Eric Goh.

But I have some points to add it up.

1. Is the house worth the current market price, roughly? (different agents tell different stories)
-Landed property gains an intrinsic value by itself. It sustains itself overtime and it appreciates over time. Imo, I think it is fairly priced, and will go up further due to land scarcity. You should do your homework by checking a valuation with the bank on the property there. Get a mortgage broker to get you free valuation.

2. Am I too naive to buy such an expensive first house on my own? Should I buy it?
-You are never naive when you buy a property (Asset). People who don't buy the first house, but instead buying luxury cars (Liability) first is more naive than you ever think of. Besides, you are buying for own stay, expensive is sort of a premium if you like that place. Except if you buying for investment, "expensive" is really an issue.

3. Any suggestion whether I can get loan with 95%, so I don't have to take up personal loan? Which bank? feel free to contact me.
-Joint income with your spouse. Personal loan is not recommended.

4. Will the extra fee(stamp duty, legal fee, bank charges... ect) cost a lot? I estimated 7K
-In another way, you use the Seller's lawyer. Each letters/offers addressed to you should consult with a lawyer. A consultation fee probably costs you only RM100-150 (Depends). But you can not avoid the stamp duty cost for MOT (transfer of title).

4. How long should I consider to take up for the repayment? and how much per month?
-Take a repayment period that is most comfortable to you. Most people drag it long, as it offers you more flexibility. Pay more when you can afford. Remember: Real Estate is about Leveraging.

Wow! Very helpful and informative. I am new to here in Malaysia and currently I am just renting a small apartment but plan to invest or buy a better one. Good thing I found this. I really don't know where to start.

Thank for all your suggestions.

I am looking for a mortgage broker.
My email is sun_flying33@yahoo.com

Thanks.

Hi Chia,

I agreed with The Property Investor that buying a property for own stay, expensive is sort of a premium if you like that place.

Hi,

I read the previous threads and likewise, I am also a 1st time home buyer. Looking at a property at Armanee Condo. Gorgeous place. But I do have some concerns as i am gettin many views. Hoping all you experts in this forum can help me out?

1. Is this REALLY a value buy? I am gettin a unit there at RM300K.

2. What is the estimate amount / period of time I should wait before selling it off if for investment?

3. I do see some other auction units on the same condo at wayy lower prices. Should I take the risk and wait for a good deal or just take this one?

4. This unit I am particularly getting is on the 1st floor, corner unit. Is this a "safe" unit?

Appreciate any feedback at all. Thank you..

Hi Jamaica,

I noted your questions and here are my thoughts:

1. Define value. Getting a property involves several considerations. Location, accessibility, size, price per square feet, facilities, neighbourhood, so on so forth. In my opinion, a value buy isn't necessarily defined by cost alone. With RM300k, you can get a small but decent property closer a well-developed area.

2. I am quite skeptical about the location you have selected. It isn't attractive as an investment location where homes are concerned.

3. Auction units are cheaper, no doubt, but they come with complications. The unit you buy could be occupied. You could get other problems. I suggest getting legal representation to advise you on this, if you do plan to take this route.

4. It is as safe as your situation permits. I know of condo residents who live on higher floors and they leave their front doors open. I have heard of thieves who climb several floors upwards just to steal from apartments. It really depends on how good the security is. If you can easily waltz into the Armanee Condo, that should speak for itself. If you don't see them patrolling after a wait of 2 hours or so, that also speaks for itself.