3 Basic Steps To Own Your First Home
If you can’t afford the home you want right now, what can you do?
- Consider renting a home. It reduces the pressure on your finances and you don’t have to worry about losing your job or coping with other financial emergencies. Plus, you get to test which area you want to live in before making a commitment.
- Make use of one of the many affordable housing schemes offered by the government. Some government bodies that deal with these are Perbadanan PR1MA Malaysia (PR1MA), the 1Malaysia Civil Servants Housing Programme (PPA1M), UDA Holdings Bhd, Syarikat Perumahan Negara Berhad (SPNB), and the Hardcore Poor Housing Programme (PPRT). Also, be sure to check out the website of the Housing and Local Government Ministry for any new announcements that might be helpful to you.
- Buy a shared property with one of your family members. But, make sure you choose your family member wisely. Questions to ask yourself include: will your family member meet his/her monthly loan payments – this is very important, because if they don’t you’ll need to pay for it on your own! Do you have a process to decide when to sell your home?