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Stories of potential buyers / owners of today

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The world we live in today. 🙂

Rich parents. (Maybe just too rich). Son bought a RM750,000 condo a few years back. The condo had one of the highest price per sq ft in the area. The advantage is that it’s luxuriously designed and has KLCC Twin Tower view even though it is not next to KLCC. Potential rental right now is only between RM1,800 – RM2,200 only. My Real Estate Negotiator (REN) found him a potential tenant for RM1,800. Owner refused to rent because his mother tells him not to accept such low rental. “Just let it be instead of being taken advantage by the tenant!”

Holidays first, worry later. (where’s the logic?) A couple bought a RM500,000 condo somewhere out of 25km from KL city centre. They were given rebates of over RM30,000. It’s now completed and they have to start paying for it on a monthly basis. It’s tough to rent out the unit because many other units intended to do the same. The couple decided to break up recently. The guy no longer wants to pay and the lady takes over. However, she lost her job recently. She wants to sell but the price is nowhere near the RM500,000. The REN told her to use the RM30,000 to cover the mortgages for a while first. She said she intends to use the RM30,000 for a few overseas trips and all the trips are booked.

Salary today is so low. How to buy property? A couple, both engineers earning a combined income of nearly RM10,000 per month got their loan application for a RM500,000 loan rejected recently. Actually, if they have just this loan, the bank would have approved their application. The repayment per month is only RM2,533 or less than 30% of their income. The issue? One is driving a Civic and another is driving a Vios. These two would have ‘eaten’ up another RM2,500 from their combined income per month. I speculate both have that super expensive smartphone brand as well which they are paying via instalments. RM5,000 divided by 12 months is still RM400 plus per month… I rest my case.

While all these cases are happening, we continue to have young professionals who save diligently and drives a good second hand small car. That includes me too. I drove my father’s Nissan Sunny for 13 years… until it reached nearly 350,000km. Haha. Anyway, my Persona is now 9.5 years and hitting 130,000km soon. Perhaps it’s time to get a better car to reflect my status as an uncle in his 40s right? Thank you for reading and happy understanding that the future depends on what we do today. The more we spend on unnecessary, the lesser we have for investments which will actually create a future for us.

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<Featured Image is courtesy of Stock Photos from airdone>

Article written and edited by Charles. News article summarised by Dina Batrisyia.

written on 10 April 2019

Next suggested article: 7 reasons why property prices will still be rising

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