Buying condo and wait 15 years?

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An Ipoh friend working in Singapore told me that she may want to buy a condo in Ipoh for her retirement. ‘You are retiring in a few years’ time?’ I asked. She said, nolar, buy now for future, since the price will continue to go up and S$ to RM is very advantageous to me.

I believe everyone should plan for retirement and Ipoh is of course a great place to retire. However, if we are buying a condo and will only stay there after we retire, which may be another 15 years, I think it is a little too far away. My reasoning stems from the fact that typically the maintenance of condo is harder compared to landed properties. Once leakages starts, it is so troublesome to rectify, especially if the leakage was due to pipes which are in the units above our unit. Of course, if the developer is a responsible one and uses the best materials and the contractors build it up to the specification specified, then this may not happen. However, assuming that we are only buying a RM400,000 condo, I cannot imagine the best of the best materials being used because the margins are likely to be low. I don’t know, maybe this is just my perception but why not buy landed instead?

If I am earning S$, I would choose to buy a landed property in a good location because comparatively, you get nothing in any other primary cities when you compare to Ipoh. Also, conservatively, the price would double easily within the next 15 years. The range acceptable is also much wider compared to a condo, not to mention that for condo, the designs would be very outdated by the time I needed to stay. As for the landed property, I only need to get a good architect and the house can be totally renewed. It is true, I may need to spend but for condo, even if I am willing to spend, I cannot change the outlook of the condo. I can only renovate the interior of the condo.

Cons: Rental for landed property is likely to be low compared to condo. If no one stays in the landed property, you may have a haunted house lookalike house after a few years. Haha. So, I think best to rent out.

So, I told her, I prefer a landed property instead. Let’s see what’s her decision. 🙂

written on 30 Jan 2014

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