Category Archives: Property

landed house vs high rise – which one is better?

For those who have lived in both types of properties must have had their fair share of opinions based on the experiences developed during their stay. Likewise, there are a lot of debates for which one is better than the other; but actually there is no right or wrong. This is because it all depends on the individual preferences and the reason for the purchase.

Many buyers have a lot of concerns in terms of which types of properties would provide the best gains in the future – or better yet, in the short run. Again, this is all relying on the purpose of the buy – whether it be for own stay or investment. In this sense, below are the general comparisons that are being outlined to help readers or as we can say “future buyers” to better imagine the bigger picture for which property types most suited for them to buy:

ConcernsLanded UnitHigh Rise Unit
PriceComparing between the landed and high rise unit in a same area, landed unit would have higher price as compared to high rise unitsComparing between the landed and high rise unit in a same area, landed unit would have higher price as compared to high rise units
SpaceBigger space and would normally have extra home areas such as yards, two floors and gated. Normally ideal for individuals with steady income or individuals with growing number of family membersSmaller space which is ideal for young workers or young couples just starting out in the working sector
SecurityUnless the area is gated and equipped with security guard services, landed properties have higher tendencies to burglary casesGenerally secured especially for apartments or condominiums with personal card functions which only allows residents to enter or exit the premise more conveniently. This is coupled with the tight security normally set at lobby section of the property
FacilitiesNormally supplied with playground and security guard services onlyOn general, newer projects will include security services, swimming pool, sports facilities, linked to shopping malls or public transport stations and many more
Rental yieldCurrently, in the midst of COVID-19 pandemic, rental yield would be between 2% – 4% according to The Edge Markets. On general, according to The Edge Markets, high rise properties will have better rental yield as it is equipped with better amenities, security and nearby public transports. With good investment entry based on research, buyers have higher chances of getting rental yield of above 5%
ParkingLarger parking areaMost projects allocate at least 1 car park
PrivacyProvides a much more quiet environment especially for homes that are away from the cities With the units closed to one another, we will normally be more exposed to noise level from nearby neighbors and other units across one another.
MaintenanceHigher maintenance fees as landed homes are larger in size. On top of the maintenance for home repairs (which happens but not all the time) there are other maintenance to be made especially for your garden. Still if you are in a guarded facilities, you would also have to pay the security services being renderedNormally high rise owners would normally pay maintenance fees for the securities and amenities provided in the apartment such as swimming pools, securities and garden area
Commercial titlesGenerally, landed properties will be designated under residential titleBuyers would need to check whether the units they purchased are under commercial or residential titles. Properties under commercial title will have to pay higher tax rates as compared to units under residential ones
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Now that you have an overall view between landed and high rise properties, hope it helps you to choose better based on your current life options – whether to buy for own stay or for investments. Either way, there is no right or wrong. What matters is that you choose the best decisions based on your needs, your family needs, your affordability and most of all the option that makes you happy and one that would impact your life positively and the short run and the long run.

What is the difference between Freehold VS Leasehold properties?

With the ever growing population which resulted in the rampant property development, the number of freehold land are slowly diminishing in numbers hence opening more roads for leasehold properties. However, there is still a dilemma going around for many property buyers to incline more on freehold land as it offers better edge in terms of … Continue reading What is the difference between Freehold VS Leasehold properties?

What is the difference between Freehold VS Leasehold properties?

With the ever growing population which resulted in the rampant property development, the number of freehold land are slowly diminishing in numbers hence opening more roads for leasehold properties. However, there is still a dilemma going around for many property buyers to incline more on freehold land as it offers better edge in terms of value, long term prospects and rental returns. Is this really the case? We will have a brief comparison in the next section for a more holistic outlook to understand and hopefully to be able to gauge better property investment decisions moving forward.

  1. Freehold

“The property and the land is owned indefinitely by the buyer”

When a plot of land is set aside to an individual for an undefined amount of time, that plot of land is called a freehold land.

In this case, the land is solely owned by the individual for as long as the land is not sold to other parties – you can say that it is forever owned by those who bought freehold land.

  1. Leasehold

“The property is owned by the buyer but not the land”

When a plot of land is set aside to an individual for a defined amount of time, on average maximum 99 years of tenure and possibly lower, that plot of land is called a leasehold land.

Below are the major differences in detail for ease of understanding:

FreeholdLeasehold
Property valueOn average, steady appreciation over the long run in yearsThere are leasehold properties that have higher capital growth in the first 30 years. However, going beyong 30 years the value might stagnate. The value increment might increase again after renewal of the leasehold was made
Ease of sellingTransaction is much simpler and would take up average 4 months. However, during COVID-19 the process might take longerOn average leasehold properties would take up of 6 months – 1 year
Ease of financingBanks do not have preference on this factor. Banks will mainly refer to borrower’s financial health. Banks do not have preference on this factor. Banks will mainly refer to borrower’s financial health.
*Source: CIMB Bank Malaysia and Astro Awani Malaysia

Have a brief read on 5 Traits of a good property to invest and get good rental for clearer picture of property investing.

Hope this help you guys to invest better in properties with more awareness and knowledge! 🙂

4 Secrets You Should Know to Get Your Loans Approved

Before you head out straight into applying bank loans, there are few checks you must make to ensure high chances of approval. I previously had the chance to have a conversation with a banker who now becomes a businessman and he shared something incredible.

You might be wondering “how do I know what to check?” or “how would I know my chances of getting approved?” – well good thing is it is not rocket science. Here are the 4 major checklist you have to follow through.

1. Application Score

In the old days you will normally have to meetup face to face with bankers at the banks. Banks no longer have to see you or you seeing them which may cause biased loan approvals.

But things changed, banks have a system these days to screen your loan application. The system is like a score engine that sees through your profile demography such as, your:

  • place of work
  • home address
  • salary
  • work experience

However, a brilliant tip to get your loan approved is to change your home address.

Change my address?! When I say change your address does not mean you have to move to a new home or change your address in your personal ID – it simply means using your parents’, siblings, or spouses home address when you apply your loans in the bank form. Why is this important? Believe it or not banks will also assess your financial strength by the place you stay.

In Malaysia, places like Bangsar or Central Kuala Lumpur are expensive places. Banks may fare better for people who stayed in Bangsar compared to those who stayed in a lesser developed area.

