Buying a home costs a bomb these days and I blame it on ill-informed buyers or investors who fork out an obscene amount of money to buy sub-standard properties all because they can. I blame it on banks who approve long term loans for huge amounts for the average Malaysian, who can ill-afford to purchase that decent house or car.
They're putting many ordinary Malaysians into huge debts and they're doing no favours for the future generation.
Without serious intervention from right-minded people, it's likely that Malaysia will be a haven for low cost quarters because that's going to be what the majority can afford.
Here's one advice I can certainly do without..seriously.
Feature story in Property Buyer issue 22 (Nov 2010), last page - Where will our children live?
"So what can we do if we would like our children to even have a chance of buying a house in the area where they grew up? You have to buy the house now, and hold it until they come of age, otherwise, short of a windfall, it will be most unlikely that they will be ..."
My two cents, although I don't have kids.
Buying a home is an important life experience that children should have the opportunity to go through. It teaches them to manage their finances, to stand on their own, to express themselves and it teaches them about responsibility. It is going to be their pride and joy, with neighbours they chose, a location they're comfortable with, a home built together with a life partner of their own.
You're taking away a big part of their growing up process. This is another case of, "Mommy and Daddy will take care of everything." And you wonder why kids are getting more and more detached from the family these days. Parents have degraded themselves to mere ATM machines. Society is encouraging it.
And what makes anyone think that their kids would want to live in the same neighbourhood once they've spread their wings. It's a risky take.
Where the neighbourhood was relatively crime free then, it may not be now. I would want my kids to find a safer place to live. Years before, the house had a great view. Next thing you know, there's a huge elevated highway right in front of your balcony. True.
It's already a sad fact that most Malaysians have insufficient funds to take them through their retirement years. Now, you're telling people they have to buy homes for the kids too, on top of their already hefty financial commitment.
What's there for the average Malaysian, other than lifelong debts.
