Last day, one of my classmate asked me about property available in my state. As I’m work in state agency that related to property, he want to take advantage. I don’t think it is wrong as it is good opportunity if you have friends in the field but I think it is not best timing for him.
Why ? It is because his age is 37 years old. To make worst, he want to buy property below RM42,000 which is very hard to find now. I don’t know if I could help him as the property price still increase and with GST come, I don’t think it will down in short time.
Maybe I can’t help him but for yourfinancialblog.com reader below 30’s I’m advice you to buy property as soon as possible. Why ? This is the reason why you must buy property before 30’s
1) For those 30’s and above, their opportunity to get loan is not easy as below 30’s. The financial institution will calculate their risk and you can’t make a loan for 30 years. It means that your installment will be higher than younger loaner.
2) Your commitment in 30’s is much bigger than 20’s. If you have family, than it is time to marriage and there’s financial commitment to your partner. To get 10% deposit ain’t easy as before.
3) The property price still increase and your money won’t get higher. Eventhough you get raise but it is not enough in the future. If you rent, the rent fee will increase and you can’t save much money.
4) You must take action. Don’t wait.There’s many youngster buy their property in such young age and have more property than me. So, take action now or you will regret in the future.
That’s all my reason why you must buy property before 30’s. So, how to buy property before 30’s ? It is hard but you can do it by doing this :-
1) Saving consistently. The more you save for buying property is good. You need to have money for downpayment, fee payment and other. Start from your first salary and aim to buy a property after 5 years of work.
2) Invest more. There’s many type of investment you can do to get profit. One good investment is unit Trust . Aim for 4-5 years to get the profit buy you must really understand about this investment.
3) Buy a cheap house and make profit from it. How to get cheap house? First, you can try auction house or any below price house. Other way is buy government house that have subsidies. You can do subsale from the house but it have time period.
4) Learn and get knowledge about real estate. You can buy book or download ebook. The easiest way by follow this blog.
That’s some simple tips for youngster to buy property. Don’t waste your money to enjoy in this age. Try to make wealth and buy more property