Besides the usual down payment, stamp duty and the lawyer’s fee, home buyer must also realize that there will be other extra charges as well. If you are buying a new or unfurnished properties, chances are you have to prepare at least another RM30,000 for renovation and furnishing purposes.
If you bought it for self-stay , you will need those electrical appliances and furnitures.
If you bought it to rent to others, the renters will only rent it if it has basic furnishing and renovation. They wouldn't want to sleep on the floor or pay to furnishes other's house right?
Adding the stamp duties and other fees like GST( 6% of 500k house means an extra 30k to pay!!), that extra amount could easily come to RM50,000 or higher. New buyers might feel surprised with the fees and could be upset on how to fork out that extra bit of money. You will need those money in full hard cash because no banks would loan for your renovations. Thus, it is important for you to read more and prepare for it before deciding on the property type that you can afford.
There is no need to pay a large amount of money just to renovate your house into a royal palace though, as it probably would not be taken into account by the buyers in future in case if you want to sell it off. *They will not be as valuable as the amount you paid for the renovation*
If you bought it for self-stay , you will need those electrical appliances and furnitures.
If you bought it to rent to others, the renters will only rent it if it has basic furnishing and renovation. They wouldn't want to sleep on the floor or pay to furnishes other's house right?
Adding the stamp duties and other fees like GST( 6% of 500k house means an extra 30k to pay!!), that extra amount could easily come to RM50,000 or higher. New buyers might feel surprised with the fees and could be upset on how to fork out that extra bit of money. You will need those money in full hard cash because no banks would loan for your renovations. Thus, it is important for you to read more and prepare for it before deciding on the property type that you can afford.
There is no need to pay a large amount of money just to renovate your house into a royal palace though, as it probably would not be taken into account by the buyers in future in case if you want to sell it off. *They will not be as valuable as the amount you paid for the renovation*
Getting a renovated/furnished house can be a great choice if you do not want to spend for renovations.
Although it may sound scary now, but buying a property is crucial to adding our net worth and having a safe place for our families. If you have the capability to buy properties, try to proceed with buying at least one as the value of houses will appreciate in the long term. If you made the decision, congratulations as you are now part of the minority which is ahead of 90% of your same generation peers. The only advice here would be to not over estimate your affordability and you will be fine!
If you do not want to pay for legal fees and GST, check out the packages offered here!
Take a look at [ Urban Suites ] & [ Golden Triangle 2]
Happy investing !
W.
Although it may sound scary now, but buying a property is crucial to adding our net worth and having a safe place for our families. If you have the capability to buy properties, try to proceed with buying at least one as the value of houses will appreciate in the long term. If you made the decision, congratulations as you are now part of the minority which is ahead of 90% of your same generation peers. The only advice here would be to not over estimate your affordability and you will be fine!
If you do not want to pay for legal fees and GST, check out the packages offered here!
Take a look at [ Urban Suites ] & [ Golden Triangle 2]
Happy investing !
W.
