Buy now or later?

Jellish — Fri, 06 Sep 2013 23:02:06 +0800

Hi all sifus, newbie here...

Recently was in a rush to get a property for own stay, due to sudden death of my father, thus decided to buy a unit in KL/Selangor to stay with my mum.

However I faced some constraints in choosing and buying a suitable property for myself which I can move in next year.

Criteria:
1. Location - Preferably PJ/KD as I'm working nearby there now. But it seems impossible to get a unit that suit my needs at my affordable price. However, I had also consider about Kepong and Setapak area but still can't really get a desirable location.

2. Price - as I'm getting the unit with housing loan under my own name and with my current income, I can get approximately RM450k, and max to 500k (500 is kinda hard I think). Thus the property price shud be around 500k in order to get a loan of 450k.

3. Safety/Security - As there will be only 2 women in the house, prefer to get a unit that had tight security; and neighbourhood without Negerian or foreign labour

4. Convenience - As my mum can't drive, preferably to near to public transport, bus or LRT/MRT...And nearby can buy household goods, got pasar to buy vege, got hawker to dapao if lazy to cook

However, after about 2 months of research, noted that with 500k, I can only afford a very small unit (prefer to get a unit around 1k sq ft, perhaps I can rent a room out to cover my instalments a lil bit), or with a very good location, easily accessible but security will be compromised as those areas commonly have lots of foreign labour. Or all criteria were fulfilled except for price, i can't afford.

Then recently with the news of depreciating RM and increase of petrol price, also budget 2014 gonna announced soon, I have no idea how all these gonna impact on the property market, especially the BLR, as will affect my monthly instalments.

If sifu gonna advise me to consider a unit from Pr1ma, here are my considerations:
1. How long it gonna take to launch and complete? My mum is now alone in hometown. Prefer to have a new house here ASAP
2. As I inherit the house in hometown now, I'm not sure whether I'm still eligible for the buying 1st house or not.
3. Security - sooner or later the owner will be selling or renting out their units and I dont know what will happen.

There are so many rumours now that property market will slump or boom further due to speculation, depreciating RM and increase of petrol price, seems like condo is over supply now or later, budget 2014 and BNM policy or BLR rate can affect the property market...

I'm really
The downpayment is my parent hard earn money and savings and shud actually keep for my mum.
If I'm buying a house and I will have no savings at all with my current income...

Sifus pls give some opinions and advices:

1. New launch or 2nd hand property? (I knw that I will need few years for it to complete for new launch, but if the new launch comes with DIBS, I can save up alot for now, and probably rent a small unit to stay with my mum temporary. But it seems that those new launches recently is about 800psf...why only launching high-end condos, i dont understand...in the end if there are people buying for flipping, can the owner really able to sell at such a high price? I dont know how the market forces work)

2. Now or later? This year or few years later? what might be happening? I know no1 can predict future, but if based on past trend what is the likely situation?

3. Where? As I may not be permanently working in the same company/area, I also consider other area that can easily access to other areas. I'm from outstation and had only stayed in Setapak and Bandar Utama thus far. Please advise of any other area that suit my needs.

4. any others points that I should know or aware of.

THANK YOU ssssooooooooooooo muchieee in advance for all opinions & advices...

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Buy now or later?