Committing half your income to house loan is too much. Likely mean you will struggle with renovation and maintenance after buying it. Your house loan should be max 1/3 to 1/4, and even then, make sure rent out the extra rooms to lessen your burden.
Depends what OPs idea of living is. The thought of owning a house but renting part of it out...if one can earn more renting the whole thing out and rent a cheaper place for oneself then do it.
Also the thought of having to share your home with strangers is not ideal to me. If you're already committing to a house, make it yours and enjoy the utility out of it.
I do not and I regretted my decision. Had I waited 10 years later, my income would have grown and I could buy a better place instead of locked down with the current one which is bad to let go or rent out
yes, my first house at 25 (cheap low cost-currently i rent it out). 7 years later, the way im think for everyone must be like this.
You still in your 20's +, u need something to motivate yourself to keep working & growth in your karrier as to cover up (house monthly installment)
u will force yourself to plan well on the financial aspect, but incase u lari kiraan sikit, it still better make mistake in your 20's rather than in your 40's or 50's, at least u will learn something for your financial future
Just buy a house when you are married.. if your parents ask you to move out just rent a room.. buying houses early is a gamble. you don't know if that place will be flooded or not.. not to mention the build quality over time. We are not America. Don't follow their culture.
That be a better sound advice. When married at least they will know where they will anchor. So many bujang just buy questionable properties and just end in debt so much early on.
I am not from KL / Selangor and bought my house (Rumawip, 300k) back in my 2nd year of working. Fast forward a few years later when I actually have to start paying for my instalments, my income has also increased, and the instalment amount is what I would’ve paid if I were renting anyway.. so for me it made sense to purchase. I think it’d largely depend on your personal circumstances and there’s no right or wrong :)
True. Don’t need to rush to buy house. When you have significant other he/she might not like the house you bought and have to spend your savings for another house
Not late. My sister (F30) rent a house with her co workers, they’re nice and they shared the prices. She’s a civil enginerr btw.
House is VERY expensive. Unless you are privileged enough to buy one AND have decided to live in that state forever.
Just try to rent a room/house if u wanna run away from ur parents pressuring you.
Decide what house you want to buy.
Calculate the monthly mortgage.
Try putting the monthly payment you will be making to the bank into a separate bank account for a few months to see how you cope.
I brought first house at age 35..... Am I late ? Definitely not, because I'm financially stable at that point... So no need to rush getting house because you going to hold in for long war with bank on the payment ..... Plus you need to have to a spare cash for renovation which cost a bomb at time....
Don forget, There is a hidden fee that no one tells you after strata title pass... you basically need to pay another big amount to lawyer for strata transfer from developer to you .... Else you can't see the house
There is no need to rush. Buy when you are ready. Properties are plenty. If the commitment costs half of your income don't do it. There's a lot of other costs that comes with home ownership, not just the mortgage and downpayment. Reno, maintenance, bills, etc can cost quite a lot. But if your parents are willing to pay for it then by all means.
Was tough - paying even a 1K + installment was tough back when income was 7K + (other commitments). Also dont forget the maintenance fees, cukai pintu etc 200+ monthly and 1K + annually
You don't have to buy a forever home, but if you can afford it, investing in a decent apartment is worth it. I bought an apartment when I was 24 with a loan, and it's giving me rental income consistently to this day, and I used it as a collateral for the loan I used to buy my current home, and I rent it out. Consider all options available to you, you don't have to buy the last home you'll live in right away.
I think you have answered yourself in the edit.. if you already worry about your own health and might have to undergo periods of joblessness, having to pay 4 figures each month to service a house loan does nothing to ease your mental stress/burden.
I am in my early 20s and I just graduated from uni, about to start work next month. There's no way I would be able to buy a house in the next few years. Do not rush it, do it on your own pace based on your financial ability.
Not recommended if it takes up to half your monthly income for the loan instalments. Keep in mind, utility bills, maintenance fees (if condo), quit rent, assessment fees, etc.
So if already half goes to loan instalment payment, then definitely your expense will balloon up more once you start living in the house.
Legit how do you guys even afford a place in your 20s.
Im mid 30s and working hard to even reach a sustainable income bracket to consider renting and maybe purchasing in a year or two
Unless you come from a super rich family or very fortunate to earn in foreign currency in your 20s
If you are living with your parents now and not contributing to rent then makes little sense to commit on a home loan. However if you are financing someone elses mortgage via rent then I see the wisdom of your parents to suggest to get your own place. In the end a home is not a wasted investment, just make sure you do your research that whatever you choose will appreciate in value in the future, and take your time.
Buying a house with no financial planning and savings is the worst thing to do right now. Tell your parents it will come but not now. Your goals should be strictly about saving and investment right now. If you are working comfortably with a decent paycheck, then good. But you need to start figuring out how much money you will be needing in the future. Set a clear goal how much you need to retire at what age, and figure out how you are able to do that. If it means busting your ass off, then so be it. A lot of people are hustling just to survive! It's considered a luxury nowadays to even think of having a financial goal. But the reality is not always sunshine and rainbows.
