BUYING a home is seen as a universal sign of stability and success for many.
However, it should be done carefully before one regrets their decision and is bogged down with multiple payments for the property.
One man shared a cautionary tale of biting off more than he could chew purchasing an apartment unit worth RM464,000 with a monthly salary of only RM4,400.
The 34-year-old said he has to pay off the RM3,000 housing loan for the next 30 years while forking out an extra RM300 for monthly maintenance.
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“My advice to those who dream to buy a house, think carefully and calculate wisely. Don’t be like me.
“Now, I feel weighed down with the housing loan.
“My mistake for not thinking this through when buying the unit. I feel scammed,” he said in a post on the Facebook group Muflis Bankrupt di Malaysia.
He also explained that he desired to become a homeowner, seeing as he has worked for 11 years and has not owned any assets.
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The anonymous man added that he is not burdened with other debts since he already paid off his car and education loan much earlier in his career.
Reality came biting after he realised how he was living comfortably with just renting his place, free from debts, instead of 75% of his earnings only going to the apartment.
While netizens sympathised with his current fate, they did agree that he could not afford a property worth the price stated with a small salary of RM4,400.
“Buying a home is not wrong, its just that you bought the wrong home, Your salary of RM4,400 is fit for homes below RM300,000, you would be fine with paying off RM1,500 per month,” a user suggested.
“Me with a RM8,000 income with a house costing me RM2,500 a month 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,” another commenter said.
“Buying a home outside from your income range is a mistake. Even if your income is qualified to purchase high value homes, you still have to look at other commitments,” a netizen advised.
