5 Reasons To Buy A House When You’re Young

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Most of us probably agree with the fact that we should own a house at some point. Perhaps ideally, owning a house before marriage, or getting a house to start your marriage. That sounds good, but with property prices skyrocketing, many of us postpone our plans to get houses. Expensive as houses may be, it’s still a good idea to get a house at a relatively early age, and here are 5 reasons to buy a house when you’re young!

1) Not So Many Burdens/Commitments

Typically, we’re most productive during our twenties. We’re passionate, we’re energetic and we have a thirst to prove ourselves and to earn. Since we just started out, chances are we don’t have that many financial burdens or commitments tied to us, and we have the power to save as well, especially if you’re still living with your parents. As such, with a little financial management, the 20s are a great time to invest in a house!

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2) Your Young Age Is Your Capital

When you’re young, you have time on your side. Even though your salary may not be that high, but you could also earn if you have your own house. You could move in and live there, while renting out the extra room(s) for a lil’ extra to help cover costs. Once you’re over 30, it’s true that pay may be higher, but your commitments may have increases too, especially if you’re married and have kids.

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3) Inflation

Well… it’s not just Malaysia. In fact, the whole world is facing the same issue. Let’s see. 10 years ago, a bowl of noodles would probably have cost only RM2, but now it’s at least RM6. Sure, we earn more as well, but sometimes it’s still barely enough to cover living expenses. In other words, the value of currency is decreasing anyway, so why hold on to that much money when you can invest?

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4) Property Will Be Expensive Anyway

All this while, the price of property has always increased and rarely decreased. The price difference of property 10 years ago and today is great. When asked about what kind property is cheapest, the answer is property that existed in the past. If it’s going to be expensive anyway, why not get it when you’re young?

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5) The Older You Are, The Harder It Will Be

Usually, the longest loan periods are 35 years. If you buy a house at 25 years of age, you’d be 60 years old after 35 years. If you wait till you’re 40 before getting your own property, you may only have 25 years to pay off your loan. And just what if your pay isn’t that high by then either? How are you going to afford the loans on top of living?

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Of course, this doesn’t apply to each and every single 20-something out there, for each individual is different. Generally, it’s just better to get a property of your own as early on as possible!

Article sourced from OMGloh.