Buying a house is a big decision that affects where you live, your money, and your happiness. This article looks at the top reasons why buying a house now, especially when you’re younger, is a smart choice that can help you in many ways.
1) Your Loan Tenure Is Longer
If you’re young, especially under 35, banks can offer you a loan tenure of up to 35 years to pay back the home loan. But the older you get, the shorter this time becomes.
If you wait too long to buy a house, you’ll have less time to repay the loan, which means higher monthly installments. Also, insurance for your home costs more, too.
2) Avoid Rising House Prices
The cost of houses usually goes up as time passes. It might become too expensive if you wait too long to buy a home.
Even when the market is not upbeat, waiting for a significant price drop is not wise. Home prices rarely drop.
If you buy a house now, you might save money because it will cost more later.
3) Salary vs. House Price Increase
I’ve read a report before saying that Malaysian income grows slower than the cost of houses. This means that the longer you wait, the harder it might be to afford one.
For example, a home that’s RM200,000 today could be RM210,000 next year. You might see a significant price difference if you wait another few years.
With everything else in life getting more expensive, it becomes more challenging to own a house. Buying a home sooner rather than later is a good idea.
4) Long-term Investment
Buying a house is an intelligent investment strategy. If you rent out the house, the rent can help you repay the house loan.
Even if renting out the house doesn’t cover all your costs immediately, it’s still beneficial in the long run.
Additionally, your home might increase in value, increasing your net assets.
5) Forced Savings
Every time you pay your monthly mortgage, you owe less on your loan and own more of your house.
This benefits those who struggle to save money and compels them to invest in a valuable property instead of spending on unneeded items.
6) Secure Your Family’s Future
Purchasing insurance such as MRTT or MRTA when buying a house is similar to putting on a seatbelt for safety.
This insurance can settle your home loan if something unfortunate happens to you. It’s crucial, as it relieves your family from the burden of the house loan in your absence.
This insurance safeguards your family’s future by guaranteeing they have a home, even if you’re no longer around.
7) Avoid Dealing with Landlord
You might face unexpected problems when renting a house. Your rent could increase, or you might have to move out suddenly.
But if you own your home, these things don’t happen. You have control over your home and can change it however you like.
You also don’t have to worry about moving unless you choose to. This is especially good for families because it provides a stable and secure living place.
8) Home Brings Happiness to Family
A house is more than just walls and a roof; it’s a place where you and your family can be happy and safe.
You can decorate it to make it cosy and make lots of happy memories. It’s also a place to have family gatherings and special times.
Owning your house brings joy and pride to you and your family. It’s a space where you can relax and feel secure.
It’s like having your own little world where you and your family can grow and be happy together.
Summary
In summary, owning a home goes beyond a financial commitment; it’s an investment in your future and a key to family happiness.
Making this decision with foresight and planning can lead to a life enriched with stability, comfort, and lasting joy.
Before I end this article, here are a few others in which you might be interested: