How much should my house cost?

Added by Mr. Anonymous at 22 March 2010 09:44 0 pts
It's my first time buying a house. I don't have any specific area yet, but I want to think about my budget first.
How much should my house cost? Is there any rule of thumb?

#3 by Mr. Anonymous at 27 March 2010 23:17 4 pts
cost of the house depends on what kind of house you are looking for, and the location. identify your needs first for eg. single, looking for a house for investment, or married with children,working in kl etc. then you'll eventually know what kind of houses suit your needs and roughly the cost. good luck! :)
#2 by Mr. Anonymous at 22 March 2010 23:19 2 pts
>> 1

that's good and all but if you're married, have 2 kids, work in kl and earn 2k a month, you're likely to rent than buying a house.
#1 by Experienced buyer at 22 March 2010 11:55 4 pts
doesn't really answer your question, but here's a tip:

"With an average monthly income of RM2,500, monthly repayment instalment would be something like RM850 per month and you would qualified for a RM130,000 loan amount. Repayment amount should generally not exceed 1/3 of gross monthly income. As the general rule, most house buyers will budget a purchase cost between 1.5-2.5 times their annual income. For example, a house buyer earning RM40,000 a year would buy a house that cost between RM60k to RM100k."

I got this from the iproperty website btw.

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