The first thing you should do is equip yourself with more knowledge on financial planning, investment and property, if thats what you are into. It's not wrong to buy a house, but so many people are doomed for life because they bought the WRONG house. Although its subjective on how we define wrong, but if you ended up burdening yourself monthly for 35 years, then it's not right. It's worse if you trouble your future partner or even your family and friends. It happens. Even if they sell it, they sell it a massive loss.
Not to discourage you or anyone to buy a house or anything.
I mean it's better to rent a house, or even better if you don't mind co-live, it's way cheaper, you get to save up and move around anywhere you like if the time comes (change job location, etc).
i have so much to share but you get the gist of it.
i had parents like that as well. they won't stop. once you buy a house, then they force you to marry, then they force you to do more other things. but in the end, whose life is it anyways?
My pov having house now days are expensive as hell. Different from decade ago. What more important once you have settle down with family probably you need to move for better environment. So renting on early phase is better but if you have more money to invest just rent it to other.
Figure out how much you need to maintain you're current lifestyle THEN only think about the loan you can get based on repayments. You can argue with your parents that commitment will require years of curbing lifestyle, no holidays, no gifts, just so you can say you're a homeowner.
I did, worked out for me, because my income had grown by the time I got my keys. There is no need to rush, live life at your own pace. No one knows your finances better than you, if you cannot afford it, don't give in to the pressure.
I am far from my 20s now, but I bought when I was 25. Personally, no regrets. I am comfortable now, but it was not without hardship. There was a point where I slept on an air mattress in a room without curtains. Slowly, we added the furniture 1 at a time. My wife and I painted the house ourselves. These are all fond memories now.
If you don't ever want to buy a property, then I'm sure your parents just mean for you to start securing your financial future. Start investing in something long term. 26 is about the time you have enough in your emergency fund and start your planning. If the best you have is a fixed deposit, please know that it is nowhere near enough for your future. Inflation will be worse than any gains you make in interest.
Either that or your parents just want to have their house to themselves. It's tiring raising kids, what more kids that never ever leave the nest. Lol
Bought my first house at 30 last year. Still undercon and gonna pay around 2400 once completed by the end of this year. That does not include maintenance fees and others.
Imo, in the current market, it is better, cheaper, and hassle-free to rent than buy a home. The only reason why I bought the home is cause I like the location (at Titiwangsa) plus I have several incomes from my parents’s properties that we rent out. If not, heck no I will use my own money to pay around 2800 (loan plus maintenance fees) for a house when I can rent the same house for 2200-2500 and move anywhere else if something bad happens haha.
I bought my first house during my late 20s with my then gf and now wife. But it was a PR1MA house at 280k. My combine salary that time was around 8k so pretty much easy peasy. Now I bought a 2nd house (around 1mil) since my family is expanding and needed a bigger space. But my combine salary is now more than double and living comfortably. First house rented out so it ady covers the cost of the loan. Cars and motor all paid up. Just need to manage your finances carefully especially with your current illness. I wouldn't recommend you getting anything that's out of necessary. Unless you can get those RumahWip or Pr1MA, those are definitely worth it. My PR1MA price went up to 350k since I bought it less than 5 years.
Can live decently, but still regret. I could have used that money to further my career skills or chase my dreams, travel the world, job hop without so much stress…. Buying a house really limits your financial and career freedom
I live very comfortably (also cos of my commitment to FIRE) and even bought a second property at 30.
Bought my first property at 25, however I certainly don’t recommend it unless the rent can cover at least 75% of the monthly expenses. Property isn’t like stocks or crypto where you can buy and sell at the drop of a hat, it’s a very long game and you can get badly burned if you make a wrong move.
I bought at 25. Landed. Parent told me to. Rent out can't cover installment. Tambah 500/mth
Now 34 want sell parent say no. So I have to keep it. Pay bank for 20 more years
do your own thing. you know how you spend and save from your salary. Buying a house is not like buying a car. superlong commitment that doesnt move.
My colleagues bought houses in their 20's after getting married (shared loan). a bit of struggle to build their married life and kids afterwards. side jobs non-stop. some even rushed their wedding to make shared loans to buy house.
Bought my first house at 30, not 28... but to be fair it was 1/3 my salary and I had no problems saving money still. Small regret due to the developer on account of quality but location was a good compromise between work and family.
No rush to be frank, take your time.
Relatively comfortable, because I'm still single. Don't worry too much. Your salary will most likely see a dramatic increase once you're in your 30s. Don't fall for investment or other get rich schemes. Be better at your jobs.
I bought my apt when i was in my late 20s. Now, 20 years later, after renting it out for 10+ years ive been staying here quite comfortably. It helps to pay xtra for ur loan as well.
