No one can think clearly at the beginning, only by doing then our goals will slowly come into picture and getting clearer, this is how I getting closer to my dream home.
First time, paid deposit and with court case experience.
My first time experience on buying house, it’s not easy at all, I paid the deposit and then find out the property actually having the title issue.
So my lawyer advice me go for other lawyer since their company is not accept for this property.
That time, just an ordinary guy like most of the people, without proper knowledge and surrounded with “normal people”
A very serious and WRONGFUL sentence is in our mind and couldn’t get it right by that time which is none other than “Don’t believe what agent said, they just want their commission”
So even my friend I who is lawyer had advice me is ok to go ahead, but since her company not doing it, I assumed this is not right to go ahead with other lawyer.
By standard practice, the owner and agent doesn’t want to refund my deposit as this is not right to refund the deposit to me.
By the time my basic salary should be around RM 800 but this 1% earnest deposit took me RM 1,420.00
It’s my money with blood and sweat 💦
I don’t believe I couldn’t get back my money, so I go for tribunal for the sue and then, it took me about a year and successfully claim back the money.
(If you would like to know this process in detail, feel free to comment so I could share another post for this in details)
This actually slowed down my purchase…
As mentioned above, it took me about a year to claim back my money with the sue, so I need time to attend the tribunal and go for submission.
Between that, I keep searching for property which is below RM 150,000 where my income is capable to buy.
My budget is really ridiculous, with my low income approximately of RM 800.00 how possible I could afford to buy a property below 150k?
By listening property buying clues here and there, I know that it’s roughly 30% of our total income for the monthly mortgage instalment will be great and able to approve.
But I got no idea that, my total income is fully base on overtime and not my basic income, so I got problem with my loan in later stage.
Low income can buy Dream home?
Of course can, at the end of the day, my first property bought at RM 132,800 directly from the developer for the unsold unit after completion of many years.
Something like no one will want to buy, no facilities and the environment is totally out of my comfort.
But why I buy my first home with such a bad apartment without any facilities? And do I lost money with the purchase?
No one willing to sell below the price he bought. Unless got financial issue(s)
If I sell the house now because I got financial issue, I still making money, do you believe this?
I bought it with RM 132,800 by year 2012, and today the bank value is about RM 300,000
What do you think if I sell 20% below market value?
Those who bought at 2014 – 2015
They will never wanted to sell their house 20% below the market value, because by the time they bought already RM 300,000
Added up with interest and all other expenses, they couldn’t or impossible to sell their house for RM 240,000
Is this make sense?
And the beautiful part to start with a small home then dream home later
Majority of us, including myself, couldn’t see our future at the beginning of our life, we need to experience it through all these mistake.
Especially buying a house, a wrong purchase could get ourselves into a serious trouble. A mistake is too expensive in property buying.
By getting the house out of my comfort but the monthly instalment and cost to purchase is in my comfort, a small home.
Is where my property journey start, I buy it with a lot of checking, viewings, sweats and headaches…
I need it as the real reason of “demand” is the location is convenient for my commutes. This is really far from my dream home.
The daily needs and routine of driving distance, the daily needs in life, and this is the reason that this particular “lousy apartment” can sell for RM 250,00 even during bad time.
A small home converting to dream home
You may think that I am selling of my house and then upgraded to a big one ☝️, but not at all.
This is where the investment journey started and getting to discover the secret behind the scene of property investment.
I actually rented it out for the “cash flow” which is like instantly grow my income increment for RM 800.00 per month.
Beside income increment effects, the monthly rental actually covered my monthly mortgage instalment together with maintenance fee. And still keep some little cash after all.
Besides my website, I learned from others too.
One of the most visited website by me is https://kopiandproperty.com