Hi all, hoping to get some honest perspectives.
My partner and I are a dual income couple (30s) with combined net household income around RM16k per month.
We currently own one condo (under one name) with an outstanding loan around mid-300k. Instalment is about RM1.5k per month and we’re planning to rent it out this year. Expected rent should roughly cover the instalment.
We are currently renting a place for 1.4k monthly. We’re now considering buying a landed home for own stay, price around RM930k to 1m.
Plan is:
• New landed under the other partner’s single name (lower income)
• 35-year loan
• Instalment estimated around low RM4k range
• No other major commitments, no kids. Our average monthly expenses are about RM9k.
Main concerns:
• Is this too aggressive for our income level?
• Would you wait longer before committing to a landed at this price?
Appreciate any real life experiences, especially from those juggling mortgage + rental at the same time.
Thanks in advance.
TLDR:
Early 30s couple, RM16k combined net income, holding 1 condo, considering RM930k landed under single name. Rent or buy? We welcome some slaps in the face.