There are plenty of good reasons to buy a property.
If you have already entered the workforce, chances are you've been asked this question multiple times by your parents or relatives, "When are you planning to buy a house?" The topic of home ownership has always been a popular subject of discussion. Our elders often emphasise the significance of owning a home, and we often see our peers taking the leap into homeownership, embarking on the exciting journey of settling down in their newly purchased home.
Other than societal pressures, what motivates our desire to invest in real estate? PropSocial, a platform that facilitates property searches, rentals, and purchases, has conducted a survey to identify the primary reasons that drive Malaysians' desire to own a home. Find out what they are below:
3. 22% want to resell for a higher value
According to a survey conducted by PropSocial, higher resale value ranks as the third most common reason why Malaysians seek to purchase a home. This finding is unsurprising, as house prices are likely to appreciate over time, making homeownership a favourable long-term investment.
Did you know? The right renovations can help to improve the resale value of your property.
Additionally, by implementing renovations that offer upgraded features, improve aesthetic appeal, and incorporate modern design trends, your home can distinguish itself from comparable listings, attracting a larger pool of potential buyers and potentially fetching a higher selling price.
Read this article for a list of dos and don’ts to maximise the resale value of your home.
2. 23% are looking for a rental investment
Rental investment emerges as the second most prevalent reason for Malaysians wanting to own a property. Renting your property offers several advantages, with the most enticing being the potential for a steady stream of passive income. The rental payments you receive from tenants can help cover mortgage payments, property taxes, and other expenses associated with homeownership. This additional income can contribute to your financial stability and provide financial freedom.
By renting out your home, you can also ensure that it is taken care of and maintained. If there are any repairs or maintenance requirements, your tenants will address them promptly, reducing the risk of the property deteriorating due to vacancy or neglect.
Planning to rent out your secondary property?
Read this article for tips on enhancing the attractiveness and rental value of your property.
1. 30% aim for stability and security
The top motivations for Malaysians desiring homeownership? Stability and security. By owning a home, individuals can avoid the uncertainties faced by tenants, such as yearly rental price hikes/fluctuations. Additionally, the inconvenience of having to relocate due to a landlord's decision to sell the property is eliminated, allowing homeowners to reside in their own homes for as long as they want. This provides a sense of peace and assurance for the future.
Moreover, homeownership grants the freedom to personalise the living space according to personal preferences, offering full autonomy in making renovation decisions. Creating a living space that reflects your style, preferences, and functional needs can significantly improve your daily life.
In addition to the aforementioned three reasons, Malaysians also voted for 'pride of ownership' and 'upgrade of space' as one of the main reasons for home ownership.
If you are looking for a property to invest in, PropSocial can simplify your research. Their platform offers a property affordability calculator and a wide selection of properties to browse through. Click here for more information.
Looking for an interior designer to renovate your home?
Once you have purchased your dream home, it's essential to plan renovations carefully, considering factors such as budget, market trends, and the specific needs of your property. Consulting with multiple interior designers (by filling out the form here) can provide valuable guidance on the most effective renovation strategies for maximising long-term benefits.
When you engage an interior firm through Qanvast free recommendation service, you’ll enjoy attractive perks, such as the Qanvast Guarantee – a free initiative that safeguards up to RM50,000 of your renovation deposits.
This article was originally published in PropSocial on 25th July 2022.
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