Blog

Disclaimer

This article is based on Trinity Auction Property Malaysia , we assumes no responsibility or liability for any errors or omissions in the content of this article.

RUMAWIP Secret in Buying Completed RUMAWIP Through Auction

Based on the link above, RUMAWIP may not be able to be auction off. The attempt to get a completed RUMAWIP project is no longer an option due to no consent will be given by the local authority (not stated in the FB posting specifically which local authority)

RUMAWIP Purchaser Benefit

This means if a RUMAWIP owner default on his/her mortgage payment; the property can’t be auction off and technically the RUMAWIP unit is still under the loan defaulter’s name. He/She basically can stay in the house for FREE as the will not be a court order to vacate the tenant!

The Million Ringgit Question

Is this an individual case if it is true? Or does it apply to all RUMAWIP (currently known as Residensi Wilayah Keluarga Malaysia)? This is truly an important question to be answer in the coming days by Kementerian Wilayah Persekutuan as the bankruptcy rate is expected to increase. This is probably the most interesting topic in Malaysia relating to real estate in 2023!

Unlocking Home Equity: Understanding Skim Saraan Bercagar (SSB) Reverse Mortgage

As Malaysia’s population ages, many seniors are faced with the challenge of ensuring financial security during retirement as it is no longer a secret that most Malaysians do not have sufficient savings in EPF. For homeowners aged 55 and above, reverse mortgage presents a unique opportunity to leverage the equity in their homes to supplement their retirement income. In this comprehensive guide, we’ll delve into the concept of reverse mortgage in Malaysia, its mechanics, benefits, potential drawbacks, and considerations for interested homeowners.

Understanding Reverse Mortgage in Malaysia:

Reverse mortgage is a financial product tailored for Malaysian citizens or permanent residents aged 55 and above who own a freehold property or leasehold property with remaining lease tenure not less than 90 years. It allows eligible homeowners to convert a portion of their home equity into cash without having to sell their property or make monthly repayments. The scheme is regulated by Bank Negara Malaysia (BNM) and administered by participating financial institutions.

How Does Reverse Mortgage Work?

1. Eligibility and Application: To qualify for reverse mortgage in Malaysia, homeowners must meet certain eligibility criteria, including age, property type, and ownership status. Upon meeting the requirements, homeowners can apply for reverse mortgage through participating banks or financial institutions.
2. Property Valuation: Once the application is submitted, the property undergoes a valuation process to determine its market value. The maximum loan amount that can be obtained through reverse mortgage is calculated based on factors such as the appraised value of the property, the homeowner’s age, and prevailing interest rates.
3. Disbursement of Funds: Upon approval, the homeowner can choose to receive the loan proceeds as a monthly payment. The funds can be used to cover living expenses, healthcare costs, home renovations, or other financial needs.
4. No Repayment Required: Unlike traditional mortgages, reverse mortgage borrowers are not required to make monthly repayments. The loan is repaid only when the homeowner permanently moves out of the property, sells the home, or passes away. At that time, the loan balance, including accrued interest and fees, is settled through the sale of the property, with any remaining proceeds going to the homeowner or their estate.

Benefits of Reverse Mortgage in Malaysia:

1. Supplemental Income: Reverse mortgage provides seniors with a valuable source of supplemental income during retirement, allowing them to maintain their standard of living and cover expenses apart from depending on their EPF and savings.
2. Security of Homeownership: Reverse mortgage allows homeowners to access the equity in their homes while retaining ownership and the right to live in the property for as long as they choose. This provides a sense of security and stability during retirement.
3. No Negative Equity Guarantee: In Malaysia, reverse mortgage comes with a “no negative equity guarantee,” which means that the homeowner or their estate will not be required to repay more than the value of the property at the time of repayment. This protects the homeowner and their heirs from owing more than the property is worth.
4. Tax Free: The money you receive monthly is not taxable!

Considerations and Potential Drawbacks:

1. Accrued Interest: The loan balance of a reverse mortgage increases over time as interest accrues on the principal amount borrowed. This can reduce the equity available to heirs when the loan becomes due.
2. Fees and Charges: Reverse mortgage transactions may involve fees and charges, including valuation fees, legal fees, administrative fees, and insurance premiums. These costs can impact the overall cost of the loan and should be carefully considered.
3. Impact on Heirs: Upon the homeowner’s death or when the property is sold, the loan balance, including accrued interest and fees, must be repaid. Depending on the circumstances, this repayment obligation may impact the inheritance received by heirs.

