If you’re young and planning to buy a brand-new house to stay in, perhaps you need to think about turning your first house into an investment property. While lots of people wait up until after they have purchased their first or first few properties, only start to buy property for investment.
There’s absolutely nothing bad or wrong with going according to that timeline, given that it could give you a lot of time to develop, save some money as well as enjoy being young. But I must tell you that if you’re 25 to 28 yo with a great job, congrats to you, but however if you wait until you’re going to your 30s or 40s to begin investing may not be wise. Let me tell you why. The common financial timeline for a typical Malaysian adult could appear like this:
First job in society
Live together with mom and dad or rent outside
Buying a Property
Being young and independent can be quite impressive. You could live by your rules, explore and live wherever you desire, buy anything and everything you desire or take a trip to whenever you desire. However all these could only last you for the moment and very quickly it gets old. Particularly if you have other goals to achieve in mind.
All the cash you’re presently spending “living the life”. Your present way of living may permit you to reduce expenses in such a way that may not be possible later on in life when you have bigger commitments. If you could know how you can effectively manage your money, you could generate sufficient money for a down payment and if you’re lucky, some properties are “0” down payment e.g. http://www.9seputeh.my/location
You’ll Have an Additional Income Source
If you are buying a residential property that you intend to rent out, you’ll have the possibility to make money off your financial investment when you get tenants. After that, you could take the money you make to reinvest it in your home or business or using it to settle other expenses and financial obligations.