Bank’s logic is that when you stayed in developed areas means you can afford the lifestyle there which also reflect your financial strength.

However, this all depends on where you buy your house, you may get a better approval chance if you buy a house in less developed areas if you stay in there – just try your luck, we’ll never know.

2. Banks Will Assess Your Income Level

This is important because the bank would like to see how much you are earning which also determine your loan payment capabilities. If you don’t meet the banks’ income criteria then you will be rejected – as upset as it sounds.

Another good advice is to choose the right bank! What do you mean choosing the right bank? It simply means you will have to ask the magic question to banks, “how much percentage of my income do you recognize to process my loan? “.

That’s right! Some banks only recognize 70% of your income instead of 100% for your application. Let’s say your salary per month is RM 3000, if the bank only recognize 70%, that means you are applying your loan for RM 2,100.

If a RM 3000 can get you a RM 160,000 worth of property, you might need to rethink your decisions if the bank allows only 70% of the total RM 3,000. The key take away is to ensure that you ask the banks how much percentage of interest do they recognize on customers’ loan applications.

3. Credit Score Report – CCRIS

When it comes to your credit report which have all information regarding your credit score, banks will know everything which in this case recorded in the, “Central Credit Reference Information System (CCRIS)”. CCRIS knows all about your credit facilities such as PTPTN, car loan, home loans and whether or not you are a good customer – a good customer would mean a good payer from bank’s perspective.

If you are a credit card user, you may wonder, “how am I to know if my credit score is good?”. just make sure not to use more than 50% of your credit limit – as simple as that – well, theoretically.

But you may also wonder, “what if my credit score is clean? like a piece of white sheet with stains on it” – that won’t be good as well because banks cannot judge your financial behavior such as your spending patterns or how well are you committed to paying any financial commitments. A good tip is to take up an ASNB loan which has a compounding effect in it since it does not disrupt any of your CCRIS.

Not only will it help you saves money, it will also grow while you sleep! you have nothing to lose. However, try minimize using unsecured loans such as credit cards – why do I say this?

Banks will think that you are a “credit hungry” person or you don’t have much cash with you when you use or apply many credit cards and this gets worst if you don’t pay on time.

and last but not least….

4. Monitor your Debt to Asset Ratio (DSR)

Let’s say you run short on cash that month but you still swipe your credit card for few non-needful items just because it has huge discounts – Oh man, I haven’t paid my credit cards yet this month!

Worst, the bank called you and ask for your payments and it has going like this for few months. Chances are, your DSR is already quite critical because you find it hard to pay your own commitments or are poorly managing your finances which may need your financials restructure.

The standard DSR formula is “all your commitments + any new loan application (in RM) divide by your net income (after tax and EPF deductions)”.

Different banks have different DSR acceptance rates. Some banks will approve people with DSR maximum of 60% while some banks prefer 45% (which is quite a good percentage). This apply same to applying housing loans, have read on 4 Great Tips For Getting your Loan Approved !

All and all, my advice is to bite what you can chew – don’t take loans with commitments higher than what you think you can pay. Settle for things you can afford so long as you can have a peace of mind.

You are not enjoying life if you get financial headaches to maintain your big houses or great cars – the important thing in life is to be happy and to always know that you have extra money to live off comfortably at the end of the month or as I call it “financial abundance”.

5 Creative Ways To Save For A House Deposit!

We will talk about the concept of down payment before we dive deep into the tips to save on down payment so that you will be able to get a better outlook.

Down payment means a portion of the total sales price of your home, which you will need to pay upfront to buy a house. The rest of the payment to the seller comes from your mortgage which will be approved by the banks upon successful purchase by you (as a buyer). Down payments are normally expressed as percentages which in usual cases are 10% from total property sales price. Normally, 3% will act as booking price with estate agents and 7% which you will have to pay to your elected lawyers in a form of bank cheques in order to proceed with your purchase process.

However, be mindful that the 10% deposit usually applies to subsale properties (properties that you buy from an existing owner). These days there are various numbers of buying schemes that allows you to buy homes without the deposit payment of 10%.

And here comes the tips.

TIPS 1: SAVE MONEY FOR THE BETTER

A great stock investment coach once advised me that, “you are your own fund manager!” – and I feel that it’s downright true. Regardless which investment vehicle you are going to use to multiply your hard earned money, nothing is better than knowing what you are investing into.

As a rule of thumb, most financial advisors would suggest saving your money 10%-15%. In other cases, you might also be able to save up to $1,300 per month from a salary of $3,000 – it’s possible. However, if you want to speed things up then you might want to consider saving up to 25%-30% of your net income. The savings will be further boosted by cutting off unnecessary expenses such as cancelling dining out every night, taking public transport to work, collect your tax refunds, save your bonuses or even as simple as parking in a free zone – it makes a huge difference.

Looking for ways to boost your savings further? Invest your savings or better yet, invest in businesses where you might think would make huge returns!

TIPS 2: DO A SIDE HUSTLE

With the rapidly changing economic landscape of countries globally, the gig economy is getting even more popular these days. Developed countries would try as best as they could to find the cheapest yet highest quality set of skills to get their errands done.

With reliable gig economy funnel such as Fiverr and Upwork, you can earn up to USD $25 an hour. This includes simple tasks such as translations, data entries, and even app designing – try it out!

TIPS 3: REFINANCE YOUR PROPERTY

Let’s say you have a house and it seems that the value of your property has gone way up after years of staying. Well, maybe it is high time you should research how many margins of loans you can get out of your home refinancing. It is a good way to consolidate and/or eliminate various debts with various interest rates that you wish would go away and focus on only one stream of debt with one interest rate.

However, be aware that refinancing would also mean to incur a new loan. Do your researches and make sure that you only leverage on loans in order to make more assets and money for you in the foreseeable future. Rich people are rich because they know how to leverage on loans to make their life better financially.

TIPS 4: BUY A CHEAPER CAR OR DOWNGRADE YOUR CAR

It is undeniably hard to restraint yourself from buying that car you have always wanted now that you have the financial means to maintain the car. However, cars are depreciating assets and its values drop every now and then.

If you are able to at least restraint yourself from buying that high-spec Honda City, and instead opt for cheaper alternatives – you will be able to save or invest the monetary differences between the two cars.

Better yet, you would be paying lower installments and lower maintenance fees for a second hand car and have better credit scores in eligibility to own a house!

