MALAYSIA: While owning a home is often seen as a measure of success, without proper planning, it can quickly become a financial nightmare. A 34-year-old Malaysian man earning RM4,400 (S$1,354) a month recently purchased an apartment worth RM464,000 (S$142,788) and is now tied to an RM3,000 (S$923) monthly housing loan for the next 30 years—a decision he admits he did not think through.
This does not include the extra RM300 (S$92) he needs to shell out for monthly maintenance, as reported by The Sun. Sharing his regret in the Facebook group Muflis Bankrupt di Malaysia, he expressed how the decision has weighed him down.
“Now, I feel weighed down with the housing loan. My mistake was not thinking this through when buying the unit. I feel scammed.” He also advised those dreaming of buying a home to “think carefully and calculate wisely,” adding, “Don’t be like me.”
He shared that after working for 11 years without any assets or debts, he wanted to own a property and thought it was the right step to take, especially since he had already paid off his car and education loans.
However, he later realised that purchasing the house meant 75 per cent of his salary would go toward paying off his apartment—a stark contrast to when he was renting and living comfortably without debt.
While some commenters sympathised with his situation, many agreed his salary couldn’t support a property at that price.
“Buying a home is not wrong; it’s just that you bought the wrong home,” one user said, suggesting it would have been a better decision if he had opted for an RM300,000 property (S$92,320), paying just RM1,500 (S$462) monthly.
Another added that when buying a home within one’s income range, they should also consider other commitments as part of the budget.
Meanwhile, one commenter, who earns RM8,000 (S$2,462) a month, shared that his RM2,500 (S$769) monthly house cost already feels overwhelming. “Sometimes I feel it is better to buy a simple home, but if you can decorate and maintain it well, it will be comfortable enough,” he said. /TISG
Featured image by Depositphotos (for illustration purposes only)