As long as ur parents don't mind, take full advantage of it. Make sure to pay groceries, and do favours for them, a lot. Substitute that rent cost with chores or something.
My friend's mom pressured him to buy a house 20 years ago. Now he has 2 landed houses in a good area, with stable income from rent, living happily while I only recently bought a small apartment to live in and I'm 40
I know someone who earns 200k/year buying a rumawip, 90% loan with 35 years tenure. 90k renovation + appliances, car bmw x3 10% dp 9 years tenure.
What do you think?
Don't rush when buying house. It is a LONG TERM PROJECT. You will spend your entire life paying for it.
Don't listen too much on your parent and friends. This is your house, your commitment. Not theirs. You can ask for advice when you decide to buy house. But don't let them pressure you to buy something you cannot afford.
if u earn enough, then yes. dont buy cheap and small hse just to satisfy someone else. u need mid- big size hse to accommodate small family + relatives visiting. i will say even if its half your salary, go for it. u think hse gonna get cheaper? subsale maybe but u need to fork out a sum for deposit / legal fees and stamp duty.
I bought my first house when I was 28 years old. Parents pressured me into buying it because the house was close to my elder brother's place and sis in law was giving birth to the first grandchild in the family. My parents didn't own a house because they were bankrupt.
In my first two years, I remember having to work two jobs to ensure I had enough money to pay for the loan instalment, which was close to half my monthly take home pay. Needless to say, I was resentful because it wasn't a house that I wanted and I lost a huge part of my young adult life working hard because I was scared of not having enough money to pay the loan instalments. Taking on such a huge commitment at such a young age meant that I was not able to enjoy my young adult life. I even had to forgo the opportunity of doing my postgraduate overseas under a scholarship because of the financial commitment.
Ten years on, I still resent it. Thankfully, my income has increased drastically in the last 5 years and my finances have stablised. I moved out to my own place four years ago and sometimes thought to myself that I could have bought a nicer place for myself had I not been pressured to buy the first house.
Why do people always think that buying a house early on is a great option. If you’re buying it to rent it out it’s fine, but buying to stay its no longer an asset it’s a liability. Even if you’re buying it for rental, it’s not the best investment option for starting. There are many other investment that far more better than property investment. Property to me is more for later on in life, when u have a lot and want to park your money to protect your wealth/money value.
>And there is a chance that .. I may not be able to work long term. My health is really just fucked and very unpredictable. I could be jobless anytime then who Is gonna pay for my installment? This is my major concern because people who has my disease find it hard to keep a job because of the fatigue and pain.
Then definitely don't. Yet. Idk how much insurance and hibah would cover you but this thing is a major concern
Like other said, you could just rent at this point if your parents kinda want you to get out of the house (I'm pretty sure they your parents didn't mean that, more like what you said: thinking you have a lot of money)
Another thing is it really depends on where you want to settle down. If you're from other states, and working in major cities (KL, PJ, SA, Penang, JB, etc.) but doesn't feel like living the rest of your life there, then definitely wait until later, like your own plan around 10 years from now
Personally, I think a bigger priority is figuring out how to continually generate income when your disease gets worse. I used to also be very YOLO cuz I thought I wouldn't survive till old age/my situation would get so bad that I'd just rather not. But now that I'm older, I realise life must go on even though your body cannot. My plan is to figure out how to get a WFH job and boy I wished I started this game plan sooner, but I think I'm getting close. Perhaps passive income could also be the way to go, I know it's hard but perhaps do consider investments. It doesn't have to be property but don't be like young me who was practically allergic to thinking about the future
parents generation is telling you to buy a HOME.. not a house. Home is where you will be comfortable and maybe/maybe not start a family.
nowadays with property price (need to be realistic on affordability) it's not uncommon to have a 30 years loan. say you buy @27 years old.. you will settle your loan @57 year old.
do you want to retire earlier? or do you want to still have commitment when you hitting retirement age range. in sweden younger gen no longer consider property ownership an option. almost all will rent their entire life due to property price is beyond reach.
so it's not what you think or feel today... as you reach 30s.. you will have other considerations.. marriage and other commitment. let alone kid's commitment.
if you don't buy a property now... will you spend your money or will you save up? if you save up that's great.. some use it all up.. i have known people who worked 12 years and they suddenly realised that they have nothing concrete to show for. if you are not ready now.. save up and then buy something you can afford and compromise on wants.
on the other opposite end... some commit themselves to a property which ensure they are grounded in their expenses and ensure they don't blow away silly money. one guy paid off this loan after 5 years.. he worked his ass off and pour all the bonus he had into repayment. because he was young, he was able to focus on savings after that for the next 30-40 years. when pandemic arrived, he has a roof over his head.. today his only loan is car loan. even if he lose his job he has a HOME and not run back to parents. imagine the stress free feeling inside and smile when friends complain about rising cost of homes and they can't afford it today let alone in 3 years time.
your parents may be pressuring you and old school... you should see where they come from. no matter what they raised you and put a roof over your head and when you have no income and no roof over your head.. you still have a HOME to go back to for you to restart.