Conclusion:

Reverse mortgage by Cagamas offers a valuable financial tool for Malaysian seniors seeking to unlock the equity in their homes to supplement their retirement income. While it provides flexibility, security, and peace of mind, it’s essential for homeowners to carefully consider the terms, costs, and potential implications before proceeding with a reverse mortgage arrangement. Consulting with a qualified financial advisor and exploring alternative options is advisable to ensure that reverse mortgage aligns with one’s long-term financial goals and circumstances. With careful consideration and proper planning, reverse mortgage can be a valuable resource in achieving financial stability and security during retirement in Malaysia. As for Millennials and Gen Z, RUMAWIP offer best value for your money and with it’s low monthy loan repayment it is a practical option to be purchase as a first home and upon paying off it; you can opt for a Reverse Mortgage if EPF savings is not sufficient for retirement life.

Please take note, IT IS ONLY APPLICABLE IF YOUR RUMAWIP IS FREEHOLD.

Please subscribe to our TELEGRAM CHANNEL for RUMAWIP updates.

Elijah is an esteemed real estate agent who has dedicated his expertise to the RUMAWIP program since 2018. With a reputation for unwavering honesty, he navigates the real estate landscape with straightforwardness and analytical insight. Alongside his role as a real estate agent, Elijah shines as a marketing consultant collaborating closely with RUMAWIP developers. His dual perspective and commitment to affordability make him a trusted figure in the industry, consistently guiding clients and stakeholders toward informed decisions and successful outcomes.

Firstly, the 10-year duration starts counting from the date when your S&P (Sales and Purchase) agreement is stamped. It’s important to note that most RUMAWIP units require substantial renovation before moving in.

To ensure durability and maintain the condition of your RUMAWIP for the average 6-7 years before you are allowed to sell it, consider the following tips for renovating with durability in mind:

1. Choose durable materials: Opt for materials known for their durability, such as solid wood, plywood, and avoid lower-quality options like particleboard or MDF. For furniture frames and accents, select high-quality metals like stainless steel or aluminum.
2. Quality fixtures: Install high-quality fixtures made from durable materials like brass or stainless steel, such as faucets and showerheads. Look for trusted local brands like DOE, as expensive Italian brands may not be suitable for this market segment.
3. Water-resistant features: In areas prone to water exposure, such as bathrooms and kitchens, use water-resistant materials like waterproof drywall, moisture-resistant flooring, and quality sealants to prevent water damage. Purchase from hardware shops known for good-quality products rather than malls.
4. Prioritize storage: Install sufficient storage solutions like built-in cabinets, shelves, and closets to prevent clutter and maintain a tidy and organized space.
5. Consider maintenance: Choose materials and fixtures that are easy to clean and maintain over time, ensuring your condo remains in great condition.

Plan for the future: Think about how you might use the space in the future and select timeless design elements that appeal to a wide range of potential buyers if you plan to sell the condo in a few years.

By following these tips, you can ensure that your condo renovation is not only aesthetically pleasing and functional but also durable and built to last. To avoid dealing with never-ending defects, consider buying the materials yourself and paying the contractor for labor. Request a list of materials needed from the contractor and pay them more than their asking price, as workmanship is crucial.

For information on recommended brands for RUMAWIP renovation and updates on future RUMAWIP launches, consider subscribing to our Telegram Channel

