8 Reasons Why You Should Buy House In Young Age
In this articles, we will telling you that why you should buy a house while you still young. Here is the reason;
1. House Always Expensive
No matter what age you are buying a house, it’s always be a good investment and high return. If you have been working for a large number of years, you should buy a house wisely. Wisely, what does it mean? It mean a property location can affect its appreciation, so when you save enough deposit for down payment, you should look for a house that have good location – e.g., LRT, shopping mall etc.
2. Narrow Your Burdens
When you are on the age of between 20 to 30, perhaps you don’t have so much financial burdens as compared to someone who’s older. Why we will said that? Because most of the people at the age of 40 and above, they most probably have family and they need to spend a lot of money on their children’s education. Therefore, while you have less burden and no having your own kids yet, why don’t you start to paying off your house?
3. Don’t Waste Your Time
Don’t waste your time while you are in 20s. You may have a plan that you will buy a house in your 30s when you can earned a lot of money and maybe the house price has drop down. Wrong! The truth is, the house price will never drop down and when you are in 30s, most possbile that you are not able to afford for a house anymore as you may need to look after of your elderly parents and most probably you have a family of your own. By the time, your burden will increase as well as the house price has increased amazingly.
4. Money Isn’t Worthy
To against with inflation and drop of currency rate, purchase a house is the best and only way. According to the research, the money you have now may worth just a little while the value of a house will only grow up. So, use your money to invest in property and you will see the excellent result within 10 years.
5. One House Can’t Make Money
Don’t try to pay for 2 houses in hopes of selling off one house to earn extra money. You need to know that the interest rates are extremely high, only in the case that you paid for the house with cash. However, it is not advisable to buy 2 houses for investment as finding someone to buy your house immediately is impossible.
6. Always Have Practical Expectation
Do not expect a house with good location can be cheap. No way, the price of whatever property with good location are always extremely high unless your financial status is superb. For young people, the only way to purchase your first house is choosing the house that is low price or getting allowance from the government. (To read more about MyFirstHome Scheme, click here)
7. Invest In A House Now
As time goes by, most of the lands are being developed and land gets lesser and lesser, a house downpayment and interest rates will increase as well. You can see the case in Hong Kong, many young and older people can’t even afford a small apartment as its too expensive for them. Luckily, there is no such problem in Malaysia yet, but closer.
8. Younger Buy A House Easier
Once a person has reached 35s & above with certain amount of liabilities and responsibilities, the bank most probably reject their house loan application or narrow the period for repayment. When that happens, buying a house becomes much more difficult as you need to prepare a lot of money for repayment.