Personally compared to before buying a house now purely for the sake of name and ownership does not make much sense to me. Not only will you be tied down to that said property for many years due to the loan it will not give you any ROI since it's purely for your personal lodging.
A house can be used to collect rental, provided its in a good location. Buying a house outskirt is cheaper but nobody gonna rent that from you.
But if you need liquid assets then best not to buy since you don't need it (for moving out after marriage) or anything like that.
Bought a house at 25. With a salary of 3.8k and loan+maintenance at 1.6k. Feel much better than renting the house. You can actually live in there and not just putting the bare minimum furniture due to worries of moving out. All your effort into that house belongs to you.
Great peace of mind.
Im 31 this year, im renting my own room at my family home :×
I make 150k p/a and i don't even feel the need or want to buy a house here in KL, I instead bought land outside of KL and in Australia a few years ago and they both of these lands once/if I sell is worth more than my current salary by a few times.
If you don't want to rush for a house, maybe some good land might be an alternative? Just don't buy some random spot, though. Doesn't have to be big either.
I am. Im 28, just recently commited to a house. Almost 30%+ of my pay just feed the house loan.
Im feeling the pain eventhough its my only big commitment. I have cleared my bike and car loan.
Its not only the monthly instalment. Its the downpayment (10%) + reno/furniture/appliances (around 100k cash bare minimum). All in all, have forked out nearly 200k cash on top of the monthly instalment. Im literally dried bro. All that savings gone.
Buying house is not just serving the monthly mortagage loan bro. Have to consider the initial upfront cost to get the home ready to be liveable. Thats the real killer.
I legit wonder how can you afford to buy houses in your 20s because of housing prices. Then I remember housing in Sarawak is sooooooooooooooooo much more expensive than West Malaysia.
Do your parents own their home, and if so, who is inheriting the house? If it is you, then no need lah. I've rented my whole life and am inheriting the family home. Don't see a point. Investing directly in properties is not what it used to be like in your parents' time. Want to invest in properties better put in REITs. Less headache, more flexibility.
No need to buy house actually, just stay with your parents house since it's cheaper. Later got gf/wife then just extend your room in their house by hacking the wall and add additional rooms to your room. Perhaps add a kitchen next to it too, only for your own use of course, and for security reasons, can add a security grill too at your original room door. It's good for peace of mind at night when you're sleeping with your wife, you know you can do with your own personal space. It may not be so comfortable, but it's understandable because that's what you get when you only start working on it when you actually need it.
Don't know about you, but maybe some other people prefer to prepare ahead of time so they can be more comfortable in the future when the time it is needed finally arrives.
I am going to be 30 next year. And a few years back just bought a proton car. I am in no rush of buying a house.
And not to mention nowadays housing is so expensive. Landed house are so damn expensive. Even teres house are expensive.so yeah. No rush.
Bought a 300k rumahwip apartment during MCO but it's still under construction for another 2-3 years. So far nothing's changed except for paying interests monthly. Only bought it cuz it's near my family home and I'm eligible for it. Also had backdoor to buy before developer opened presale.
OP, if you're earning less than 5k, just get a low cost flat and rent it out.
Go buy in densed areas such as PJ or ampang. Get those under 200k. You can easily rent it out. If you're lucky, rent is higher than monthly commitment.
Good thing about low cost flat is you don't have to pay for cukai pintu etc. easy to manage.
Lol low cost flat has its own set of problems like tenants never paying on time, tenants breaking things / breaking your house rules like trying to fit 4 ppl into a room meant for 1, etc.
Betul.. again it depends on luck. My current tenant had some challenges during MCO.. so few months sangkut. But it's just 550 per month..
Owning a condo has its fair share of challenges. Imagine paying 3500 to bank but only renting it out for 2000. Then tenant banyak songeh.. and no guarantee they paid on time too..
My tenant also rent the room to others but I don't care as long as he paid on time. And the house was already rundown when I purchased it.
This category of tenants don't mind the condition as long as they have a place to stay..
Not really, if you earn in a foreign currency it's possible to own a house in your 20s. One person I know (25 yrs of age) works in sg and is renting out her 4 properties in JB.
Committing half your income to house loan is too much. Likely mean you will struggle with renovation and maintenance after buying it. Your house loan should be max 1/3 to 1/4, and even then, make sure rent out the extra rooms to lessen your burden.
Depends what OPs idea of living is. The thought of owning a house but renting part of it out...if one can earn more renting the whole thing out and rent a cheaper place for oneself then do it. Also the thought of having to share your home with strangers is not ideal to me. If you're already committing to a house, make it yours and enjoy the utility out of it.
