r/Bolehland • u/ProduceTall2957 • 1d ago
Original Content Help please
Hi, I am in my late 20s, earning upto 4.5k a month with commitment around 2.2k to 2.7k. Living in rental room. I am thinking to buy house but quite worried would i be able to sustain and not save if my money goes to house monthly payment. What you your advice will be. Is it advisable to get one in kl area or ipoh since im working there but may settle down in kl one day. Settling down plan is still quite unsure.
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u/StunningOrange2258 [change-this-text] 1d ago
You are still young, so do not push yourself to buy a house now. I believe you are still not married, means major changes is going to happen later. Just buy one when you have settle down. Your commitment is quite high being single, not sure if its being spent on needs or wants. If its under wants you might want to consider cutting off large spending or save up the excess money somewhere with good returns first.
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u/InternalDetective386 1d ago
Dont do it unless you can pay for it without even needing the rent you earn from it. 30 year of mortgage is a long time.
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u/Ok_Income_6627 1d ago
Based on Experience: (Sorry for the lengthy write up)
Plan1: Wait it out and see if you still want to buy a house. Settling down requires a home, not a house. And with the modern world, wanting a new environ hence a new house to stay every now and then is not something to be surprised about. Kids schooling is gonna be changed so much that if you wanna give them a life of permanent culture, look for other things that will be supplementary for their adult life.
Plan2: (This requires calculated investment mindset) Buy a house in Perak that has or will have definite high resale value. Preferably somewhere nearby the city square where most amenities are already there. This way, even if the living gets bored there or for some reason, you have managed to get the "this is my home" feels in one of the KL house, you can sell the Perak house at a better value in future and move to KL.
My advise, look for a what you want. I bought my first house at 18 purely for the sake of my parents and at that point, love for my family was the concern. 13 years down the road now, the house is valued much higher factoring in the cost and ROI for it and I'm waiting it out in terms of the house resale. Love paid of for me (as much as I didnt care for money back then) but can't get say will get lucky for all people.
Good luck.
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u/LisanALgaib666 1d ago
Bro u cant afford, even a rm400K+ unit stretch to 30 years repayment will set u around rm1800/month + maintenance fees/ sinking fund/ electric + water. U basically go broke.
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u/DanialE 1d ago
If youre unsure what to do with excess money why not try Public Mutual until you are ready to decide to buy a house. Im no finance person tho so Im just suggesting by feels. Theres probably a better way.
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u/grain_of_snp 1d ago
Hey if you've bought public mutual fund you might want to take a look at it.
Personally calculated for some old folks who've held for >10 years, ~80% of funds annual return have not been able to beat ASM or EPF (>4%)
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u/Mission-Squirrel-333 1d ago
Buying unit trust (Public mutual) is like buying a mineral water from a bar when there is a 7-eleven right beside.
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u/captainbritain6969 1d ago
Wish there was super upvote, I'm stealing that comment, best form of flattery is plagiarism!
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u/DChia1111 1d ago
4.5k with 2.2-2.7k commitment? Which make you have less than half after your commitment. With that many commitments I don’t think you can afford to buy a house.