ASKING SEAN #052 | SHOULD I SELL MY PROPERTY AT A LOSS?

In this episode, we will address a question regarding selling property at a loss.
This audience is facing some difficulties to sell the property, and now he is considering to sell below his buying price. My take is first to rent out his current unit, either the entire unit to a tenant, or to divide them and subletting out the room individually. Although that might require more work but the return will be higher. If capital is a problem, I would suggest to utilize the zero interest installments available on e-commerce websites to furnish up those rooms to attract tenants.
Next would be to sort out the tenure of financing. I suspect that this audience might not maximize the tenure, hence he's facing some financial difficulty on making ends meet. If the intention is to get another unit for own stay, selling the property currently at a loss will not help the situation also.

[rafiqmuhamad]

Awesome reply Sean. I have almost the same answer in that scenario. Just my 2 cents, you only sell at lost if your property is located in a deserted area that is not rentable. But his property is in Kelana Jaya, a hot area for rental. There is no reason why it must be sold. For a 550k condo, the installment cannot be that high, unless if you take short tenure. So you can refinance it and probably got cashback some more (to buy new property) and then break into rooms and rent them out.

[cikong]

Thanks for doing two videos per day. Keep up the good work.

[roychong]

Can do more videos in 1 day, really appreciate your insight. Been watched even since covid 19, doing more research before touching any property.

[yinflychan]

if selling the current house at a loss, it is better to take that house for own stay right

[siewchintan]

Just wondering, ain't it's good to pay more in advance to shorten the loan tenure and save the interest? Mostly ppl around will tell so.

[Jshen]

Great content. Btw, will a condo value deteriorate over the years as it aged or stay stagnant? Assumed it's located in a mature township like MK.

[stloh]

I don't get it. He stuck with one property & yet he want to purchase another. Its like getting married. After purchase close your eye. There is always something better & easier. Too bad you make your choice. In life sometimes you just have to 'tahan sakit' & made the best out of it.

[kevinkhor]

Do you know how to find unsold units from the developer? Any websites?

[vincentng]

Hi Sean, which area of Kelana Jaya got good rental? Near LRT there or?

[davidjames]

What website to view unsold completed units?