Have a read down below to know how you can work your way to better credit scores (CCRIS) so that you can get better chances of getting your loan approved by banks :

4 Secrets You Should Know To Get Your Loans Approved !

TIPS 5: CONSIDER HOME BUYING SCHEMES

With the aid of governments and other related bodies, various housing schemes are introduced to help easier purchase of properties for home buyers these days – better yet, without the 10% deposit.

These includes many major government aids for home buyers across the globe such the “Own Your Home” scheme in UK and many major countries.

In addition, these are the schemes outlined in Malaysia to encourage more home buyers:

  1. PR1MA
  2. Skim Rumah Pertamaku
  3. Perumahan Penjawat Awam 1 Malaysia
  4. MyDeposit
  5. RUMAWIP
  6. Rent to own
  7. BSN MyHome (Program Perumahan Rakyat)

Now that you have reached the end of this article, you sure are serious on finding ways of becoming a home owner. Best of luck to whatever goals you want to achieve by owning a house. Hope this article helps you in your quest. I am excited for you, the reader – for you will be embarking on a journey that will truly be life changing.

“The man on top of the mountain didn’t fall there”

~Vince Lombardi

5 things you should consider before buying your first house

Nothing beats one of the best feelings rather than having a roof over your head but the greatest thing to know is – you own it! After working for about a year right after college, I managed to buy my first house. I went through all the process – finding the right house at the right place, did my credit checks with the banks, and arranged a house visit with a property agent which I get to trust. Overall, it was not a straight forward process as there were many questions I asked – whether the land title has been issued, the current unit’s market price , or even the issue of why the current owner is selling the unit. Here are the 5 things you should know before buying your first house.

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1. Do you want it or do you need it?

Whenever you decide to buy a house is always to determine whether you need the house? or do you want the house? .Need and want are two different things and are quite simple to distinguish, that is in theory. A need is something that you really require to carry on your daily life; a want is something that springs out of your desires and may not be very crucial to your current life.

If you think you can finally buy a property without stressing out your life too much – then you are all set! However, in some cases buying properties may get you in heaps of trouble – having to settle the loan installments late or always on a tight budget, then maybe you need to reconsider your purchase decisions.

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2. Is the house for investment or for your own stay?

This question changes a lot of things if you ask yourself. If you consider to buy it for own stay, you might want to buy the house in a descend environment, be it in a suburban area or the city. You might also prefer a better house condition if that’s the case, Then again this is all up to personal preferences. However, it will be quite different if you buy a house for investment purposes because you would need the house at places with high population, malls, offices, public transport, and etc. to get good rental income.

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3. Do you have an exit plan?

An exit plan should always be the planning stage in case if your property purchase could go haywire – fake property agent or owner, or maybe unsettled installments down the road. These possibilities must be simulated so that you will be able to anticipate preparations if these scenarios happen – yikes! But at least you will be able to know just what to do and panic less if it does happen, right?

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4. Do you have enough money?

As cliché as it may sound, yes, it is important to assess your ability to purchase the said unit. This is because there are times where property agents only wants to secure their share of bargain, their booking fees of 3% out of the total 10% deposit. Sometimes, these agents do not assess our financial credibility. It is up to us to assess our own so that we won’t lose out.

Let’s give an example,

You want to purchase an apartment costing RM 170,000 and you have a salary of RM 3,000 – which is still alright. You also have in your savings RM 17,000 which is just enough to pay for your 10% deposit of RM 17,000 from the apartment’s total cost. There is still to pay for the legal fees which is by the lawyer, oh no! this will normally cost around RM 7,000 that needs fork up. Hence, always take into consideration all costs associated with purchasing a house including the hidden costs and you will do fine.

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5. It is alright to wait.

Sometimes it is just better to hold your purchase. I am not saying that you should not buy a property at the soonest, sometimes if you hold for a moment and reassess your decisions then you might think – nahh maybe this property is not too good a deal or you might just realise that you may be in a worsen condition if you proceed with the purchase. Being in a situation where you don’t have to worry about your daily finance is better than having to maintain a house and constantly struggle to meet ends meet – but that is just my personal opinion. Not all property investments makes great money – some of the investments might get you into serious financial trouble, learn and plan right. To sum up, buying a property is always a great idea especially if you have the stable financials and the right knowledge.

30 Ways You Can Make Use Of Your Land (Part 1)

1. Farming

There is a lot of things you can venture into when you are farming. You can farm into chillies, cucumber, fruits, & etc.

If you love gardening and you think you have green hands – this might be for you!

Let’s take an example,

A half acre land of chilli farming with 2,000 chilli trees can make roughly RM800 per week depending on the productivity of the trees.

There will be cultivating the plants for 6 months and harvesting season for 6 months. So if you want an all year round income, you would have half portion of your chilli trees planting in the first 6 months and another half portion being harvested at one time.

And, that’s one great example of a farming activity!

There are lots more plants you can cultivate to optimize your land – you just have to plan and start!

2. Public park

Public parks are an amazing way you can use to contribute towards society, especially for neighborhoods that don’t have one.

Families and friends will be able to have a get together session, it will be a place that encourage social development.

If you are thinking of monetizing it a bit, maybe you can setup a small ice cream shop or truck with a small coffee shop on the side. It’s good way to optimize the crowd coming in your public park.

3. Lighting carnival ground

I stayed in a small town and living quite near to the city centre. Once in a while there will be various carnivals held and one of them is a lighting carnival.

It’s a great way to attract crowd and it looks pretty at night!

The fee per person would be RM8. Imagine getting 100 customers in one night – that’s RM800! You can either buy the lighting equipments from local stores or have it custom made from factories.

4. Rental house

Indeed! The most common yet proven way to increase your cash inflows. Buying a land and build many homes on it may prove to be most cost effective strategy on the long run.

Look at it this way, one apartment might cost you RM160k with average rental RM700.

Whilst, if you buy a land that costs RM100k with additional cost of RM60k to build two extra units that gives you RM600 a month each.

Have a read on 5 Traits of a good property to invest and get good rental for starters!

It’ll be better if you can find cheaper alternatives. However, this may require more cash upfront but have greater benefits in the long run.

5. Museum

You don’t need too big of a land to do this. The size of your museum depends on how big you want to scale your business.

You can have museums ranging from shoplots, double storey house, a single storey warehouse or even a bungalow lot!