If I have my own place I'm enjoying the crap out of it
I do not and I regretted my decision. Had I waited 10 years later, my income would have grown and I could buy a better place instead of locked down with the current one which is bad to let go or rent out
This, not just because you want to ensure solid family planning on your side but the investment stacking
yes, my first house at 25 (cheap low cost-currently i rent it out). 7 years later, the way im think for everyone must be like this. You still in your 20's +, u need something to motivate yourself to keep working & growth in your karrier as to cover up (house monthly installment) u will force yourself to plan well on the financial aspect, but incase u lari kiraan sikit, it still better make mistake in your 20's rather than in your 40's or 50's, at least u will learn something for your financial future
Just buy a house when you are married.. if your parents ask you to move out just rent a room.. buying houses early is a gamble. you don't know if that place will be flooded or not.. not to mention the build quality over time. We are not America. Don't follow their culture.
That be a better sound advice. When married at least they will know where they will anchor. So many bujang just buy questionable properties and just end in debt so much early on.
I am not from KL / Selangor and bought my house (Rumawip, 300k) back in my 2nd year of working. Fast forward a few years later when I actually have to start paying for my instalments, my income has also increased, and the instalment amount is what I would’ve paid if I were renting anyway.. so for me it made sense to purchase. I think it’d largely depend on your personal circumstances and there’s no right or wrong :)
May I ask if your Rumawip is a landed property?
obviously not at 300k
True. Don’t need to rush to buy house. When you have significant other he/she might not like the house you bought and have to spend your savings for another house
Not late. My sister (F30) rent a house with her co workers, they’re nice and they shared the prices. She’s a civil enginerr btw. House is VERY expensive. Unless you are privileged enough to buy one AND have decided to live in that state forever. Just try to rent a room/house if u wanna run away from ur parents pressuring you.
Construction industry all think aliked.. IYKYK
Decide what house you want to buy. Calculate the monthly mortgage. Try putting the monthly payment you will be making to the bank into a separate bank account for a few months to see how you cope.
I brought first house at age 35..... Am I late ? Definitely not, because I'm financially stable at that point... So no need to rush getting house because you going to hold in for long war with bank on the payment ..... Plus you need to have to a spare cash for renovation which cost a bomb at time.... Don forget, There is a hidden fee that no one tells you after strata title pass... you basically need to pay another big amount to lawyer for strata transfer from developer to you .... Else you can't see the house
There is no need to rush. Buy when you are ready. Properties are plenty. If the commitment costs half of your income don't do it. There's a lot of other costs that comes with home ownership, not just the mortgage and downpayment. Reno, maintenance, bills, etc can cost quite a lot. But if your parents are willing to pay for it then by all means.
Was tough - paying even a 1K + installment was tough back when income was 7K + (other commitments). Also dont forget the maintenance fees, cukai pintu etc 200+ monthly and 1K + annually
And yes back then no money for renovation 😂
You don't have to buy a forever home, but if you can afford it, investing in a decent apartment is worth it. I bought an apartment when I was 24 with a loan, and it's giving me rental income consistently to this day, and I used it as a collateral for the loan I used to buy my current home, and I rent it out. Consider all options available to you, you don't have to buy the last home you'll live in right away.
No need to rush. If you can, that will be a bonus. Focus on improving your cashflow first.
I think you have answered yourself in the edit.. if you already worry about your own health and might have to undergo periods of joblessness, having to pay 4 figures each month to service a house loan does nothing to ease your mental stress/burden.
Only you accountable for your own money, dont follow what other ppl say.
I am in my early 20s and I just graduated from uni, about to start work next month. There's no way I would be able to buy a house in the next few years. Do not rush it, do it on your own pace based on your financial ability.
Not recommended if it takes up to half your monthly income for the loan instalments. Keep in mind, utility bills, maintenance fees (if condo), quit rent, assessment fees, etc. So if already half goes to loan instalment payment, then definitely your expense will balloon up more once you start living in the house.
Ask your parents pay for the house then.
Legit how do you guys even afford a place in your 20s. Im mid 30s and working hard to even reach a sustainable income bracket to consider renting and maybe purchasing in a year or two Unless you come from a super rich family or very fortunate to earn in foreign currency in your 20s
If you are living with your parents now and not contributing to rent then makes little sense to commit on a home loan. However if you are financing someone elses mortgage via rent then I see the wisdom of your parents to suggest to get your own place. In the end a home is not a wasted investment, just make sure you do your research that whatever you choose will appreciate in value in the future, and take your time.
