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Tuesday October 15, 2013 MYT 12:00:00 AM
Tuesday October 15, 2013 MYT 1:59:27 PM
IT is disappointing that some young Malaysians are postponing their decision to buy property due to reasons like the location and that the properties are not ideal as stated in the recent report “Homeless Malaysians”.
It is better to buy a property now, within their means, even if the property is not ideal or the location is a bit far from their office.
Properties are a good cushion for inflation. Our country is aiming to be a high income economy by 2020 and once we achieve that status, one can imagine the prices of properties by then.
Many years ago, some of my colleagues bought properties. One bought a double-storey link house in Taman Melawati which was considered as not a very ideal location at that time.
In fact, many guests were late for the house warming as they had difficulty finding the house.
One guest asked him why he had chosen such a location. He told us that he wanted a bigger house and with a limited budget he could not afford such a property in Petaling Jaya which was near to his office.
He paid less than RM100,000 for that house.
Last week, my friend told me that a double-storey link house in Taman Melawati, similar to that of my former colleague, is worth around RM800,000.
Another colleague bought a single-storey house in Petaling Jaya near our office. I am sure the value of the single-storey house is now worth several times more.
It is better for young people to buy what they can afford and upgrade later when their financial situation improves.
If they do not have enough money for down payment for a three-room condominium, they can buy a two-room unit.
Most people reach the peak in their careers in their mid-thirties. When the time comes, the value of the not so ideal property will rise in tandem with inflation and they will have the option to upgrade.
When they buy a property, the commitment will force them to save and they will have the means to buy their ideal property in later years.
If they keep postponing because they are choosy, inflation will make it impossible for them to own a property and they will become homeless.
Therefore, I advise young people to buy now even though the location may be considered far as the Klang Valley is expanding rapidly and infrastructure will ultimately reach these suburban areas.
Just look at Rawang. Many years ago not many people realised that this location will be developed to what it is today. People who bought houses there are now laughing at those people who may have passed unpleasant comments on their choice. I was one of them as I told my friend several years ago that his decision to buy a semi-detached house there was not very smart.
Tags / Keywords:
Lifestyle, Property, letbuyprop
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