Take the 3D museum located in Melaka, Malaysia. They converted the bungalow costing around RM1million and renovated it with cool and attractive 3D graphics.

And now they are earning thousands a day from thousands of tourists!

6. Reserve forest

For those nature lovers who have a land or feel like contributing their land for the good mankind – this may be a viable way to make use of your land.

You can either monetize the land for a small fee or open it for public use at no charge at all!

People can enjoy camping or hiking or even have an enjoyable stay at a cozy treehouse – depends on you.

7. Office spaces for freelancers

Businesses like these are emerging rapidly these days with various new industries being created through technology breakthroughs.

These business would surely need office spaces.

Have a look at successful businesses like Wework! They managed to propel themselves in the office space business excellently throughout the world.

8. Shop lots

Nothing can go wrong with building shoplots at your land plot except that you need to ensure what kind of businesses would run well in your area.

The world these days still rely on brick and mortar or businesses. People still love to shop around physical shops. They may start of with window shopping but will eventually escalade to real purchase if they see what they like.

According to the The Balance, consumers still prefer to shop at a physical store even with the increase in online business – however, a combination of both online and physical store attraction would skyrocket your business.

9. Wedding space

People get married everyday all year round and it’s a growing business worldwide. Greater size of growing for wedding management companies who can help provide affordable wedding packages that covers all benefits from wedding space to providing catering services, wedding cards – you name it!

(insert sta of people get married) linked with revenue of wedfing biz.

10. Corporate space

Have you ever seen a building with a branded company branding logo banner on a building?

Do you believe that’s their building?

Some yes, and some no.

Truth is, some companies leased out from the owner of the buildings. They will lease out certain floors or the whole building – it depends. But the revenue generated from leasing a whole building can translate into rm…

11. Open Garden

Feels nice if you can contribute your land to an open garden. People would be able to have an evening stroll, jog or even picnic at your garden. Not a bad idea eyy!

12. Small petting zoo

Having a land big enough to build a zoo? You don’t necessarily need to build a ginormous zoo! A small one would do if you are an animal lover. Who knows, it might attract people from other States and you might expand your zoo.

13. Fishing pond

A good idea for those who likes fishing. If you have a land big enough then you might be able to build a pond conducive enough for fishes live. It won’t be a busy business, all you need to make sure the fishes gets food, the pond is clean, and have enough space for people to fish there.

14. Glamping?!

Camping in style! That’s Glamping! It’s a luxury way of camping where people can camp in comfort. There’s the tv, the cushy sofa, kitchen, conducive toilet, and you still won’t have to part ways with nature. It’s a revolutionized and great way to spend an outdoor holiday adventure.

15. Resort

Having a land big enough and a big capital – you might be able to start a resort business. It would require a huge upfront capital but would give a steady return in the long run if you plan well and the location is great.

16. Air bnb-style homestay

Maybe you have that house somewhere on the village side or that vacation home with gorgeous view bit you seldom stayed there – maybe you can consider putting it in Air bnb. At least you can earn a side income!

17. Nursery

So you love gardening and are passionate about plants – maybe starting a plant nursery would a good fit for you. If in the event you can plant something that can provide value to the market such as chillies or pumpkins then maybe you can start a class and help other people earn a living from your knowledge and skills.

18. Coconut/Palm oil estate

If you have a land ranging 5 acres to 10 acres then this might be an ideal business for you to start – probably with a small palm oil estate. A lot of local businesses are looking for palm oil suppliers to use it in food production, biofuel and even medicines. For coconuts, you can either sell it to local coconut sellers or directly with customers.

19. Lavender estate

Nothing beats good use of land especially for a lavender farm. If you have been to Tasmania, Australia then you have to stop by and visit the Bridestowe Lavender Estate. The estate would be a good example of a lavender farm. It has a wide cover range of lavender plants, a boutique shop that sells lavender related products (soaps/perfumes/cards/etc.), and cute lavender coffee shop (selling lavender cakes, icecreams, teas, etc.). Every single day that place is crowded with tourists – be it localy and internationally.

20. Factory / Warehouse

If you have a piece of land that you can build a factory and then lease it out or sell it – why not? There is a lot of businesses out there that are looking for the best location to start with, maybe your land will fit their expectations – have a try!

21. Empty lot for rent

So you have a piece of land and you are not sure what to do. You don’t have enough money to build anything on it nor do you have any ideas how to use it. Have you tried renting it empty? you should! It’s not half bad because the tenants will know what to do so long as you know what your tenants are planning to use your land for and the fact that you get your money every month. It’s a good start for people have no idea on what to do with their vacant lands.

22. Food truck dine area

These days there is a lot if food truck business on the rise which is probably due to high cost of rental on brick and mortar stores. Having a food truck business would mean lower cost of rental/ownership but also being able to go mobile. This is a perfect opportunities for land owners to setup their land for a food truck gathering festival. Take Tapak, a venue in Kuala Lumpur that features a food truck park at night – you will receive lease payments from the food truck owners in return for them being able to conduct business in your compound or having the food truck owners working for you permanently in your company.

23. Daycare Centre

With the rise of population in the world, there is always a growing demand for schools or kindergartens. If your land is near office areas, you might want to consider opening a children daycare centre so that parents find it easier to care for their kids while they are out working – not bad eyy!

24. Charity

Some people just felt like they want to achieve a greater purpose in life – hence, putting their lands to charity allows them to feel contempt in life. There are people who give their lands to the government or the NGO for charity because these organizations have plans and knows well on how to best utilize resources for the benefits of the masses.

25. Restaurants

If you have the passion for foods and that secret recipe granny taught you and you think people will love those recipes – then this might be for you 🙂 There is a lot of cuisine choices to look for, plan well and have a go!

26. Shopping malls

Have you ever wondered why big developer companies love to build shopping malls? That’s because these developers earn a consistent high lease payments from local brands that leased with them. This also includes payment of parking lots from customers who comes in for shopping sprees.

27. Petrol stations

Though setting a petrol station would require a huge upfront capital, it might be a brilliant strategy to start one up if you have a great location (somewhere along the highway/a town with no gas stations). You can also boost your revenues by setting up few small shops on the side such as Dunkin Doughnuts or Starbucks to attract higher people!

28. Gym

It’s an increasing trend these days that people are going to the gym more often than they do in back in the old days. With the increasing trend on a more health conscious lifestyle especially for millennials – opening a gym is a great idea!