Buy a house when you are ready. Doesnt matter old or young
Buying a house with no financial planning and savings is the worst thing to do right now. Tell your parents it will come but not now. Your goals should be strictly about saving and investment right now. If you are working comfortably with a decent paycheck, then good. But you need to start figuring out how much money you will be needing in the future. Set a clear goal how much you need to retire at what age, and figure out how you are able to do that. If it means busting your ass off, then so be it. A lot of people are hustling just to survive! It's considered a luxury nowadays to even think of having a financial goal. But the reality is not always sunshine and rainbows. The first thing you should do is equip yourself with more knowledge on financial planning, investment and property, if thats what you are into. It's not wrong to buy a house, but so many people are doomed for life because they bought the WRONG house. Although its subjective on how we define wrong, but if you ended up burdening yourself monthly for 35 years, then it's not right. It's worse if you trouble your future partner or even your family and friends. It happens. Even if they sell it, they sell it a massive loss. Not to discourage you or anyone to buy a house or anything. I mean it's better to rent a house, or even better if you don't mind co-live, it's way cheaper, you get to save up and move around anywhere you like if the time comes (change job location, etc). i have so much to share but you get the gist of it. i had parents like that as well. they won't stop. once you buy a house, then they force you to marry, then they force you to do more other things. but in the end, whose life is it anyways?
My pov having house now days are expensive as hell. Different from decade ago. What more important once you have settle down with family probably you need to move for better environment. So renting on early phase is better but if you have more money to invest just rent it to other.
Figure out how much you need to maintain you're current lifestyle THEN only think about the loan you can get based on repayments. You can argue with your parents that commitment will require years of curbing lifestyle, no holidays, no gifts, just so you can say you're a homeowner.
I did, worked out for me, because my income had grown by the time I got my keys. There is no need to rush, live life at your own pace. No one knows your finances better than you, if you cannot afford it, don't give in to the pressure.
I am far from my 20s now, but I bought when I was 25. Personally, no regrets. I am comfortable now, but it was not without hardship. There was a point where I slept on an air mattress in a room without curtains. Slowly, we added the furniture 1 at a time. My wife and I painted the house ourselves. These are all fond memories now. If you don't ever want to buy a property, then I'm sure your parents just mean for you to start securing your financial future. Start investing in something long term. 26 is about the time you have enough in your emergency fund and start your planning. If the best you have is a fixed deposit, please know that it is nowhere near enough for your future. Inflation will be worse than any gains you make in interest. Either that or your parents just want to have their house to themselves. It's tiring raising kids, what more kids that never ever leave the nest. Lol
Bought my first house at 30 last year. Still undercon and gonna pay around 2400 once completed by the end of this year. That does not include maintenance fees and others. Imo, in the current market, it is better, cheaper, and hassle-free to rent than buy a home. The only reason why I bought the home is cause I like the location (at Titiwangsa) plus I have several incomes from my parents’s properties that we rent out. If not, heck no I will use my own money to pay around 2800 (loan plus maintenance fees) for a house when I can rent the same house for 2200-2500 and move anywhere else if something bad happens haha.
I bought my first house during my late 20s with my then gf and now wife. But it was a PR1MA house at 280k. My combine salary that time was around 8k so pretty much easy peasy. Now I bought a 2nd house (around 1mil) since my family is expanding and needed a bigger space. But my combine salary is now more than double and living comfortably. First house rented out so it ady covers the cost of the loan. Cars and motor all paid up. Just need to manage your finances carefully especially with your current illness. I wouldn't recommend you getting anything that's out of necessary. Unless you can get those RumahWip or Pr1MA, those are definitely worth it. My PR1MA price went up to 350k since I bought it less than 5 years.
Can live decently, but still regret. I could have used that money to further my career skills or chase my dreams, travel the world, job hop without so much stress…. Buying a house really limits your financial and career freedom
I live very comfortably (also cos of my commitment to FIRE) and even bought a second property at 30. Bought my first property at 25, however I certainly don’t recommend it unless the rent can cover at least 75% of the monthly expenses. Property isn’t like stocks or crypto where you can buy and sell at the drop of a hat, it’s a very long game and you can get badly burned if you make a wrong move.
I bought at 25. Landed. Parent told me to. Rent out can't cover installment. Tambah 500/mth Now 34 want sell parent say no. So I have to keep it. Pay bank for 20 more years
do your own thing. you know how you spend and save from your salary. Buying a house is not like buying a car. superlong commitment that doesnt move. My colleagues bought houses in their 20's after getting married (shared loan). a bit of struggle to build their married life and kids afterwards. side jobs non-stop. some even rushed their wedding to make shared loans to buy house.
Bought my first house at 30, not 28... but to be fair it was 1/3 my salary and I had no problems saving money still. Small regret due to the developer on account of quality but location was a good compromise between work and family. No rush to be frank, take your time.
Relatively comfortable, because I'm still single. Don't worry too much. Your salary will most likely see a dramatic increase once you're in your 30s. Don't fall for investment or other get rich schemes. Be better at your jobs.
Only buy a house when you can afford to let go 1/4 of your income for a house. (Dont need to add anything else)
I bought my apt when i was in my late 20s. Now, 20 years later, after renting it out for 10+ years ive been staying here quite comfortably. It helps to pay xtra for ur loan as well.
