“When are you going to buy a house?”

This is a question that your parents or relatives may have asked you before. Home ownership has always been a hot topic amongst Malaysians. Our elders will often remind us about the importance of owning a home. We also see peers in the midst of settling down in their brand-new houses. Aside from societal expectations, what are the actual reasons for the locals to want to buy a home? We ran a survey to uncover the top 3 reasons below.

1. 22% Wants to Resell for a Higher Value

This is voted as the 3rd most popular reason the locals want to buy a home. House prices are likely to appreciate over time, making it a good investment if you plan to resell it later. Of course, there are other factors you should consider as well, such as maintaining the quality of the property to retain the value. In terms of financial investments, reselling a house can be a great way to yield big returns. Moreover, the house you buy will need to be resold eventually. So owning a sellable property is highly desirable to avoid issues in the future.

2. 23% Are Looking for a Rental Investment

The 2nd most popular choice is buying a home for rental investment. Owning a rental property brings several benefits. The most attractive advantage would be having a passive monthly income source. It also doesn’t take much effort to maintain as long as you keep the property in tip-top condition right before finding a tenant. This offers a great way to earn some money on the side. Having a tenant to take care of the house will also help reduce costs for upkeep and maintenance in the long run. Renting out your property gives you the flexibility to resell at the right time. It gives you the holding power to wait until the market improves in your favour.

3. 30% Aim for Stability and Security

The majority of survey respondents chose ‘stability and security' as the main reason to own a home. Having your own home means that you don’t have to deal with uncertainties that tenants have to face such as increasing rental prices every year. It’s also a hassle to have to move out if your landlord decides to sell the property. You have the choice to live in your own home for as long as you want. This offers peace of mind and certainty for the future. Best of all, you are free to make the space your very own. You can make all the decisions about how you want to design your home.

The remaining votes went to ‘pride of ownership’ and ‘upgrade on space’. Based on the reasons above, we can say that stability, security, and financial investments are the main reasons why Malaysians want to buy their own home.

How about you? Have you decided on your main reason for buying a home yet? Determining your priorities for buying your first home can be pretty daunting. After all, there are many responsibilities that come with being a homeowner. While buying property is a great investment, you should also weigh your decision and see if you are still able to reach your financial goals.

If you’re still in a dilemma, PropSocial is here to make your research easier. We have a calculator to estimate your affordability for each property. Browse for property here and get all the information you need: https://www.propsocial.my/buy/malaysia-1

(Written by Michelle Yoon, 25th July 2022)