29. Skiing

If you own a piece of land in the snowy mountains – and a big area too! This may be an interesting proposition for you. Thousands of people look forward to skiing on mountain tops on weekends or long holidays.

30. Cinema/open theatre

An open air cinema normally have a big inflatable screen, a great sound system and a small food store providing popcorns and drinks on the side street within the cinema compound. Normally an area may have lots of indoor cinemas but they rarely have an open air ones. If you think you have a sizeable piece of land and you are not sure what to do about it then this may be your greatest answer! Who knows, you’ll be able to enjoy collecting the ticket fees and enjoy movies all night long – while slurping on cold Pepsi of course!

Are You Making These 4 Common Mistakes As A Property Buyer?

If you think that buying any property and simply make money out of renting it or selling it out, then you might want to reconsider your options.

Applying the right way to buy a house will help you not to lose any money in the future – knowing it might save you enough cash to reinvest in another house.

Here’s 4 common mistakes you should avoid:

1. Buying above market value

Maybe you have set your eyes on this one house and you think – wow! It’s near to public transport and the university, pretty sure there won’t be any tenant demand problem.

Well maybe you are right.. But then again consider checking the market value of the property as well.

There are lot of times property buyers neglect market value factor and buy above the market value in the end.

Sometimes due to emotional auction biddings or high-end property facilities (pools, security, exclusive gardens) offered that makes the buyer completely illusioned.

This will mostly lead to mistake #2

2. Negative Cash Flows

Let’s compare property A and B

Property A

Let’s say the average market price for property A

Compare this to property B

Property B (under auction)

Let’s say you are buying property B and then you got swayed away by yout emotions. Rather than stopping the bid at the most optimum ROI (Return on Investment), you now increase your bid further for the sake of winning the auction.

Instead of buying the property below market value, you have now gotten overboard.

This leads to higher bank instalments you have to pay. This also means that if the average rental in that area is $750 per month, you have a negative outflow of $150 because you are paying the banks at $850.

3. Buying a property far from your usual place of presence

Well, sometimes you might think that can still manage your property from another state whilst you are in another state – you can. However, it might pose certain challenges such as time and convenience of visits you can make.

Few things to note is that you may need to add more controls to these types of challenge. These includes:

  1. Setup an automated payment system
  2. Build close relationship with the property management team (if any)
  3. Get to know the local repairmen in the area
  4. Find trustworthy tenants.

However, if you think all these demands too much from you then you might want to consider hiring a property manager at a cost which is not too bad either.

4. Not buying an investment grade asset

A property pamphlete may seem too convincing sometimes. The timber wood floor, glowing kitchen cabinet, big windows – you name it!

But the biggest things being promoted on the pamphlete are the things you need to stop and think back again.

Do you need the luxury items offered?

What’s your initial purpose to buy?

And always go back to basics.

You must try as best as possible that the property you buy especially for investment purposes must be below market value, have positive cashflows, near your usual place and most importantly it has capital appreciation.

But if it is your dream house and not for your investment purposes – theres no issue to buy it even if its priced higher and that you can afford it.

After all, buying a good house for investments may prove to be one of our best ways to conserve as well as amplify our wealth – it is one of the best tools to achive financial independence.

Should I Buy Property For Investment First Or Should I First Buy To Stay?

Before I started to get serious with property investments, I always have my mind set to buy a house but am always confused – should I stay right away? Or should I rent it out first? Then I think, “maybe..just maybe I can find a house that can do both! One that can be easily rent out and I can always choose to stay there when I’m ready – or so I thought”.

Turned out it wasn’t so easy to decide because if I choose to rent first, I might have to buy a smaller property first which is not in my interest. I don’t have much time to accumulate enough money to buy a landed house at that time – a landed house in a good location that can  be rent out while I hold no serious commitments and when I’m ready then I can just decide to move in.

On another hand, if I decide to buy my first house to stay then I might have to wait longer time to gain enough money to buy one decent house. Might take me another year.. Might take another 2 years – anything can happen within those years. I have this landed house that I marked my eyes on for quite a long time. It was in a neighbourhood I once grew up – it’s a peaceful place and located strategically in the centre of the small town I live in. But I know that by the time I accumulated enough money, the value of the houses there would jump higher than now.

The probability of not being to buy that house would be quite high and I might missed out better opportunities not buying cheaper properties for rent now. Why? Because the other property I had my eyes at that same time was another awesome apartment, quite small about 650 square feet, but in a prime area of Kota Damansara – a great place with many property boosters like hospitals, universities, malls and strong rental power.

It was quite a dilemma to decide which was the better options. So I studied how many property gurus who started from nothing and now end up making millions. I discovered that most of them started out by renting their homes – it was their first step to a financially free life. One of them was my coach who started from a small business helping his mother selling foods in a school canteen. He bought his first house before turning 25 and rented the house for 3 years before buying another one. All the hard work paid off as he became a property millionaire when he was already 30 years old by diversifying his rental incomes into various businesses and keep buying more properties along the way – pretty smart eyy!

All in all, it is actually up to you to decide whether you want rent first or stay first, why? Because everybody is different – if you have extra money, why not buy two houses (one for rent and one for staying), if you have limited funds then maybe you can consider renting it out first, or.. if you think you want to start a family then it may be better to buy for stay. There’s no right or wrong to this question because it is all up to your own preferences. The type of property that is the best for me may not be the best property for you.

The key takeaway I learnt is to use whatever you have..whatever was given to you – be it skills, money, assets, or anything you have and try to use them to provide value in the market. I listened to a talk by Jim Rohn – an exceptional motivational speaker, he advised that the fastest way to make huge money is to provide value to the market. I think that’s a good way to tune our minds to do good in life. When we provide value to the markets, we are practically solving societal problems. I hope this article helps you to have an idea of what you should do if you are ever in this situation because I did! Despite all the decisions you have to make, I know you’ll make the right choices – best of luck!

Making money while you sleep – the compounding bank account (ASB)

When it comes to investing, you don’t have to become a genius or squeeze your brain to the extreme by figuring out stock investments, index funds, gold investments and many more complicated investments out there. In this article, we will talk about an investment that can make money while you sleep – It is a financial instrument that helps multiply your wealth by many folds. Even Tony Robbins, one of “Top 50 business intellectuals” by Accenture, really stressed on the potential power of compounding in his book, “Money: Master the Game”. But knowing how much the compounding power holds such super potential, how come we don’t see many people taking advantage of it?