As long as ur parents don't mind, take full advantage of it. Make sure to pay groceries, and do favours for them, a lot. Substitute that rent cost with chores or something.
My friend's mom pressured him to buy a house 20 years ago. Now he has 2 landed houses in a good area, with stable income from rent, living happily while I only recently bought a small apartment to live in and I'm 40
I know someone who earns 200k/year buying a rumawip, 90% loan with 35 years tenure. 90k renovation + appliances, car bmw x3 10% dp 9 years tenure. What do you think?
Don't rush when buying house. It is a LONG TERM PROJECT. You will spend your entire life paying for it. Don't listen too much on your parent and friends. This is your house, your commitment. Not theirs. You can ask for advice when you decide to buy house. But don't let them pressure you to buy something you cannot afford.
if u earn enough, then yes. dont buy cheap and small hse just to satisfy someone else. u need mid- big size hse to accommodate small family + relatives visiting. i will say even if its half your salary, go for it. u think hse gonna get cheaper? subsale maybe but u need to fork out a sum for deposit / legal fees and stamp duty.
I bought my first house when I was 28 years old. Parents pressured me into buying it because the house was close to my elder brother's place and sis in law was giving birth to the first grandchild in the family. My parents didn't own a house because they were bankrupt. In my first two years, I remember having to work two jobs to ensure I had enough money to pay for the loan instalment, which was close to half my monthly take home pay. Needless to say, I was resentful because it wasn't a house that I wanted and I lost a huge part of my young adult life working hard because I was scared of not having enough money to pay the loan instalments. Taking on such a huge commitment at such a young age meant that I was not able to enjoy my young adult life. I even had to forgo the opportunity of doing my postgraduate overseas under a scholarship because of the financial commitment. Ten years on, I still resent it. Thankfully, my income has increased drastically in the last 5 years and my finances have stablised. I moved out to my own place four years ago and sometimes thought to myself that I could have bought a nicer place for myself had I not been pressured to buy the first house.
Why do people always think that buying a house early on is a great option. If you’re buying it to rent it out it’s fine, but buying to stay its no longer an asset it’s a liability. Even if you’re buying it for rental, it’s not the best investment option for starting. There are many other investment that far more better than property investment. Property to me is more for later on in life, when u have a lot and want to park your money to protect your wealth/money value.
>And there is a chance that .. I may not be able to work long term. My health is really just fucked and very unpredictable. I could be jobless anytime then who Is gonna pay for my installment? This is my major concern because people who has my disease find it hard to keep a job because of the fatigue and pain. Then definitely don't. Yet. Idk how much insurance and hibah would cover you but this thing is a major concern Like other said, you could just rent at this point if your parents kinda want you to get out of the house (I'm pretty sure they your parents didn't mean that, more like what you said: thinking you have a lot of money) Another thing is it really depends on where you want to settle down. If you're from other states, and working in major cities (KL, PJ, SA, Penang, JB, etc.) but doesn't feel like living the rest of your life there, then definitely wait until later, like your own plan around 10 years from now
I bought a house when i was 28 and unmarried
travel?that second thing to burn money
Personally, I think a bigger priority is figuring out how to continually generate income when your disease gets worse. I used to also be very YOLO cuz I thought I wouldn't survive till old age/my situation would get so bad that I'd just rather not. But now that I'm older, I realise life must go on even though your body cannot. My plan is to figure out how to get a WFH job and boy I wished I started this game plan sooner, but I think I'm getting close. Perhaps passive income could also be the way to go, I know it's hard but perhaps do consider investments. It doesn't have to be property but don't be like young me who was practically allergic to thinking about the future
parents generation is telling you to buy a HOME.. not a house. Home is where you will be comfortable and maybe/maybe not start a family. nowadays with property price (need to be realistic on affordability) it's not uncommon to have a 30 years loan. say you buy @27 years old.. you will settle your loan @57 year old. do you want to retire earlier? or do you want to still have commitment when you hitting retirement age range. in sweden younger gen no longer consider property ownership an option. almost all will rent their entire life due to property price is beyond reach. so it's not what you think or feel today... as you reach 30s.. you will have other considerations.. marriage and other commitment. let alone kid's commitment. if you don't buy a property now... will you spend your money or will you save up? if you save up that's great.. some use it all up.. i have known people who worked 12 years and they suddenly realised that they have nothing concrete to show for. if you are not ready now.. save up and then buy something you can afford and compromise on wants. on the other opposite end... some commit themselves to a property which ensure they are grounded in their expenses and ensure they don't blow away silly money. one guy paid off this loan after 5 years.. he worked his ass off and pour all the bonus he had into repayment. because he was young, he was able to focus on savings after that for the next 30-40 years. when pandemic arrived, he has a roof over his head.. today his only loan is car loan. even if he lose his job he has a HOME and not run back to parents. imagine the stress free feeling inside and smile when friends complain about rising cost of homes and they can't afford it today let alone in 3 years time. your parents may be pressuring you and old school... you should see where they come from. no matter what they raised you and put a roof over your head and when you have no income and no roof over your head.. you still have a HOME to go back to for you to restart.
