My Own House
7 March, 2009 – 6:13 pmI guess I have reached a point in my life where I am desirous of my own home. I don’t mean that I actually have to live in it but I love the idea of having my own place, which I could fall back on in times of emergency. You can say that it’s partly for investment purposes but also partly my security net.
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I feel that if I do not seize this opportunity of an economic downturn, I would never be able to own a home, even though the ones that I could afford to own now are just low cost, and run down properties in undesirable neighbourhoods.
The problem with me is that I will never qualify for a home loan by myself which means that I could never own a house by myself unless I have enough money for a cash purchase. But like I said, properties that are in good condition and in a good neighbourhood aren’t going to be sold cheaply, economic downturn or not.
I was thinking of getting a couple of friends together to share out a property with me. Let’s say each of us contributes MYR100,000, we will then be able to afford a house that’s between RM250,000 – RM300,000 after taking into account renovation fees, legal fees, stamp fees, commission and whatnot. I think this could bag us a fairly decent medium cost house in Kuala Lumpur.
But then to get two other people together to come up with MYR100,000 cash or in the form of a housing loan would not be easy. This is not to say that there aren’t people with this amount of spare cash since bank interest rates are at an attractively low point right now; the problem will be in the trust that we will have to place in each other in sharing a property since property investment is for long term, sometimes medium term, and from the point of owning the property to selling it, we wouldn’t know what would happen to each of us and/or our relationship, right?
Tags: home, home loan, home ownership, house, housing, housing loan, property
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