Elijah Woo

1. Create a Telegram account: To start using Telegram for local group marketing, you need to have an account on the platform. If you don’t have one, simply download the Telegram app and sign up for a free account.
2. Join local Telegram groups: Once you have an account, the next step is to join local Telegram groups that are relevant to your business. You can search for groups related to food and beverages, or groups that are based in your local area or better create a local group in Telegram (click People Nearby, you’ll find it there)
3. Introduce your business: Once you have joined the relevant groups, the next step is to introduce your business to the group members. Post a brief introduction about your business and the food and beverage items you offer. Make sure to include the name of your business, your location, and the types of food and beverages you offer. The business name should be simple as your target customers is within the same condominium. For example, if you are staying in Sky Awani 3 and coffee is what you offer just call the Group or make your name “Sky Awani Coffee”. Everyone will instantly know you are nearby.
4. Offer promotions and discounts: To entice group members to visit your business, offer promotions and discounts. You can offer a discount on your products, or a special deal.
5. Share pictures and videos: To make your offerings more appealing, share pictures and videos of your food and beverages. High-quality images and videos can help to entice group members to visit your business.
6. Keep group members updated: Regularly post updates about your business, including new offerings, promotions, and discounts. Keeping your Telegram group members updated will help to maintain their interest in your business and encourage them to try any new product!
7. Create a menu. Set a reasonable price: Make sure to set a reasonable price for your food and beverages. Consider the cost of ingredients and overhead expenses when setting prices.

In conclusion, reaching out to potential customers within the same condominium and offer a wide range of food and beverage items, including coffee, bubble tea, desserts, snacks, cakes, ice cream, burger, kombucha, juice or smoothie, and Asian food like curry laksa, asam laksa, and sushi, can a great business model. By following the instructions outlined above, you can use Telegram to grow your business and reach new customers. THERE IS NO WAY GrabFood, FoodPanda, ShopeeFood or AirAsia Food can beat your pricing, delivery speed & the quality of your food (your cost is lower as you don’t have to share your profit with the delivery services hence your can use better quality ingredient) ! Remember simplify the name; Awani Coffee, Vierra Bubble Tea, Dutamas Dahlia Deserts (name it after the condominium) in order to attract the right customer (customer within the same condominium).

This website promotes RUMAWIP which is suitable to these type of business model as it is usually high density, affordable (max RM 300,000) for a 3 Bedroom 2 Bathroom size 800-900 square feet with full fledge condominium facilities.

PLEASE SUBSCRIBE TO OUT TELEGRAM CHANNEL FOR NEW RUMAWIP PROJECT LAUNCHES.

A sudden recession can have a significant impact on the real estate market, causing prices to decline and making it a challenging environment for investors. However, despite the challenges, real estate can still provide a viable investment opportunity during a recession if approached with caution and a solid understanding of the market. Here are some tips for investing in real estate during a sudden recession:

1. Research the market: Before making any investment, it’s crucial to research the real estate market in the area you’re considering. Look at recent sales data, current trends, and the overall health of the market to determine if it’s a good time to invest. In a recession, it’s also important to consider the impact of the recession on the local economy, as this can affect the demand for housing and, in turn, the value of real estate.
2. Focus on the long-term: While a recession can be a short-term setback, it’s important to focus on the long-term potential of the investment. Consider the history of the real estate market and look for properties that have the potential for growth in the long run.
3. Consider distressed properties: During a recession, there may be an increase in the number of distressed properties, such as foreclosures or short sales, on the market. These properties can provide an opportunity for investors to purchase properties at a lower price, but they should also be approached with caution. It’s essential to thoroughly research the property and the area to ensure it’s a good investment.
4. Look for areas with job growth: During a recession, areas with job growth are likely to have a more stable real estate market. These areas may not be affected as severely by the recession, providing a safer investment opportunity.
5. Work with an experienced real estate agent: Working with a real estate agent who has experience navigating a recession can be invaluable. They can provide insights into the market and help you make informed investment decisions.

In conclusion, investing in real estate during a sudden recession can be challenging, but with the right approach and a solid understanding of the market, it can still provide a viable investment opportunity. Research the market, focus on the long-term, consider distressed properties, look for areas with job growth (Malaysia will be a IT hub & most of these jobs is in KL), and work with an experienced real estate agent to increase your chances of success.

RUMAWIP is all in Wilayah Persekutuan, with a RM 300,000 price cap and 3 bedrooms and 2 bathrooms. Please subscribe to our Telegram Channel for new project launches.