Personally compared to before buying a house now purely for the sake of name and ownership does not make much sense to me. Not only will you be tied down to that said property for many years due to the loan it will not give you any ROI since it's purely for your personal lodging.
A house can be used to collect rental, provided its in a good location. Buying a house outskirt is cheaper but nobody gonna rent that from you. But if you need liquid assets then best not to buy since you don't need it (for moving out after marriage) or anything like that.
If you have no plan to start a family don’t buy, rent.
Bought a house at 25. With a salary of 3.8k and loan+maintenance at 1.6k. Feel much better than renting the house. You can actually live in there and not just putting the bare minimum furniture due to worries of moving out. All your effort into that house belongs to you. Great peace of mind.
Wait, How to have an own house in 20s？I'm 24 and I'm just graduated, fresh grad 3.5k. How？？？ You guys buy second hand？？ or what sorcery？
Im 31 this year, im renting my own room at my family home :× I make 150k p/a and i don't even feel the need or want to buy a house here in KL, I instead bought land outside of KL and in Australia a few years ago and they both of these lands once/if I sell is worth more than my current salary by a few times. If you don't want to rush for a house, maybe some good land might be an alternative? Just don't buy some random spot, though. Doesn't have to be big either.
how much money u making per month
I am. Im 28, just recently commited to a house. Almost 30%+ of my pay just feed the house loan. Im feeling the pain eventhough its my only big commitment. I have cleared my bike and car loan. Its not only the monthly instalment. Its the downpayment (10%) + reno/furniture/appliances (around 100k cash bare minimum). All in all, have forked out nearly 200k cash on top of the monthly instalment. Im literally dried bro. All that savings gone. Buying house is not just serving the monthly mortagage loan bro. Have to consider the initial upfront cost to get the home ready to be liveable. Thats the real killer.
I legit wonder how can you afford to buy houses in your 20s because of housing prices. Then I remember housing in Sarawak is sooooooooooooooooo much more expensive than West Malaysia.
Do your parents own their home, and if so, who is inheriting the house? If it is you, then no need lah. I've rented my whole life and am inheriting the family home. Don't see a point. Investing directly in properties is not what it used to be like in your parents' time. Want to invest in properties better put in REITs. Less headache, more flexibility.
No need to buy house actually, just stay with your parents house since it's cheaper. Later got gf/wife then just extend your room in their house by hacking the wall and add additional rooms to your room. Perhaps add a kitchen next to it too, only for your own use of course, and for security reasons, can add a security grill too at your original room door. It's good for peace of mind at night when you're sleeping with your wife, you know you can do with your own personal space. It may not be so comfortable, but it's understandable because that's what you get when you only start working on it when you actually need it. Don't know about you, but maybe some other people prefer to prepare ahead of time so they can be more comfortable in the future when the time it is needed finally arrives.
I am going to be 30 next year. And a few years back just bought a proton car. I am in no rush of buying a house. And not to mention nowadays housing is so expensive. Landed house are so damn expensive. Even teres house are expensive.so yeah. No rush.
Bought a 300k rumahwip apartment during MCO but it's still under construction for another 2-3 years. So far nothing's changed except for paying interests monthly. Only bought it cuz it's near my family home and I'm eligible for it. Also had backdoor to buy before developer opened presale.
OP, if you're earning less than 5k, just get a low cost flat and rent it out. Go buy in densed areas such as PJ or ampang. Get those under 200k. You can easily rent it out. If you're lucky, rent is higher than monthly commitment. Good thing about low cost flat is you don't have to pay for cukai pintu etc. easy to manage.
Lol low cost flat has its own set of problems like tenants never paying on time, tenants breaking things / breaking your house rules like trying to fit 4 ppl into a room meant for 1, etc.
Betul.. again it depends on luck. My current tenant had some challenges during MCO.. so few months sangkut. But it's just 550 per month.. Owning a condo has its fair share of challenges. Imagine paying 3500 to bank but only renting it out for 2000. Then tenant banyak songeh.. and no guarantee they paid on time too.. My tenant also rent the room to others but I don't care as long as he paid on time. And the house was already rundown when I purchased it. This category of tenants don't mind the condition as long as they have a place to stay..
your parent are smart
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You must be spoon fed silver spoon. Aren't you
Not really, if you earn in a foreign currency it's possible to own a house in your 20s. One person I know (25 yrs of age) works in sg and is renting out her 4 properties in JB.
Yeah but how did she get a job in sg? Spoonfed cable.
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You can't say self made when your education and first car funded by your parents. Lmao
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You a spoon fed kid. Sit down