By Ho Jia Wen
Buying a home is an important decision, whether it is for your own stay or for investment. Of course, buying a home requires you to weigh many factors, but it is a decision that many of us would eventually have to make. As we enter into a post-pandemic era, with a recovering economy, better finances and many upcoming developments, it is time to put home buying back on the to-do list.
- A no-brainer
When you buy a house, you own the house. Owning a home brings stability and freedom because it is entirely your own space. You can design the home you want to suit your lifestyle. Buying a home also adds to your peace of mind because you can stay there for as long as you want without worrying that you will have to move at the end of your rental contract or be subjected to the landlord’s new demands.
- You have the money
You have been working for a couple of years and have a stable income stream along with sizable savings. One good indication is you have at least RM5,000 monthly income. After deducting your other expenditures, you find you have enough to pay the down payment and finance the monthly house loan. Money is the most important consideration, you don’t want to face the drastic consequences of failing to finance a mortgage.
- Don’t burn your money
You have been renting for years, and your landlord wants to increase your rent. Buying a house can be cheaper than renting especially when you are planning to stay in a place for the long term. If you are a first-time homebuyer, there are many government and private packages that can make your first purchase more affordable. Instead of paying monthly rentals which is money gone, use the amount for financing a house loan that pays towards home ownership.
- A safer investment
Property is a stable investment that would appreciate over time. It can be very profitable when brought wisely in good locations, such as in mature or developing townships. Since housing is a necessity, there is the possibility of getting a good resale value in the future. Moreover, the homes that you buy for investment can be rented out for a steady side income or help to cover your housing loan. If you are looking to invest, it is helpful to stay updated with property news, trends, and information at StarProperty.
- Inflation will kill you
The money you keep in the bank is susceptible to inflation and would devalue over time. Investing in property provides a good hedge against inflation as property would appreciate along with the rising inflation. Additionally, investing in property is relatively safer because it is less influenced by global markets, unlike other forms of investment like stocks and shares.
Interested in buying a property? You can start your house hunting journey with the StarProperty Awards 2022 Virtual Showcase which runs until July 14. The virtual showcase features properties from all over Klang Valley and other states like Perak, Penang and Johor. There is a wide variety of homes from high-rise to landed properties. You can visit the fair anytime and anywhere from your devices, just visit https://virtualfair.starproperty.my/ or download the app.