Three reasons to buy more than one house
Say, you’ve been working or doing business for a while, saved up some money with your cashflow managed well. Then you realized you could buy more assets to make the best out of your money. You then went into some reading, discovered property investing and even found some interesting properties in town that you feel interested in investing in. But then you may want to ask yourself:
“Can I buy more than one property or house? Is it even worth it?”
Worry not, your concern is legitimate. Buying a property is a massive purchase decision, and you would want to know if you’re making the decision right, as every step count when you want to continue down the path. After all, even buying the first property would also require a not little amount of contemplating, let alone buying a second or third. If you’re still dabbling on this, read on to understand three major reasons you may want to buy more than one house in Malaysia.
Property investment has been recognized as a viable manner of generating income if done right. The major source of income to come off property investment is always the rental income paid by your tenants. You can also opt to remodel your house into a homestay, offering alternative staying places to travelers.
Buying properties in major cities like Kuala Lumpur, Penang and Johor Bahru are good prospects. By buying properties in these locations too, you will have more leverage in terms of pricing and rent. An area that was known as a barren land now may be valuable in the future, depending on the plans to develop them.
Consider that you’re working now, and you may want to retire in the future. Undoubtedly, by the time you retire, you may not have as much income to your name as you do now – so when you’re still alive, healthy and making money, you might as well want to buy that property.
Indubitably, any property purchases that you want to make, must align with your current financial goals. Ask yourself things like:
- Do you want to focus on having massive bank savings?
- Do you just want to have an additional passive income stream?
- What’s your budget and capital?
- Do you want to buy assets and have the mindset to grow them accordingly?
- What’s your risk appetite?
All these things are necessary to be fully understood by yourself as a person, for you to make justified decisions rather than deciding by impulse. Once you’re ready to go for it, don’t forget to check our article on things to consider when buying a house in Malaysia. This may help you with your strategy of buying properties in Malaysia with due diligence.
And now over to you. Dream of positive cash flow every month? Easy, just rent it out.
It has never been easier to be a landlord. With the safest end-to-end property platform; SPEEDHOME you can buy your next home with Zero Commission and rent it out within days! Truly landlords’ hidden gem.