9.6 Million Malaysian Earning Less Than RM3000, buying affordable house seem IMPOSSIBLE

//9.6 Million Malaysian Earning Less Than RM3000, buying affordable house seem IMPOSSIBLE

9.6 Million Malaysian Earning Less Than RM3000, buying affordable house seem IMPOSSIBLE

Buying a house and a car are important for every working adult life as we need a house for shelter and grow our families and car is for easily commute to work or move around from one place to another.

However, looking at the soaring property prices in Malaysia, especially in Klang Valley area, many young people can’t help to complain. Past generation are more lucky compare to them, as they are affordable to buy house and land. For the young generation now, to buy a house seem an impossible mission.

According to statistics, 12 million Malaysian are the total working population. From that, up to 80% (approximately 9.6 million) are in the range income of RM3000 or less. Among these, 40% of people with a monthly income between RM1400 to RM2000. Most Malaysian income, can be said to have belong to the middle income range or a monthly income between RM2300 to RM7000, this accounted for 40% of the country’s main labour force.

Property in Kuala Lumpur are selling at RM500,000 to RM600,000, one must earn RM5000 to RM6000 per month to qualify for the purchase.

Mr Qiu, age 37 and works in Klang Valley for 22 years. When he got married at age 35 and have a children after few years, he thought to find a house to settle down.

Previously, he never thought to buy a house because his company was providing accommodation and this actually beneficial for him as he can save some money.

“14 years ago, I dropped out school and moved to Selangor from Negeri Sembilan. I engaged with multiple business, at the beginning my goal is to earn more money. Whichever companies that offer me higher salary and will look for those companies able to provide staff accommodation, it does save the trouble of renting or buying a house.”

After married, he believes he need to provide his wife and two children a comfortable home and buying a house is an inevitable things to do.

He said that at present time, his wife and children are staying in Ipoh with his in law family, his wife was teaching in her hometown.

“In addition, the factory where I work is my home, because I do not have ability to buy a house in the Klang Valley area, i can only live in the factory. Whenever my wife and children came to visit me, I will arrange for them to live in factory second level.”

Mr Qiu has started a recycling centre 2 years ago at Subang Industrial area with 7 shareholdres.As long as there are customer calls, regardless in Klang Valley or outstation, we will arrange our staff to collect the items.

“In fact my heart is quite contradict, I just started my business and have limited income with the pressure of buying a house on the line, it really so stressful. Therefore, I ask my wife to apply for “PR1MA house since she is a government servant. And hope to get it.”

“Years ago I was a insurance agent, bought my first car and at the time car seem essential to me. After bought my car, I do not have any additional money to buy a house. So until now, I believe buying a house is a distant dream.”

“However, I will continue to look for a house in Klang Valley, in next three years hoping to buy a cheap house.”

Even though, property market is pretty hot right now, but it doesn’t mean anyone should jump on it, especially the young generation. Without planning and precise calculation, you might fall in debt holes.

When you have desire to buy a house of your dream, you should think of these questions.

–          Do you really need this house?

–          Do you have enough money for deposit and all other fees that might incurred?

–          Can you manage to repay the bank for 35 years?

Young generation without financial concept, even earn a lot of money and do not know how to save, still you will have zero or deficit account balances. End up buying a house seem to be a distant dream.

 

Sources from sinchew.com.my

 

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By | 2016-11-01T10:46:04+00:00 April 22nd, 2014|Latest News and Update|0 Comments

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