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.

Do you expect someone who just started work at 21 to straight away be able to afford a house? I move out on my own at the age of 32. Yes, it is harder now. But people have to work around the circumstances. They keep hoping that circumstances will change for their benefit. My friend relocated to Malacca with his family when cost of living became significantly higher here in Klang Valley. Why? It wasn't only because of rise in food and general expenses. But nursery for children also went up. Was he suppose to keep praying that things will change in KV? He made the decision. Now he lives in a similar sized home in Tengkera but with more savings at the end of the month. People adapt.

Ask any young people these days who recently bought a home. Likelihood is due to family assistance for the down payment or renovation, unless at 25, he already has RM50k for 10% of RM500k home + another RM30-50k for basic renovation and furniture. Some of course made their success on their own. But it won't be many.

The point is, if 5 years ago, you dream of owning a 22x75 home for example, you need to down grade your choice to maybe 20x70 or 18x60 home in the same location. Or go further from KV. But no, people still want 22x75 and went to buy it. Then they ask why they have so little money left after paying installment. It is because people are spending/buying above their means. They gave the reason that a 18x60 home is small for a family of 4. Or is it because they want luxury above necessity? And before you say it, yes, to the poor who stays in Low Cost Flat, a 18x60 is considered a luxury. If you have resources, you have choices. If you have limitations, work around it. But to say that one can't afford a home with RM3k is simply false. Start small. Some don't even start and yet, they whine everywhere they go. Life isn't fair in case you're wondering. The sooner people realise that, the faster they will get off their butt and do something about it.

This post has been edited by matthewctj: Aug 2 2013, 10:52 PM