The majority of RUMAWIP is dense, and that can be a positive factor. Telegram here can be a useful tool for businesses looking to reach customers in a the same condominium. Here are some ways businesses can use Telegram for location-based marketing:

1. Geo-targeted groups: Businesses can create Telegram groups based on location and invite customers within that area to join. This allows businesses to send targeted messages and promotions to customers in a specific region.
2. Location-based bots: Businesses can create Telegram bots that use the user’s location information to offer personalized recommendations or deals. For example, a food delivery bot could recommend deliver to doorstep or lobby (offering breakfast)
3. Location-based events: Businesses can use Telegram to promote location-based events and encourage customers to attend. This could include events such as group exercise trial within the RUMAWIP
4. Location-based coupons: Telegram can be used to send location-based coupons to customers, offering discounts or special deals for a specific location. This can encourage customers to visit the business’s physical location and make a purchase. For example home facial.
5. Location-based support: Businesses can use Telegram to provide location-based support to customers, babysitter services.

By utilizing Telegram’s location-based features, businesses can effectively target and engage customers in specific RUMAWIP, drive foot traffic to physical locations, and generate income!

High property costs make it hard for city dwellers, particularly those on low salaries, to buy and own a home. As a result, the RUMAWIP program was formed to provide residents of the Federal Territory with comfortable, high-quality, and affordable housing. This is never meant to encourage anyone to use it as an investment. Nevertheless due to the 10 years clause of not allow to be sold, BRRRR strategy is a necessity given there is excess of supply of high rise residential in the city when the RUMAWIP owner no longer decide to stay in Federal Territories.

The BRRRR (buy, rehab, rent, refinance, repeat) strategy is a real estate investment approach that involves acquiring, renovating, and renting out properties (RUMAWIP is usually bare unit), then refinancing to free up capital for the next acquisition. This strategy allows investors to build a portfolio of rental properties while minimizing the amount of cash they have to put upfront.

Here’s how it works:

1. Buy: The investor begins by identifying a property that has potential for appreciation and cash flow. This could be a fixer-upper that needs renovations or a rental property that is already generating income.
2. Rehab: Once the property is acquired, the investor carries out any necessary renovations to increase its value and make it more attractive to renters. This could include cosmetic upgrades like painting and flooring, as well as more extensive repairs like plumbing or electrical work.
3. Rent: Once the renovations are complete, the property is ready to be rented out. The investor sets a market rent and begins the process of finding tenants.
4. Refinance: After the property has been rented for a period of time (usually six months to a year), the investor can apply for a mortgage refinance. By refinancing, the investor can typically access a larger loan amount, which can be used to pay off the original purchase price and any renovations. The investor is now left with a property that is generating positive cash flow, and the cash that was originally used to buy the property is freed up to be used for the next acquisition.
5. Repeat: The investor can then repeat the process by using the freed-up cash to acquire and renovate another property, refinancing it to free up even more capital, and so on. (if one decided to purchase another property, he/she no longer can take on My First Home Scheme and must pay up 10% downpayment for new property purchase)

The BRRRR strategy is a way for investors to grow their rental property portfolio without having to come up with a large amount of cash upfront. It can also be a way to generate passive income and build wealth over time. In the RUMAWIP purchase, it is a backup plan when the purchased unit no longer suitable for the purchaser. Please take note that you are only allow to rent out to Malaysians within 10 years from S&P stamped date.

There is many misinformation going around about the location. Rest assure it is located in Sungai Besi and NOT in Bukit Bintang.

Site Address : Lot 481729 (PT 9749), Jalan Sungai Besi, Salak Selatan, Mukim Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.

Google Maps : https://goo.gl/maps/kAG7qn77UgD7roaWA

Please DO NOT apply for this project if you are looking for Bukit Bintang location.

Please subscribe to future RUMAWIP by clicking to HERE (download Telegram), we will never mislead you with the location 😉

Telegram, a popular messaging app, has become an essential tool for local businesses to market their services. One of the most popular strategy is creating a local group offering a specific service to its members, making it easy to access rather than offering variety of services which the group will be full of SPAM. If you opt to create a Telegram Channel, it will not be location based by default.

