Summary : 1. Legal Costs (SPA , Bank Agreement,) 2. MOT (Memorandum of Transfer) 3. Strata Title Transfer Fee 4. Valuation Fee 5. Deposits (Maintenance, Utilities etc.) 6. MRTA / MLTA (Insurance) 7. Fire Insurance 8. Quit Rent (Cukai Tanah / Cukai Pintu)
@iherng
4 жыл бұрын
You're awesome Kimmy. This just saves everyone's time hahaha!!
@ezrayusuf
4 жыл бұрын
@@iherng and what would be the hidden cost if you buy property in cash?
@SEAsia_RTS
4 жыл бұрын
How much the cost for each of these? How many percentage roughly? So do we need to have at least 10% cash or can cover all this by markup the loan?
@Bambotb
3 жыл бұрын
What if you're buying everything cash
@shafhamid83
3 жыл бұрын
When we talk about legal fees, I think house buyers are unaware that they are being conned by lawyers. Now I am aware there are legal costs and someone needs to cover them but it looks like lawyers involved in property deals are making money from both sides (which they should not and is actually illegal to do so) Example: You can only buy & sell stocks through a stockbroker. If I buy stock through a broker and the agreed price is RM10,000, that is all I pay and I get the stocks I want. The broker will then take whatever fee they deemed is fair and pass the remainder to the seller. In any stock transaction, the broker probably agreed to buy the stocks from the seller at RM9,800 and sell it on at RM10,000 for example. So when buying property from a developer, if you are signing the SPA with the lawyer appointed by the developer, it is the developer who should pay the legal fees to the lawyer. Why? Because the: 1. The lawyer is appointed by the developer, to draft the SPA. They also act as the broker/middle man 2. The SPA will always be skewed towards the developer's interest 3. Should there be any disputes between us the buyer and the developer who is the seller, the lawyer will always side with the developer because the developer is their client Because of that, when signing SPA, the lawyer cannot ask us for any more money. It is actually illegal for the lawyer to ask us for money and say it is for their services rendered. The lawyer is not providing us the buyer any service! They are appointed by the developer/seller and thus the 'services rendered' is to them. If they need money to cover their legal costs, they need to ask from the seller who appointed them. The money should come from the money we pay to buy the house, i.e. the agreed selling price. So when you see new projects from developers saying free "MOT & Legal Fees" in a way it should be free in the first place. We are already paying a lot of money to buy a house so why should we pay more? In fact developers have already factored in the legal fee costs in the selling price anyway. Short answer is that if I am buying a property, I should only pay for the agreed listed price. Extra payments I make should only be stamp duty & government tax because these are fees going to government/housing authority. Lawyers should not and cannot make money from both sides! Stop being cheated by the system!
@Mikey-fo9mm
5 жыл бұрын
Keep up the good work young man. You are doing something thousands of young M'sian don't know yet. They will thank you later one day for saving them time & possibly heartache.
@iherng
5 жыл бұрын
Mikey Thanks man. How I wish there would be someone sharing these with me when I first bought my house. Anyway, thank you for sharing your thoughts. I appreciate the effort:)
@patoises
5 жыл бұрын
I have been binge watching your videos and subscribed. What I like most - your sensibility (what you say makes a lot of sense, most of the time) and openness (your willingness to share them, and help people with your knowledge). Good job! And good editing too...
@iherng
5 жыл бұрын
This just made my day!! That's one of the reason for channel, which is to help others in their acquisition of their first property as it can be really scary. Thank you very much for the comment and thanks for watching=) *can't stop smiling now
@resilientum
3 жыл бұрын
i’m trying to learn as much as i can before i start looking and making any decisions. your channel has been the most helpful and practical. thank you!!
@iherng
3 жыл бұрын
Happy to hear that Zoe!! Do share with your peers as well yea=)
@Surbana2
3 ай бұрын
@@iherng agreed. There are hidden costs which sellers and some agents would not tell us in the beginning. we learnt from yr experience. Thks.
@hasrulwayne
4 жыл бұрын
Thank you very much. You already highlighted every blind spot I can't see. :D
@iherng
4 жыл бұрын
You're most welcomed!! Thanks for watching =)
@moneybenny6522
4 жыл бұрын
Hands down most legitimate video in KZitem. Keep the great work man !!!!
