The ultimate goal of every young Malaysian has been to own property, not just as an investment but also as a family home where they can settle down and raise a family. Therefore, a house has a deeped meaning than just a building to stay. It is also a place to feel at home and build memories.
However, owning a house also comes with heavy financial commitments that take place over a long period of time and one must be financially stable to be able to undertake these responsibilities. Here are the general pros and cons that come with owning a house.
The pros of owning a house
1. Have a permanent home, meaning that your future will be more stable and more guaranteed.
2. Increase personal wealth by having additional assets to your name that you will be able to leave to your children or other inheritors.
3. Home value appreciation as homes in Malaysia are on the increasing value trend which gives you increased personal wealth every year.
4. You will belong to a community and this will give you a measure of social security as you will have long term neighbours and friends that can support you in any case of need.
5. You can decorate to suit your taste as you own the house. This will be a way for you to express creativity or even expand spaces.
6. Your home can be an insurance or investment in case of emergency can be turned into a liquidated asset or into cash.
The cons of owning a house
1. High maintenance costs for everything from leaky pipes to broken roofs to pest infestations will have to be borne by the house owner.
2. Tied down to loan repayments, especially to home loans, insurance and such to satisfy the bank.
3. House prices may fluctuate and this can affect your asset value and give a measure of uncertainty to your life.
4. It’s not easy to liquidate homes as an asset and it will take time and additional costs if you somehow need to let go of your current house and move for career or lifestyle purposes.
5. Additional domestic costs can drain your finances, such paying various insurance and taxes on your house.
In all, even though house ownership can be financially burdensome, it can be a rewarding experience in the long term.