“If you don’t want to work, you have to work to earn enough money so that you don’t have to work”

– OGDEN NASH

Based on the book “Money: Master The Game”, the key to having your financial freedom is to work hard enough and accumulate massive abundance of money – which then makes the money work hard for you. This compounding technique is your main road to financial freedom and acts as your freedom fund. Cutting to the chase, the main criteria to make money while you are sleeping is as simple as – discipline, have a portion of money to put aside in your bank account, and  having determination not to disturb the portion allocated. But I would like to think of the money you put aside not as your savings – but investments; investments that will grant you your dreams!

This would require you to make a significant financial decision in your life. What decision? It is the fixed amount of money that you are willing to set aside every single month out of your income stream. How much amount of your money you are willing to park inside your bank account and leave it untouched no matter what happens in your life, no matter how desperate you are – that is the sacrifice. But heed my words that your sacrifices won’t be in vain for the money you put aside will keep on accumulating and grow, and keep on growing on dividends until you see that the income it produces on compounding effects will be big enough to help with your lifetime needs and wants and for the people you care.

“Riches are not an end of life, but an instrument of life”

– Henry Ward Beecher

Some examples that have compounding effects are like the retirement scheme in The United States, 401k – or in a more relatable context in Malaysia, the Amanah Saham Berhad (ASB). Let’s take an easy example:

 If you take a 100,000 loan for 30 years. Every month you put in RM 650 – this would give a return of approximately RM 8,000 a year for the first year, and you will have about RM 17,000 the second year. How does this happen?

1st year

If 1 month = RM 650,

12 months = RM 7,800 (this is the amount you will save in your bank for one year)

With an average of 7% return annually for ASB,

You will get RM 7,800*1.07 = RM 8,346, you just invested and obtained a great amount of approximately RM 8,000 a year!

2nd year

Assuming the monthly payment is the same as 1st year, you will still pay full RM 7,800 a year for the second year.

But,

The calculation would be calculated as dividends on top of dividends, what do you mean?

It means,

[RM 7,800 (full year payment) + RM 8,346 (first year payment + 7% dividend)]*7% = what do you get?

RM 17,276!!

Who would give you RM 17,276 in two years?! Plus, you can now put a 10% deposit for a RM 170,000 house now – simply awesome. So how much can the amount grow to in 5 years? – it is RM 47,995 but this excludes yearly or quarterly bonuses that the banks may announce which means the amount should be higher than RM 47,995, crazy right? The amount will keep on accumulating like a snowball because it grows dividends on top of dividends from previous years. Having all the necessary capital, you can now take steps to proceed to know the 5 things you should consider before buying your first house or you can start by knowing the basics of buying a house through the 7 steps guide to buy a house – the complete guide – it is all up to your own pace.

“My wealth has come from a combination of living in America, some lucky genes, and compound interest.”

– Warren Buffett

Now imagine a bigger vision – after 30 years that 100,000 loan you took may have stretch to RM 600,000! just by applying consistency and discipline – who will give you RM 600,000! let alone RM 1000! Using the power of compounding you will be able to achieve financial freedom!

But always and always make sure to have that minimum amount saved in your mind and take action to do the needful, put the money in your compounding bank account. Tony Robbins advised, “turn your should into your must!” and in this case having that clear mind to achieve financial freedom and make that fixed amount saved in your bank account must be your must! This is only the surface about investing and we are not even talking about active aggressive ways of investing. all you need is discipline and patience after making that calculation and follow through to your plans, goals and visions so that you can cater a happy life for you and your loved ones.

 

 

4 Great Tips For Getting your Housing Loan Approved

1. Usage of credit cards

There is nothing wrong with having 10 credit cards but you must pay on time. The problem with credit cards is abusing the given credit amount – you swiped your credit card one time.. and then one more… and another swipe.. and at the end of the month you found out you have used more than you can pay – yikes!

I attend a talk by a professional bank officer regarding credit cards and it was an eye-opener. I found out that bankers will see you as having little money the more you use your credit cards. It is also recommended that you use a maximum usage of 75% of your full credit amount – recommendably 50% for better chances of getting your loan approved.

It is also recommended that you use a maximum usage of 75% of your full credit amount –

recommendably 50% for better

chances of getting your loan

approved.

It was also discovered that if ever, there is a record that shows you paid your credit cards late – there is high likelihood that your loan applications get rejected. To sum up, high use of credit cards equals high chances loan applications gets rejected.

So what’s a good credit card practice to get most of your loan applications approved?

  1. Maintain good track record of credit card payments
  2. Maintain credit card usage approximately 50% of total amount

2. Status of work or company

Lets say if you are a creditor or a bank yourself, would you be concerned what your debtors are working as? – of course you do!

From bank’s perspective, they do not know how credible you are and whether or not you are able to meet your commitments. This is why what you work as and who you work for are important.

Banks would normally opt to lend to people from companies with credible backgrounds and track records. A company that always pay their employees’ salaries or EPF fees late are excluded from being reliable.

The lenders would also need to have a job that can proof to the banks that they can ensure a continuous income to meet their monthly commitments to the banks. Banks would normally see contract-based workers as risky lenders because their work contract can be terminated at any time. But then again, in this situation maybe you will be able to convince the banks by your high savings amount – that may work.

3. Savings

Having a certain amount of savings is an extra point you get from the banks. It would be much easier for banks to assess your risks and behaviour from the money you saved. The best amount of savings is around 6 months of your salary – why so? This is because in normal circumstances people are able to settle down and look for a job or to restructure their short term plans within 6 months – I call this the calm down period.

‘The best amount of savings is around 6 months of your salary’

Savings can come from anywhere such as bank accounts, asb, tabung haji, or an investment account. However, savings are not income. Incomes are money that comes in your bank account on regular basis with an estimated amount each period unlike savings which you don’t earn on them.

What if you own company shares or you act as a shadow director for a company and receive dividends on it? Is it considered as income?

Yes! It is an income and I urge you to save the dividends as banks would see the dividend incomes as part of your earnings. Save around 30% to 40% of your income as this will help banks to determine your capability and credibility to meet your commitments with the banks – remember, every dollar you save is a dollar you earn.