@iherng
4 жыл бұрын
Wow, thanks! I appreciate the kind words!! Thanks for watching=)
@JeremySee
5 жыл бұрын
Extremely well communicated.
@iherng
5 жыл бұрын
Jeremy See Thank you very much for the kind words:)
@archiehalloway2428
3 жыл бұрын
Appreciate all the info and knowledge shared. You are the real deal! 👍👍👍
@leongsgp2
2 жыл бұрын
Thanks Sean, great content as always. very informative especially for 1st time buyers.
@iherng
2 жыл бұрын
Glad you enjoyed it Sebastian=)
@williamhayden2492
3 жыл бұрын
Superb Sean Tan!! DaiLou in property!!
@CarolKishen
5 жыл бұрын
Benefitted info. Thanks. Sir, please put video on project in progress and we starts paying the bank loan interest. Then, developer delaying in billing to bank.
@iherng
4 жыл бұрын
Yea, maybe I can explain the cash flow part of the business in one video. Thanks for suggesting!!
@jinglingyap6093
Жыл бұрын
Thank you soooo much for sharing!! 😊
@iherng
Жыл бұрын
Thanks for watching Jing Ling:)
@NplusO88
5 жыл бұрын
Can you do a video about air bnb or short term stay business in strata title and non strata title properties
@stevetan3822
3 жыл бұрын
Sean Tan...Great advice & Great work. All the Best 👏👍
@iherng
3 жыл бұрын
Appreciate it Steve!!
@wanashraf4489
2 жыл бұрын
a good share bro,keep up the good work,appreciate it very much,tq
@iherng
2 жыл бұрын
Thanks for watching Ashraf!!
@Lizara14
5 жыл бұрын
Soooooo helpful! Thank you 😭
@iherng
5 жыл бұрын
You're most welcomed!!
@mariam-fn4vt
5 жыл бұрын
Hi , i just found this channel , and it's so helpfull for me , thanks !
@iherng
5 жыл бұрын
Hopefully you learnt something yea=)
@DinKnight
5 жыл бұрын
This is a short but very important episode that I need to share with my clients buying their homes.
@iherng
5 жыл бұрын
Yea, I seriously wish that I knew all these before I bought my first property.. Anyway, thanks for watching!!
@azimahabshukor
4 жыл бұрын
I love your channel so much. I got a lot of information from you.
@iherng
4 жыл бұрын
Do share with your friends so I can help them as well yea=)
@bowlampar
3 жыл бұрын
Many hidden fees, charges and tax need to be aware of for first time buyer other than the property developer stated selling price .
@iherng
3 жыл бұрын
Thanks for watching Lam=)
@rinmansor
3 жыл бұрын
Very useful video. Thanks!
@iherng
3 жыл бұрын
Thanks for watching Rin!!
@Athena3838
4 жыл бұрын
Wow! This is an education... I had no idea! Thanks.
@iherng
4 жыл бұрын
Hopefully it'll be helpful. Thanks for watching!!
@azrainisahak
4 жыл бұрын
For fire insurance in strata land (in my case) the fees you paid for maintenance normally covers it as well, and you have to provide the certificate to the bank. Otherwise bank will charge you
@iherng
4 жыл бұрын
Thanks for sharing yea Azrain! I really appreciate it=)
@bgschecks6368
4 жыл бұрын
Thank you Sean
@iherng
4 жыл бұрын
You're most welcomed! I hope the information came handy=)
@hazzznain
4 жыл бұрын
Thanks man it was a great info truly appreciate it
@iherng
4 жыл бұрын
You're most welcomed! Thanks for watching yea. Do share around if you find value in this so I can help more people:)
@nss7230
Жыл бұрын
Thank you for the video. Really learned strata vs landed for the first time.If it is strata land, did you say maintenance fee is for first 3 months only?
@jennylim3447
2 жыл бұрын
Thanks for the advice.
@iherng
2 жыл бұрын
Thanks for watching Jenny!!
@hzwnnzm
5 жыл бұрын
good sharing... nice one
@iherng
5 жыл бұрын
Thanks Hazwan. Appreciate the kind words=)
@asyraf2057
5 жыл бұрын
Thanks dude for the vid. Very informative.
@iherng
5 жыл бұрын
asyraf2057 You’re most welcomed!!