1. The group offers baby sitting services for busy parents who need a reliable and trustworthy person to take care of their children. This service is perfect for those who need someone to look after their kids while they are at work or running errands. Parents can find a sitter within the same condo, which is a convenient and safe option. A CCTV monitoring option for parents to check out on their children will be preferred.
2. Home cook food delivery. This service allows members to order home-cooked meals from local cooks who specialise in various cuisines. It’s a great option for those who want to enjoy a home-cooked meal without having to do the cooking themselves. The food is prepared by the residents of the same condo, which guarantees the authenticity and quality of the food. Whether you want to focus on Halal or Non Halal; both is doable as most RUMAWIP are 50/50 Bumi/Non-Bumi occupied.
3. E-hailing booking services, which allow members to easily book rides with just a few taps on their smartphones. This service is perfect for those who need to get around town quickly and efficiently. The e-hailing service is available for the residents of the same condo, which is a safe and efficient way to get around. As most RUMAWIP units only have one unit of parking lot, the demand for this service is definitely high. As one venture into this business, eventually private arrangement for monthly payment can be arrange. For example , picking different client from block A, B , C & D to a specific LRT station for a fix monthly payment.
4. For home repairs and maintenance, the group offers handyman services. Members can request for a handyman to come and fix things around the house such as a leaky faucet or a broken window. The handyman service is provided by the residents of the same condo, which ensures trust and reliability. Most of these skills can be learn in YouTube easily!
5. Car wash services are also available for those who want to keep their cars looking clean and shiny. Members can request for a professional car wash at their convenience. The car wash service is provided by the residents of the same condo, which ensures high-quality service.
6. Gym personal trainer services for those who want to improve their fitness. The personal trainer service is provided by the residents of the same condo, which ensures trust and reliability. This can be done in the RUMAWIP gym or can be a group training classes too!
7. Facial services for those who want to take care of their skin. The facial service is provided by the residents of the same condo, which ensures trust and reliability.
8. The group also offers swimming class services for those who want to improve their swimming skills.
9. Pilates class services for those who want to improve their flexibility and strength. For example RUMAWIP Sky Awani 3 roof top garden are join between 3 blocks, it can be use to conduct Pilates classes.
10. Piano class services for those who want to learn how to play the piano. You will need a piano for this 🙂
11. Guitar class services for those who want to learn how to play the guitar.
12. Tuition class services for those who want to improve their academic performance.
13. Violin classes or those who want to learn how to play the violin.
14. Creating a group serves as a platform for buying and selling items within the same condo also works, for example naming it Sky Awani 3 Market. Members can post their items for sale and reach out to potential buyers within the same community. This is a convenient option for those who want to sell or buy items without having to leave the comfort of their own community. The buying and selling group allows members to connect with each other and buy or sell goods and services within the same condo. This service is perfect for those who want to save money, time, and hassle when buying or selling items.

All of these services are marketed using the Telegram local group, making it easy for members to access and use them. The services are provided by the residents of the same condo, which ensures trust, reliability, and convenience. The Telegram local channel also allows members to communicate with each other, share information, and make arrangements for the services they need. The majority of RUMAWIP was constructed in congested areas; occupants will prefer not to simply drive out unnecessarily. The greater the density of the RUMAWIP, the greater the opportunity for business. Money does grow on trees when you have an optimistic and creative mindset.

Please subscribe to our Telegram channel for future RUMAWIP launches.

RUMAWIP (Rumah Mampu Milik Wilayah Persekutuan) is launched on March 28, 2013. During GE 13, Pakatan Harapan won the election and renamed it to Residensi Wilayah on 13 May 2019, with a new size requirement of “Minimum 900 square feet” imposed by then Federal Territories (FT) Minister Khalid Abdul Samad. After the Sheraton Move, the name remain the same till Dato’ Sri Ismail Sabri bin Yaakob is elected Prime Minister and made “Residensi Wilayah Keluarga Malaysia” the new name for this project. Now that Dato’ Seri Anwar bin Ibrahim is the new Prime Minister, the Kementerian Wilayah Persekutuan, which manages this affordable housing scheme, has been replaced by Jabatan Wilayah Persekutuan, led by Datuk Seri Rosida Jaafar, who reports directly to the Prime Minister’s department. The name of this affordable housing program is rebranded back to “Residensi Wilayah“.

Will the minimum size requirement of 900 square feet be made mandatory again?

You will know soon by subscribing to our Telegram Channel ; all about Residensi Wilayah & guarantee NO SPAM!