Saturday, April 08, 2017

Renting a house - the only option for now.

Sometimes I find that many from the Baby Boomer generation are quite clueless with some of the issues that the current generation face.
Quite recently I was having a chat with an uncle and he was shocked when he learnt that we were paying RM2000/pm as rent for our house. He asked why I did not buy a house instead. The house I stay in has a market price of about RM1 Mil. Paying about RM2000pm, I can only afford a 2+1 condo costing about RM400K in the outskirts of the city with a down payment of around RM40K + extra charges around RM20K upfront for lawyer's fees, etc.
I guess most of them do not realise this because many of them already have a house which they bought a long time ago when owning a landed property was not a dream but something you could achieve with a bit of hard work.
Now, if I wanted to buy a landed property around PJ, I would have to cough up around RM6K every month for nearly 25 years. More than half my salary and I will be probably be retired long way before the end of 25 years.
In other words, I can only dream of a house in Kelana Jaya, PJ. So renting is the only option for now unless I come by some good fortune.

Found this great link which asks you: "Are You Financially Ready To Buy A House In Malaysia?"

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