@thevarajveeraiah9954
5 жыл бұрын
Hi Sean, thanks for the wonderful video. I’m a first time buyer with no clue on what going to be the hidden chargers. This video really gave me a detailed idea. I’m planning to get Rumah Wip at 300K price. How to contact you for further advice on this ?
@iherng
4 жыл бұрын
The purpose of these videos is to show you guys what kinda information to ask from your agents or salesperson and I'm confident they'll help you accordingly *because you're paying their fees anyway=) All the best in your pursue yea!!
@KeepingItRealBro
5 жыл бұрын
I waited a long time for this video. You really should've put all of it in writing for a better overview. Every percent counts, bro!
@iherng
5 жыл бұрын
Haha... As detailed as usual bro!! Thanks for watching as usual =)
@ivarvoorel3590
5 жыл бұрын
hey man, thats wonderful, good job, tnx, it is my 1st watch here, tell me are you real estate broker? thank you for your reply
@iherng
5 жыл бұрын
Hi Ivar. Thanks for watching !! I really appreciate it. I'm not a real estate broker but is there anything that I can help you with?
@rnurmin4967
4 жыл бұрын
Found your channel and subscribed. Great information. Question: the hidden cost you mentioned in this video is a one time cost right (incurred during transaction and getting the keys)?
@iherng
4 жыл бұрын
Thanks for subscribing. Do share with your friends who are getting their property as well so they don't get surprised with the amount of fees they need to pay. Anyway, some are one time, some are occurring... But the one timers are the hefty ones unfortunately=/
@jonaafr
Жыл бұрын
U are talking about technicalities. Whatever cost incurred are obligations and there is no way around it. But it doesn't stop there, there are always hidden cost.
@iherng
Жыл бұрын
Thanks for watching John;)
@muddyjoe73
3 жыл бұрын
Very helpful .Thank you
@iherng
3 жыл бұрын
You're most welcome!! Thanks for watching 😁
@hasics94
5 жыл бұрын
Hai, can you do a video about tenancy agreement, what is it, what need to be in there, the details and also the procedure and fees needed for the tenancy agreement to be valid. Thanks. Cheers. Love the videos.
@iherng
5 жыл бұрын
Hi there. Coming up!! Thanks for letting me know.
@Kho66666
5 жыл бұрын
So i should prepared 20%? 10% for DP and 10% for those hidden cost :D?
@iherng
5 жыл бұрын
It depends whether is it a sub-sale or new property. So for subsale property, then it's around 18% if you're buying within the price range below RM 1million. If the price exceeds RM 1m then it would be even higher...
@Kianrui
4 жыл бұрын
What age should I buy my first property? How much salaries should I get if I want to buy a House??
@haziqhaime5345
4 жыл бұрын
I need more vid like this💯💯💯
@iherng
4 жыл бұрын
More coming up!! Thanks for watching Haziq=)
@nadhirahhamzah8947
4 жыл бұрын
Tq for sharing all these info!!
@tharumarajah2189
3 жыл бұрын
Hi Sean, have heard about legend or ledger account ???
@atomicowl-
2 жыл бұрын
So how many % should we calculate, if not 10%, should we calculate 15% downpayment?
@puifong82
5 жыл бұрын
Hi Sean I’m about to decide if I need to buy a new house or a sub sale since new developer are giving me lotsa free legal fees, stamp duty of spa, moc, free kitchen cabinets, stove hood & hob, free air conditioners, free maintenance fee for 1st year move in... so my question to you is should I go for this new property instead of going for sub sale unit?
@iherng
5 жыл бұрын
Hi there chea. First of all, thanks for watching. It boils down to what's the intention of buying that property? There's this old video I've made before regarding this topic, maybe you want to check it out first Link: kzitem.info/news/bejne/yrBolo6XcaRnp6g If there's any further questions, feel free to email me at taniherng@gmail.com =)
@puifong82
5 жыл бұрын
iherng yeah very helpful I’ve been following and subscribing your KZitem channel
@jenifferyixuan6280
5 жыл бұрын
Hello Sean, I’m now planning to buy a condo 1100 psf with RM660k, I’m okay with it because it’s located at Puchong. But my parents suggest me to buy subhouse landed house. Can you please give me some suggestion?
