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If you are a young person reading this, I am not writing this to discourage you or make you feel bad about not being able to buy a house. It is with great understanding that many people, once they have started working, will try to buy their own houses and cars – among many other adult life goals.
There is nothing wrong with that as it is a very responsible thing to do. However, with recent climates in the country, owning your house will be a lot harder. It can be even impossible to own a house, to say the least. Here are some reasons why it is nearly impossible to own a house in Malaysia for young people now.
1 – Too many expensive properties, too few affordable ones
Here’s the thing with properties in Malaysia. Property developers keep developing properties that are in the upscale end. Many properties that are built cost at least RM550k and up now. We are not talking about properties that cost RM300k+ as those property ranges are still within affordable ranges.
2 – Rich people buying cheaper properties
Even if there are properties that are less than RM300k, they tend to be snapped up by wealthier people or people who have the money to buy more expensive properties. When that happens, it has left people who are in the lower income bracket not able to buy a property of their own. How can these lower-income people buy their own properties if the cheaper ones have been bought by wealthier people?
3 – Plenty of expensive properties being left over
That is what happens when wealthier people in Malaysia buy cheaper properties. There are plenty of expensive properties left over that many people are not able to buy. Are property developers willing to reduce the property price from RM800k to RM200k? I am sure they are not willing to do that.
4. Stagnant salary in Malaysia
Here’s the thing about jobs in Malaysia. The salaries paid tend to be quite low and not competitive. Even if you do get a “well-paying job”, it tends to stay the same for many years before you can get any pay raise. If you have ever tried to buy properties or cars, you will know that the agents will access you to see if you can afford the property or car.
If you are earning a low income, it will be harder for you to buy a property for yourself. People can say that salaries don’t stay the same forever and I agree with that. However, with this current climate in Malaysia? You may have to take on several jobs with multiple incomes before you can buy your own properties.
Bottom Line
Fret not as it’s not like you can never buy your own properties. Worst case scenario is that you will stay in your parents’ home forever. You’ll be staying in a home that’s probably been paid for 100% so you may not even need to fork out your own money. Or if you are still keen, you may have gotten married and you and your spouse can co-pay for your own homes together.
Lydia is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav.
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