Whenever someone reaches the age of 18 in Malaysia, which is the legal age here, they are eligible to make a purchase of a house. However, that is depending on their financial state. In order to buy a house, they would have to be able to come up with a salary slip as an evidence that they are capable of paying for the house monthly and the same apply if they take out a loan. They need to prove to the bank that they are capable of paying monthly so that the bank would not be at a disadvantage after giving this person a loan. There are so much more steps in purchasing a house and for that you would probably need to hire a lawyer to manage all the necessary documents after you have signed the agreement contract with the developers or owner of the house. People would usually be hesitant to buy a house because they are scared of the commitments of paying monthly for the house and what if they have to move to another place? All the additional steps to sell the house and they would also have to wait until someone buys the house before they can get back the money they have spent on the house. There will be the possibility that they would be financially lacking because they also need to pay for rent in another place as they move. With the house price rising, more and more people cannot afford to buy houses because even the monthly pay is more than what they can afford with the salary that they have. This is now a major problem that haunts many people when it comes to buying a house.
These worries are typically common in older couples where they already have a family but could not decide whether to buy a house or rent a house. In this article, here are three disadvantages of buying a house.
1 – Rigidity
Rigidity here is from the opportunities to move out. When you buy a house, you are the owner of the house. You cannot leave your key and just move out. You are the owner so you have to take responsibilities on the house. It would be very inconvenient and unfortunate if you are tied to your house despite having a better job opportunity at another state which offers better pay. If you decide to rent your place, someone needs to look after the maintenance or repair if there were some problems at the house and if you are in a different state who is going to do that?
2 – Can be more expensive
This depends on the location of your house and how big is the house. For example, if you want to buy an apartment in the middle of a city, it would be very expensive and even more if you want to buy a bungalow. It can be financially burdensome because that is excluding the utility bills. If you include the monthly utility bills, it would cost so much monthly at least for an average working citizen. If your salary is spilling out of your bank account, you can buy a house. However, make sure you have think thoroughly about it before making a decision because it is not little money.
3 – Risks
For example, you have bought a house and you can comfortably pay for it monthly but suddenly you lose your job out of nowhere and now you don’t have a salary. Those are some risky things that people would like to avoid. You can probably use your savings but that cannot go on for long and if you still cannot find a job, then you would be in trouble because if you buy, you are tied to the house and if you have taken a loan, the bank would still demand you to pay for that loan. You also cannot immediately sell the house, you have to wait for a buyer and while waiting you still have to pay the load. Thus, always have a backup plan when you decide to buy a house.
Places like Mont Kiara are notorious for being an expensive place because the houses there are so expensive. You can search for Segambut house for sale or Pandan Indah house for sale to have more variety of houses at a cheaper price.
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