Is it ADvisable to buy an apartment??

[vincent]

I plan to get an apartment in KL city area with budget around 150-180k...loan 25years...

i know thats a small budget but i am only looking for perhaps a studio apartment with one bed room and i am not planing to start a family anytime soon...

is it advisable to buy? any recommendations? or just continue renting the room i got now which had costs me over 10k since september 2002...

BTW i came from east malaysia and my parents and relatives are all there...just think that KL is better for cari makan and enjoying the bachelor life i got now...

 

[BlackHD]

the amount is enough to buy an apartment of coz. it depends how high your requirement is.

but... 25 years???? don't u think that's a little too long? interest paid to bank can even get another house! suffer a bit make it 10 years better.


get one from setapak area, in case u want to go back east side also still can rent out to those students.

when u have a house (with room and space) i doubt u'll still remain bachelor ;p

 

[aircooled]

buying property is always a good idea. but i would say choose your location wisely. As suggested, Setapak is a good idea if you plan to rent it out, but staying there is not that ideal to me. The environemnt is more suitable for renting out. of course it also depends on the individual.

you can get quite good apartments with that price.

25 years is a bit too long, but for people who has just started working, i don't think they have much choice. I would say stick with 25 years, but try to pay it off quicker. you do save a lot.

 

[Raikkonen]

and don't forget, there's always this maintanence fee that a lot of people overlook.
furthermore it will increase from time to time.

 

[vincent]

how about in the city center? any property around my budget that you guys know of? i dont mind wheter it is new developement or second hand unit...

for the price can i get a two bedroom unit?

 

[aircooled]

city centre eh?
if location is important to you, i would recommend desa setapak near wangsa maju. it is a small double and 3 storey low cost terrace house. that would be very near to the city centre tahat i know of.

they are evry, very small though, i think 15 x 20 only. Selling price for 2 storey is about 140-150K. 3 storey is about 200K. all FREEHOLD

personally i don't like the houses there, but the location is superb for renting out to students. LRT station n shops are just 5 minutes walk away. rental for 2 storey , 2 bedroom is about rm500-rm600 and for 3 storey is about rm800 -900.

There is a condo next to it called alpha towers. they sell for about 220K and i think rental is even better, goes up to about RM1400 per house.

they are even building a few more condos around the area.


Raikonnen is correct about the mainatianece fee. That is 1 reason why i will never stay or buy a condo/apartment no matter how grand it is or how expensive. Anotehr reason is i cannot see my car in front of me. washing and working on my car can be problem too.


a better place to go for is Desa View Apartments. they are freehold and i persoanlly like tht place myself. price is around your budget too. rental is also good, again popular with students.

else, you may wana try bukit antarabangsa. apartments there are a little costly, but still can get aound your budget...but leasehold. rental is poor because of the inconvenience and also a little "far" to go to college.

there is 1 place tht u may wana try. Athenaeum Condo also in Bkt Antarabnagsa. My friend lives there. back in 1994/95, they sold for about 350K, about 1400 sq ft. they are going only for less than 200K now. FREEHOLD
why?

1. they are built at the edge. high risk. not many people staying there. most have sold and left.
2. difficult to get loan maybe. bank won release due to high risk.
3. not really good for investment. but still 180K is cheap for the place u get.

but i can tell you it is a lovely n beautiful place to stay. i also like it personally, but cannot afford a second house now.

good luck. take your own sweet time, dont rush.


i think for city centre, that's what u can roughly get. my friend just bought an apartment for 140K, but it is in kemuning Shaha Alam...quite far for me.

 

[aircooled]

renting already cost you more than 10K ...that is only for about 30 month period. works out to be roughly 300-400 monthly.

that alone makes seense to buy your own. yes, paying over 20-30 years maybe a lot of interest, but at least you are pyaing for your OWN property.....and by the end of the 20-30 years, the property would most like have increased in value (subject to location and a lot of other factors of course)..... now, u paid more than 10K, what do you get?

you have made a good decision.

 

[vincent]

hey man aircooled and friends you guys are really helpful...appreciate for all the great great info there...

it takes time for me to absorbed though...i will go and check out the market and do some research myself but thanks for giving me a headstart...

any more inputs are greatly welcome and you bet i take serious concern in any of fellow members' suggestions

 

[vincent]

and about the maintenance fee...how much does it costs me?
what is the purpose of it? security? cleaning?

what kind of facilities can i expect to get with the price point i quoted above? do i get gym and stuff?

 

[aircooled]

that is something u need to look into and put inside your budget.

This is also one of the reasons why i hate condos no matter how posh or expensive they are. The maintainence fees are not cheap and it makes me feel like renting....which ontop of that i still need to pay my installments, cukai tanah etc etc etc.

the facilities depends on the management etc etc etc and of course it also determines how much you pay for your fees.

Do take this seriously......as sometimes the following may happen

1. for the first few years, service may be good, but what if something happens along the road? nobody can guarantee that.

having said that, condos are selling like hot cakes nowadays.

 

[headache]

Assuming both are about the same price....

Cheap apartment/condo vs new car?
My choice: apartment/condo. It won't depreciate.

Terrace house vs apartment/condo?
My choice: terrace house. It's a landed property. God forbid, but if the apartment/condo collapse, you'll be given a bottle of air as ownership.

Bottomline: It's LOCATION, LOCATION and LOCATION.

Good luck and happy abode hunting!!!

 

[BlackSamurai]

beside maintenance, dun forget about sinky fund....

for the loan, re-finance every 5 years :) shall help you a lot.