WAS HOUZKEY WORTH IT?? | EP 06

[@CH1709]

I've been following your channel since your research series-it’s hard to believe it’s been 4 to 5 years already! Congratulations on your new home! Time flies, and I really appreciate how you’ve continued creating such helpful content and documenting the entire process for us. Keep up the great work!

[@johntanyuehan]

Houzkey on paper it sounds good. but when it comes to process is super messy... because there's too many version, and no proper PIC etc.... i am in the midst of converting mine (I believe same package as you) and been headache after headache so far. hopefully can get it sorted soon

[@iherng]

Thanks for sharing the frustration John. Hopefully mine will be smoother after a year. I shall document the process tooZ

[@Jeffrey8891]

Agree with John.

[@JessieWong-u9p]

Sean.. this condo unit has some missing sector in the compass😢… luckily u consulted feng shui master to correct it

[@iherng]

Technically most intermediate units will have, especially when it comes with a void. Thanks for highlighting.

[@eisenw33]

I like the location of this property.. super close to the park.. got lots of greenery around.. golf course... And technically walking distance to pavillion BJ (though most Malaysians won't walk lah).. congrats on your new property! Newcomer to your channel here.

[@iherng]

You missed out the most important point of myself, which is the golf course view:) Thanks for watching!!

[@interactiveledger8990]

Those that bought using the conventional way (non houzkey scheme) got more discount in the form of rebates right?

[@iherng]

Yupe, but if calculate based on the savings from no progressive interest then it’s about the same:)

[@fraeck]

congratulations for your new home

[@iherng]

Thanks. Working on the renovation now:)

[@leewong5580]

Congratulations, finally review your new home

[@iherng]

Not really review yet lah because I had the larger series to complete first from research to booking, to applying loan and completion, now renovation until moving in.

[@ris019]

Nice watch.. what kind is that?

[@dinong5909]

Is an absolute nightmare for me, as the spa price are being overpriced, after completion the value drop 20%, and in order to exercise the option to purchase, u won’t be able to get the loan to cover 90% of it, or 100% as advertised, there is a 100k upfront to own the house So now I’m far more away from dream of owing my own place, and locked myself for paying rental If u can’t afford it, then don’t try afford it with houzkey, a lot risk that sales person won’t inform

[@ericck9869]

Good insight

[@iherng]

Thanks for sharing your side of the story which I think it’s important. But if you’re under Houzkey, just take the 5 years tenancy instead of converting into housing loan to minimize losses.

[@dinong5909]

@@iherng true, the benefits is exit after 5 yrs, but the cost of it will be easily close to 100k servicing only interest, for which, it could be btr off stick within affordability range, or juz delay the purchase, my salary when I sign up, gotten key, and at the point of writing this comment been easily up more than double, so it more a personal lesson I won’t say, delay it, or forget abt it, unless a great deal that so good ur property end up appreciate, else overprice new development with houzkey is not worth it

[@alantang8222]

@@dinong5909 so do you mean that when you convert back to normal loan, the loan will recalculate again based on the current market value?

[@ehsan.j.88]

@@dinong5909 thats what i figured out regarding houzkey/rent to own..who decide SPA prices? developers in cahoot with banks..its an open secret that actual nett purchase is 10-13% less then SPA, most new home does not require you to pay so much in deposit, it disappears under the guise of rebate/promo etc. I think Houzkey is good if you're looking for a forever home, i dont mind having the 5 year option to try out living in a very atas place/bungalow..and have the option after 5 years to ditch the place if i dont like it. Anyway the 5 years of so-called paying only interest is similar if you were to rent your house, there is no actual loss unless you are overstretching yourself with the Houzkey rent.

[@abdhayyi8483]

so in a way for your version you also not eligible to become one of JMB committees as you are not the owner?

[@iherng]

I think so too. A lot of hidden consequences based on the version of Houzkey I signed.

