Is it in today’s house market still interesting for Malaysian Millennials to buy a house or is renting the next big thing? Is the next generation still able or willing to buy a new house? And how are companies in the market reacting to shift in the current house market?
Is today’s residential market still interesting for Malaysian Millennials to
Buy or rent?
The current house market is very inflated as found out by a study from HSBC Malaysia. They found out that Malaysian millennials do not earn enough money from their work to buy a house since the price of houses is growing at a similar rate. The study also shows that Malaysian Millennials are not prepared to buy their own house they do not have set a budget for themselves and are cutting on other spendings. They are also prepared to live smaller or with relatives or friends so they can start saving up money. So that they can either buy a house or pay the deposit that is necessary to start renting.
Start saving your cash
In order for Malaysian Millennials to buy a house, they do not know only need a higher salary but they also need to save up. That is why a lot of Millenials start living at their parent’s place again or move into one house with a friend or friends. But let’s be honest nobody wants to move back in with their parents once they have left the house. And living with and a friend can be fun, but Malaysian Millennials now come to an age that they want to have their own place.
The delay that caused by all these problems has resulted in the Malaysian Millennials giving in on other fronts. They are willing to accept that their house might be smaller than ideal. Or they decide to wait with having children. Another way that is thought of to save cost is renting out one of the rooms in their home. This is something most people do not want since you will basically let a stranger sleep with you in your home.
Expect the unexpected
Even after the house is bought there are still a lot of costs that make buying even more expensive then it already is. These can add up pretty quickly things like renovation, new furniture, legal fees and the moving costs itself can make your already tight budget even tighter.
Is there another way?
You can skip the saving part by renting a house instead of buying one. This is easier to get into since you do not a lot of savings to start renting. The only thing you need is two month’s of rent and you can have an entire house for yourself or for your family.
Want to find out more about renting a house? Click here