Calculation on Moving in Cost

We have been browsing for options available before we purchase our home.A friend of my mine gave this link which I find very informative and useful.Perhaps if you are also intending to purchase a house, you can have a look at this website www.money3.com.my.This is Malaysian website so the calculation is based on Malaysian policy.

I did mention about moving in cost. I discover that the cost for moving in is quite high. So the rough figure for our future house is more or less like below.For Rm250k house with 80% loan

Part 1) Sales & Purchase Agreement (S&P) S&P is a written contract signed between the buyer and seller stating amongst others, the terms and conditions under which a property will be sold

Tiered Rate Purchase Price (RM) Payable Amount (RM) First 150,000 : 1.0% 150,000 1,500.00 Next 850,000 : 0.7% 100,000 700.00 Next 2,000,000 : 0.6% 0 0.00 Next 2,000,000 : 0.5% 0 0.00 Next 2,500,000 : 0.4% 0 0.00 Exceed 7,500,000 : 0.3% 0 0.00 Legal Fee 2,200.00 5% Service Tax 110.00 Est. Disbursement Fees 1,000.00 S&P Legal Fees 3,310.00

Part 2) Memorandum of Transfer (MOT) MOT is payable upon transfer of title from vendor / developer to purchaser

Tiered Rate Purchase Price (RM) Payable Amount (RM) First 100,000 : 1.0% 100,000 1,000.00 Next 400,000 : 2.0% 150,000 3,000.00 Exceed 500,000 : 3.0% 0 0.00 Stamp Duty 4,000.00

Part 3) Loan Facility Agreement A loan facility agreement is a contract entered into between which regulates the terms of a loan.

Tiered Rate Loan Amount (RM) Payable Amount (RM) First 150,000 : 1.0% 150,000 1,500.00 Next 850,000 : 0.7% 50,000 350.00 Next 2,000,000 : 0.6% 0 0.00 Next 2,000,000 : 0.5% 0 0.00 Next 2,500,000 : 0.4% 0 0.00 Exceed 7,500,000 : 0.3% 0 0.00 Legal Fee 1,850.00 5% Service Tax 92.50 Est. Disbursement Fees 1,000.00 Sub Total 2,942.50

Part 4) Execution of Loan Document

Tiered Rate Loan Amount (RM) Payable Amount (RM) Total Loan Amount : 0.5% 200,000.00 1,000.00 Stamp Duty 1,000.00

Gile beb nak dekat RM12k ni!!!

Well basically there's 2 agreement we need to have which is
1. between you and vendor
2. between you and your bank(if you were to make loan which I am sure 98% malaysian do not buy their house by cash :D)

So you can see the part 1) and 2) is the agreement between you and vendor and part 3) and 4) is for the bank.

From what I have been reading and asking, the options for us to buy a house can be categorized into 3 which is :
1. new development (by purchasing new houses(in progress or not even started) we can usually get waived on the part 1) and part 2) which is absorbed into the total price of the house.But we still have to pay for the part 3 ) and 4))
2. Second hand house (By purchasing this kinda house you have to pay for all parts 1), 2), 3) and 4) which I think is the most expensive option)
3. Auction house (by purchasing this kinda house, you will save on part1) since the Proclaimation of sale can be the SnP agreement between you and the vendor which is usually the bank and usually the cost will not exceed Rm500(ke free eh?I think I have to check on this again) but other parts you still have to pay.But buying auction houses, usually the condition of the house is quite bad and you have to add the renovation cost in your budget before you can move in)

So from the options above, our 1st option will be number 3 since we want to stay in Semenyih and there's no new development in Semenyih.But if we decided to live in Bangi, then option number 1 will be our first priority.

Hmmm