@iherng
4 жыл бұрын
First of all, this will sound quite direct but may I know who will be paying for the property yea? If they're assisting you with the down payment, then I would suggest you to go for the landed home because the initial capital can be quite hefty. But if you're gonna buy yourself, then a new condo would be way easier on your cashflow. Personally, it's great when your parents are involved in the process where you'll understand the difference of context between our generation and theirs. But they will always prefer landed homes as capital appreciation has been the ONLY thing they look at for property those days... Do let me know further on how can I be helpful. DM me via my IG for faster reply =)
@alikhan3848
Жыл бұрын
nice video thanks sir ...sir how about 100000 Malaysian can buy property or not and apply for citizenship..
@iherng
Жыл бұрын
Erm, I'm not too sure about the recent changes of our MM2H program. Let me check.
@shazrinyusof8550
4 жыл бұрын
Thank you for sharing the info :)
@iherng
4 жыл бұрын
You're most welcomed. Thanks for watching Shazrin!!
@shazrinyusof8550
4 жыл бұрын
@@iherng i just discovered your channel. Keep up the great work, Sean. Very informative videos, for a newbie person like me who doesnt know much about real property. Just subscribed to your channel..hehe. Will definitely watch all your videos.
@ammararal
5 жыл бұрын
Thanks for tips
@iherng
5 жыл бұрын
You're most welcomed! Hope this video came in handy=)
@nadhirahhamzah8947
4 жыл бұрын
Please make a video on how to buy a house for salary below 2k..please please please..tq!!!!
@reef557
4 жыл бұрын
I'm from USA, I wanna retire there. I'm not in retirement stage yet, but I wanna buy a home now, so I can go back for vacation. Also while I'm working I wanna pay it off. Does all these fees apply to me? Any advice on who and how to go about to buying a home? Thank you in advance
@iherng
4 жыл бұрын
Hi there. As for the cost, these applies to the home ownership irregardless to where you're from. As for buying a home, it's really up to your preference. Kindly go through my channel to go the topics of landed vs highrise, new property vs secondary market, and etc to guide through your decision making process=)
@ryce80s
4 жыл бұрын
Hey! I'm looking to buy a home in Malaysia to retire young. Ive heard they lowered the required money to purchase home to 600k n over? What do I need to go about or do you have a video explaining this? Ive been looking into mm2h visa still bit unclear
@iherng
4 жыл бұрын
Let me try to prepare something yea=)
@zulzali17
4 жыл бұрын
Hi... So what's the recommended budget.. Price of property + 20%?
@iherng
4 жыл бұрын
18-20% would be fine. Thanks for watching Ali=)
@zulzali17
4 жыл бұрын
@@iherng thanks..
@kohlee888
5 жыл бұрын
👍🏻
@ivanlow7338
5 жыл бұрын
Hi Sean, just wondering.. wheres the Perfection of Charge fee? Btw, GREAT video
@iherng
5 жыл бұрын
Ivan Low It’s the process when the bank somewhat takes control of the property before giving the buyer the loan. That process is called “charge”. So you’re paying for the legal documentation and administrative process lah:) Hope that helps.
@dc6958
5 жыл бұрын
Hi Sean, what is the yearly assessed fees? Is it only for rental properties?
@iherng
5 жыл бұрын
It's called Assessment Tax, it's a tax that property owners need to pay to local council office twice a year. The amount is usually determined with a percentage on the rental rate of that particular property. If you're a tenant, then have no worries=) Anyway, thanks for watching!!
@_syedadli_3511
5 жыл бұрын
hi...can you do the list houses under RM500,000-RM700,000???
@iherng
5 жыл бұрын
Hi there. I'm not sure if I get your question correctly. If you mean to look for properties within that price range, I would suggest to search those on property portals such as iproperty, property guru, prop social and etc instead. But if you meant to list the cost of those that I mentioned for properties within that range, there are also formulas online to assist. I would be challenging to calculate here as most of the cost are calculated based on tier.. How bout if you provide me with a fixed price, then it would be easier=) Anyway, thanks for watching yea!!
@_syedadli_3511
5 жыл бұрын
Iherng wc....i had checked website that you gave...tq yea...btw how we can know that price of property can pass with our salary???or any formula to buy properties???...
@alfq87
5 жыл бұрын
Great tips!
@iherng
5 жыл бұрын
Glad you like it bro!!
