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Investment YOUNGSTERS, PLEASE RENT FIRST BEFORE BUYING..., Dont rush accumulating unaffordable debt

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debbieyss
post Aug 2 2013, 05:48 PM

Look at all my stars! I want to be a SUPERSTAR!
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Senior Member
4,458 posts

Joined: Nov 2008
From: Kuala Lumpur


QUOTE(matthewctj @ Aug 2 2013, 05:01 PM)
To accurately put it, they cannot afford the home they dream of or desire. A young professional thinks that because they are professionals, they must buy a property that fits their lifestyle, instead of buying a property to suit their income.

Fact is, if someone is earning RM3,000, there are properties for them such as Low Cost Flats since they fall under the category where they qualify. My first property was such and it cost me RM310 monthly installment over 10 years loan.
But instead, they want a bachelor pad. There are old houses that they can buy for under RM200k. Liveable with touch ups and renovations. But instead, they want a brand new G&G landed.

Yes, people want the best, but they should buy within affordability. I want a BMW now, but I can't afford it with my income when I have other commitments. Some people, die die also must find a way to buy one even if it means little money left at the end of the day. Enough for instant noodles.

There are properties for most people. It's their expectation that must drop.
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Back then appreciation speed of properties were not that fast and it is now.

Let me ask you 2 questions:
For a person of RM3000 monthly earnings, how long he has to save money for RM50K renovation cost?

How much can RM50K did for renovation in year 2009 and year 2013?
debbieyss
post Aug 2 2013, 05:50 PM

Look at all my stars! I want to be a SUPERSTAR!
*******
Senior Member
4,458 posts

Joined: Nov 2008
From: Kuala Lumpur


QUOTE(tyshu @ Aug 2 2013, 05:33 PM)
Speaking about low cost flats, TBH, I would not choose to stay there neither would I encourage someone to stay there.

With all due respect, I'm not saying that it's lowly in terms of status and what not. But, with the crime rates on the up side through the recent years, I really doubt that it's a wise choice to do so.

I think people are spending money to buy security nowadays. Well, not to say it's crime proof, but a lower chance of getting mugged or unwanted stuffs to happen to us, or our partners and also eventually, our children.
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Agreed with all that you said - this post and the previous post in this thread.

 

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