[@willembont4790]

Congratulations with your new home. Looks like you made all the right moves to make this acquisition into a success story. May you and your family live long, healthy and prosperous.

[@iherng]

Appreciate the kind words Willem:)

[@spdfazar]

when will your eco ardence unit VP ?? congrats sean !! 🎉🎉🎉

[@iherng]

That will be next year:)

[@patoises]

please share after renovation and cost

[@iherng]

Yea... that will be the next video... This is when inflation is truly felt:(

[@andytyemd]

That people take hockey after five years? What happens if they don’t convert to a home loan? Will the unit be pushed to subsale or auction? Where can I find property listings for this? Are there cheaper options to consider?

[@Bryantchak23]

You need to find new home to rent~

[@heyizwanizzat]

Hi iherng, I took the scheme and now waiting for the project to be completed. However, mine is different as yours as mine need to sign the SPA at the lawyer’s office. And my scheme said it’s 100% financing which means I can convert to financing after a year without any additional payments to be made nor the downpayment. The amount of “financing” also reflected in my CCRIS. Does yours also reflected in your CCRIS or only after you convert it into financing?

[@alantang8222]

Hi, i also took the scheme and signed the SPA at the lawyer's office. My understanding is, once you convert back to normal loan, all the charges such PI, down payment will include into your loan. If you choose refinance to other bank, you still need to pay back the PI and down payment (if you developer required). My CCRIS also showed my houzkey program lah

[@heyizwanizzat]

@ hi, yes that’s why it said 100% financed but only can convert to normal loan after a year of “renting” with Maybank. So during the initial process of converting, we don’t have to pay for anything anymore. Unlike iherng’s one, he didn’t sign the SPA.

[@hueyxiangwii7038]

haha possible to share your Fengshui sifu ............?

[@luqmanamir8702]

Is the total money paid to the bank higher with houzkey compared to conventional loan? Or subsetted by the no progressive payment?

[@iherng]

That's only until VP, also because the progress was delayed due to the lockdown therefore the no progressive part was enjoyed. But the first year of rental paid is not calculated part of the settlement for the loan, therefore some might think it's actually wasteful to 'rent' the house.

[@luqmanamir8702]

@@iherngalso when transferring the “rent” into loan after 5 years, will need another set of legal and MOT fees right?

[@Ghkant9635]

Yo bro, are you going to do a full review on this property? 😂

[@AlbertAcero-w7s]

Hi, Sean, who is a feng shui master do you recommend? I think when my Edelweiss condo VP. I will consult the feng shui master before the makeover guy starts renovation work

[@jalapenocheesecake5370]

In Malaysia, it's easier to know which one to avoid rather than finding a reliable one. It really depends on whether you click with the master. But definitely avoid someone like Louis Loh and Master Paw.

[@kianhuigoh7300]

What is the property name?

[@sriramramasamy9900]

The tropika Bukit Jalil

[@KennethNg-c9d]

Hi Sean, are you hokkien?

[@iherng]

My mom is:)

[@NazreenNasaruddin]

Any restriction if we want to rent out if houzkey

[@iherng]

Technically we shouldn’t lah as we are tenants. Doing that would be sub-leasing already.

[@devgrohl]

nice bro

[@JeffErin]

Hi bro got contact for Feng Shui master? Haha

[@iherng]

Let me get a link for you:)

[@nickloong]

Better to opt out of the scheme and back to a conventional housing loan ASAP bro. Keep it simple!😅👌

[@iherng]

Well I can only opt out one year later. So let’s see lah.

[@Billywkm]

hi neighbour! hope to bump with u soon! :)

[@ericlai3221]

hello neighbour

[@iherng]

Hello hello:)

[@helix99999]

why iherng so lucky

[@iherng]

Because I work very hard. The harder we work, the better we get ready for the opportunity when they are presented.

[@jamesleong8667]

I tot u ady owned a home

[@iherng]

Many of them actually hahahaha. But this was part of the documentation from scratch to showcase the thought processes behind.