4. CCRIS records

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The Central Credit Reference Information System or commonly known as CCRIS is a system that helps gather credit information from borrowers who participates in financial institutions – banks, insurance brokers, or private companies in normal circumstances and produces credit reports (contains outstanding loans, special attention account, or bankruptcy status of a person) that will be utilise by the financial institutions. CCRIS record is important to gauge our financial capabilities.

So, what is a good CCRIS record?

  1. Your credit report shows 0:0:0. This is the ideal record because the higher the number means no months having outstanding loan. PTPTN, housing, and car loan is normally included as part of CCRIS assessment.
  2. No 12 months outstanding credit payments.
  3. No outstanding amount in your special attention account. Take note that you may thought that the card can cancel itself after you have used up all your credits with the intention of not using it anymore and you think its okay not to manually cancel it – this is where it gets scary. The credit you didn’t pay will be transferred into your special attention account and it will be there forever until you manually call the banks to cancel and pay the outstandings. Whenever you want to apply for a housing loan, make sure to clear any outstandings you may have due for a long time.

To sum it all, you will be able to obtain higher chances of getting your loan approved by applying the 4 main tips as aforementioned. Also, you may need to take into consideration of what you can actually own. Sometimes the banks may approve of your loan but you may face difficulties to pay the banks’monthly installments – so don’t bite more than you can chew. Take things slowly and enjoy your wealth growing process.

5 Tips to buy a house in your 20s – This is the best time

These days people complain that it is getting harder to buy a house than the good old days – wouldn’t blame them. Pressing matters such as increase in costs of living has lead to lower purchasing power by consumers worldwide.

However, such matter should not stop us from achieving our dreams – right? Would you not dream of owning a house now more than ever? The price of properties will keep on rising and imagine how high it will push in the future.

But, when will the best time be to buy a property? My opinion has always been NOW – but one must proceed with right knowledge and always be aware of the opportunities and threats that lies ahead, one must proceed with the right info and knowledge.

Here are 5 tips to buying your property in your 20s.

1. Get a stable job

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With a job that can give you a sustainable monthly income, you will be able to know which type of property you would want to buy. Banks will also be able to be comfortable to loan you the fundings knowing you have a steady income to pay your monthly commitments.

2. Savings

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Be it a savings in the local bank accounts, ASB or 401K – just SAVE! When you know which type of property you want to buy, you will be able to know the amounts you need to allocate for your savings. Savings are mainly important for the 10% loan deposits and payment of legal fees during property acquisition stage.

However, I would highly recommend saving your money in an account that has compounded effects.

All you need to do is to ensure that you allocate certain amounts every month to put into your bank accounts and watch the money grow – disipline is key. After few years, you would be surprised how much your savings have multiplied.

3. Be aware of housing promotions and schemes

These days there have been many promotions made by developers and even the governments, the offers made differed in every countries.

In Malaysia, there is Skim Perumahan Rakyat Satu Malaysia (PR1MA), Rumah Selangorku, Perumahan Penjawat Awam Satu Malaysia (PPA1M), Skim Perumahan Mampu Milik Swasta (MyHome), and Rumah Mampu Milik Wilayah Persekutuan (RUMAWIP).

With the right housing schemes and financial capability, you may be able to own your first house – at a cheaper price!

4. There is nothing wrong starting with a small house

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Now that this post is about owning a property in your 20s, I am assuming most of those who reads this are finding ways to buy your first home yourself.

Some of you might decide to buy a low range priced property or a medium range property but whatever it is – I advise not to bite off more than you can chew. This is simply because you might not know the whole property game yet and might risk a lot of money if you buy straight up a big house which means more money at risk.

Take your time and progress slowly. However, if you think you are capable enough to buy a big house and you are ahead in the property game then why not?

If an opportunity comes and you can already buy a big house in your 20s – you are good to go!

On the other hand, the good thing about living in a small house is that it does not necessarily mean you are not doing good in your life or are behind your other peers – you are only in your 20s.

Also, there is high likelihood you’ll be happier too when living in a comfy small space. You will get to spend more time with your family and all spaces on the house are occupied. Unlike living in a big house where everyone is doing their own thing in their private areas in addition to the extra marginal maintenance you have to pay for the extra spaces.

All and all, there is no right or wrong when you want to buy a house for your own stay – it is all about your personal preferences but remember to always know what you are buying and the full potential of your purchase.

By owning a small house you don’t have to strain your budget too much, get to spend on other your families.

Also, owning a small space will help you get better rentals as majority of society these days preferred a smaller space to stay due to temporary work placement and the rising costs of properties.

5. Learn the property market

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Real estate cannot be lost or stolen nor can it be carried away. Purchased with common sense, paid for in full and managed with reasonable care it is about the safest investment in the world.

– Franklin D. Roosevelt

Of all the 4 tips aforementioned I believe this is the most crucial. Without learning the property knowledge you might be buying a property:

  1. At higher prices
  2. In an area that would not have development in 5 years to come – a dead town area
  3. That is build with low quality, or
  4. That might be a scam

This will get you into very hard times and may even lure you into a financial crisis if you are not aware.

You should opt to know what are types of properties that are best for investments, the whole process of buying a property and many more. But knowing that you are reading this article would mean that you are doing your best to do what you can to get the best out of your property investments and I know you will get to your destination someday – keep hustling and learn continuously!

5 Traits of a good property to invest and get good rental

Yes, you have read it right – the 5 traits of a good property to invest! In this article I will focus more on structural factors that can boosts a property’s value and with high possibility making the investment you will never regret out of it. Here are the top 5 traits.

1. Public transport

Accessibility factor has been the trump card out of all other factors in most times – who would not want to stay in a house that are convenient to go anywhere? You don’t even need to worry about traffic or where to park your car at your destination. This is why most properties that are beside train stations or bus stations has the best rental occupancy rate – people think its convenient.

2. Shopping mall

Doesn’t it tire you when you have to wait for a cab or a bus after you have your hands full of shopping bags or you are working at the mall and it is too far to walk to the train station to get home – it’s dreadful. Which is why having a property near a mall is one of the most strategic area to invest. Speaking about the rental game, you will be able to attract anybody to rent your unit or you can even pull in mall employees themselves, which is better because they normally would want to rent for at least 2 years.