@alfq87
5 жыл бұрын
You should do review on advantages buying property in 2019. Got a lot of advanges and free stamp duty & etc.
@jeremytan1605
5 жыл бұрын
Do we need to pay valuation fee for a residential non landed property that just launched? I was told to pay at mizu residence
@iherng
5 жыл бұрын
Jeremy Tan Usually it’s covered by the developer for pre-constructed units. Is the for the completed units?!
@jeremytan1605
5 жыл бұрын
@@iherng it's a completed unit. But the developer reimbursed in the end haha
@iristan5628
3 жыл бұрын
Hi Sean, Thanks for this Sharing of this video. It’s very informative and useful. I would like your advices and follow up too as am interested to purchase a piece of land in a few months time (5-6 months). We will be retiring soon and would like to invest freehold land in Malaysia with a mini resort with orchard if possible. Land to have durian trees and other fruits is the best n ideal for our future plans. Do u know of such opportunities? We have relatives in KL to help us see the land. Will you be interested to service us ?
@CYBRCDZEN
3 жыл бұрын
is majority of malaysia freehold or leasehole? is there even fee simple? if freehold whats the longest you can hold ownership for example a condominium in KL, and whats the circumstances when the property can be revoked? thanks.
@iherng
3 жыл бұрын
I'm not too sure about the percentage between freehold against leasehold because it's purely up to the jurisdiction of the State Government. I've witnessed where leasehold were converted into freehold upon application. Freehold means in perpetuity = forever. In our National Land Code, there's a clause stating that if your land is within the zone of development for the country, they can still acquire your land forcefully, but at market price. Hope these clarifies=)
@AK57612
3 жыл бұрын
yup, I'll be renting my whole life then 😂
@iherng
3 жыл бұрын
Hahahaha. Thanks for watching Kawaii=)
@chongkitty8964
5 жыл бұрын
👍👍👍
@iherng
5 жыл бұрын
=)
@godgash
5 жыл бұрын
Haiz now only saw this video
@iherng
4 жыл бұрын
Alamak, what happened?!
@godgash
4 жыл бұрын
@@iherng nola hidden fees didn't rdy cash rolling and renovate spend 40k.. Not enuf cash to get my design.. So 40k design for rent only.. Sigh
@adamadnand
3 жыл бұрын
If im buying house for 900k from a developer lets say from sime darby, how much do i need to have? Is 15% of 900k enough?
@iherng
3 жыл бұрын
Usually less than than because it's often the time only booking fee of around RM 10k max, provided if you get 90% financing loan from the bank. 15-18% is around the rate for sub-sale properties already=) Thanks for watching Adam!!
@gaaneshsundrammoorthy6570
4 жыл бұрын
like this dont wanna buy house la........
@iherng
4 жыл бұрын
It's to make informed decisions bro... instead of just being crippled by it. Thanks for watching yea=)
@anoihardy106
4 жыл бұрын
i find this video is really helpful for me. im a 22 years old guy who is excited to invest in properties especially in malaysia
@iherng
4 жыл бұрын
Glad to hear that. It's always better to be informed !!
@Onion_Knights
3 жыл бұрын
One more, Agent fee if it involve one
@iherng
3 жыл бұрын
That's not really HIDDEN but thanks for sharing Chris hahaha=) I really appreciate it!
@Onion_Knights
3 жыл бұрын
@@iherng hmm.. yea lol but i tend to forgot about agent fees when i "try" to buy my 1st house. Dunno who is the one who pay, the seller or the buyer
@iherng
3 жыл бұрын
That differs to local cultures. In KL seller pays the fees, but in JB the fees is split between buyer and seller. Interesting findings for me:)
@Onion_Knights
3 жыл бұрын
@@iherng ahhhh, ok ok, then have to ask the agent. Thanks!
@lengkm6379
2 жыл бұрын
Bro consent fee pay by buyer or by seller
@iherng
2 жыл бұрын
What's consent fee?? Agent fees?
@rogersmith1408
4 жыл бұрын
Normal stuff
@iherng
4 жыл бұрын
Unfortunately not common to first time buyers.
@dennisang96
2 жыл бұрын
why this video showed up on my recommendation video on my YT so late ? all saving burned
@iherng
2 жыл бұрын
Owh no....
@1jh963
16 күн бұрын
The longer you talk the less likely will buy a property better rent a room
Пікірлер: 146