3. Hospital

Having a property near health care centres have always been a comfort for everybody. People in general have higher likelihood to rent a unit near hospitals because you will never know when you are going to fall sick and the best thing is to know the hospitals are nearby – which one less thing to worry, right? Not to mention that the health care employees such as nurses or doctors might be interested to rent a unit nearby.

4. Offices

Properties near office areas generally would be attractive to the workers working there – specifically young executives. There have circumstances where some young executives or fresh graduates starting their first job would opt to move to the city or state-hopping from their suburbs or villages. (add stats!) This provides golden opportunities for landlords near office areas to have a good rental margin.

5. Education Facilities

One of the business that have the least impact towards economic downturn – education sector and the people in it. Even when the economy is not doing too great, there will always be people going to school or universities. These people will always need a place to stay and they might stay on their own or with friends which is why having a property near education facilities are a great investment. It can help generate continuous rental returns. After one semester ends, another one comes – it is constant and sustainable. Students, teachers, lecturers, or even the general workers at these places will normally opt to find a nearby housing area to rent.

7 steps guide to buy a house – the complete guide

According to CNBC, in their article “Here’s why millions of millennials are not homeowners“, the number one reason people can’t afford properties is because they can’t afford the down payment and number two would be not being able to qualify a mortgage loan. While some people think that the process of buying a house is complex, here is the good news – it’s pretty simple!

You may have drove into neighborhood areas, flipped through newpaper or the property websites and think that you are getting serious to commit – you think you are ready to buy a house. This guide will take you into simple steps to help your purchase experience more straightforward.

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Step 1: Finding the right house

It never was easy to find the right house – even for myself. It takes a lot of time and effort to do this. You are going to have to check your financial strength, search on multiple websites, and ask someone with experience or a property coach – if you find one. Its a lot of work! Things like getting yourself insured or knowing “What’s the difference between master title, strata title, and individual title?” takes a lot of time and energy to absorb. But then again, this is the place you are going to live in or the asset that will grow you money. My property coach always said “if you don’t sweat looking for properties then you are not doing enough”. None the less, it is also the most exciting process to buy the right house. You may come across 2 or 3 houses shortlisted and I encourage you to visit all of them – you won’t know what you may missed!

Have a read on MRTT vs MLTT? Get yourself insured before buying a property to know what kind of insurance – in general, you would need to get a head start in your property investment journey.

Step 2: Call an agent/owner to inquire the property

Now that you have scoped down your choices, it’s time to call an agent for inspection – yippie!

This particular part is quite easy as most properties on sale or lease is either through a direct owner or an agent. Normally there will be advertisement boards at the front of the said units or listed in the property websites. But wait! This is very crucial step because you might have to wait longer if you screw up here – why?

Because we have to be careful of scams as some owners or agents are fake ones out there. How do we identify them? Here are some ways to ensure you won’t get scammed, I suggest the precautions as below:

  • Request a land tax invoice/original sales and purchase agreement from the owner. This is to show that the owner owns the property by paying taxes to the government
  • Request a ‘Real Estate Negotiator'(REN) number from the property agent. This can be done by asking for a card. You can check their numbers in the Board of Valuers, Appraisers, and Estate Agents Malaysia or your country’s respective Boards’ portal to see if their names are listed in the web. If they don’t, you may want to opt for another alternative to buy the house you wanted.

After all the verifications in terms of reliability is made for owners and agents, you can now rest assured and be in a more comfortable position to proceed with the inspection of your dream property – thumbs up!

Step 3: Arrange for an house inspection

During the inspection, make sure that there is no damage that may go unnoticed so that it will be easier to prove to the agent or owner that a certain damage has been there even before the purchase.

These are the things you should ask during house inspections, ask:

  • To take pictures of the property
  • How old is the property from the day it was built
  • Has the land title been issued. Strata title (for high rise properties), individual title (for landed properties) and master title (for any type of properties not given any individual or strata title)
  • Is there a caveat still attached to the property?
  • How is the rental potential?
  • Is it a leasehold or a freehold?
  • Why is the current seller selling the unit?

There are many other questions but these are the questions I consider important to know when buying a home.

Step 4: Put down a booking fee 3%

After you have made up your mind and you think that everything is good to go – it’s  booking time!

You will have to transfer 3% of the total purchase price of the property. That means RM 4,500 for a RM 150,000 worth of property. This payment of 3% is inclusive of the total of 10% deposit that you need to pay as part of the purchasing policy set by Malaysian government.

The balanced 7% will have to settle through a lawyer – not through AGENT or OWNER! as some people got scammed by paying all 10% to an agent or the owner – this is very important to take note.

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Step 5: Apply a bank loan and sign letter of offer upon bank approval

After you have placed your booking through payment of 3% – time to look for a banker!

Normally you would just apply to multiple banks. After that it is a matter of waiting for an approval decision by your banks – sometimes some of the banks will decline but hey, you still have few banks approved on your application. The last step is to compare the interest rates as derived from the bank loan agreement.

After you made up your mind and think you can live with the payment terms set by the banks, you let the banks know that you are ready to commit and you are all set! You will sign the Letter of Offer – this will officially grant you the funds you need to own your dream property.

“never sign sales & purchases agreement before you sign the  bank’s letter of offer”

You might get stuck with a property worth thousands without having a funder if you sign the S&P first before getting funded by the bank. That means, you may incur debt worth thousands which can get you into serious trouble for many years – so take note.

Interest Rates = 5% (base rate) + 1.3% (profit rate)

In most cases the profit rate does not or unlikely to change because the banks already set it at fix amount but the base rates are more likely to change over time – so pick your rates based on the profit rates of the banks!

Have a read on 4 Great Tips For Getting your Loan Approved to know more about loans 🙂

Step 6 : Appoint a lawyer

Now that your bank loan is approved – you have actually went through the storm. Now it is just a matter of appointing a lawyer to settle the rest. The lawyer help you prepare the ‘sales and purchases agreement’ and also the ‘loan agreement’ in order for the banks to be able to reimburse the agreed loan amount you made with the bank through the sign of the ‘letter of offer’ as stated in step 5.

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Step 7: Sign the Sales and Purchases Agreement

Here is the moment you are waiting for – yahoo! Now that everything is in place, once you sign the Sales & Purchase (S&P) agreement – you can now wait to receive the keys to your dream house and ready to move in!

Having to read this article to the end means you are really serious about buying a house – hope you get the dream house you wanted, good luck with the house hunt!