Growing up, you’ve probably identified a few life milestones that you’d like to achieve in adulthood, like finding the love of your life, getting married, buying a home, and having a kid – all in that order.
This is the case for 48% of Malaysian millennials, who shared that being unmarried is their top reason for not moving out from their parents’ home, according to PropertyGuru’s recent Consumer Sentiment Study.
However, in this day and age, as more people are focused on building their career and delaying marriage, it’s not necessary to put your dream of owning a home on hold just because you’re single.
You’re not doing yourself justice by letting your love life determine what you can or cannot achieve in life!
Benefits Of Owning A Home When You’re Single
While buying a property is a big commitment, there are several benefits when it comes owning a home when you’re single.
Firstly, there is a great sense of achievement and pride in knowing that you are able to independently own a home without having to rely on another person.
This also gives you the freedom to create your own dream home without restrictions from landlords or having to compromise with a partner who might insist on a certain style that just doesn’t gel well with what you already have in mind.
Remember: When you’re buying a home for yourself, the only opinion that counts is yours!
Besides that, with the rise in remote working culture, personal space has become a necessity for many people.
63% of Malaysians who live with their parents share that they’ve experienced an increasing desire to own their own home, or to move into a property that is able to meet their needs since the start of COVID-19.
This was revealed in the PropertyGuru Consumer Sentiment Study. Moving out and buying your own home is one way to fulfil that need.
Needless to say, homeownership is also a step toward achieving long-term financial stability, as your equity will grow along with the market value of your home.
Mortgage repayment is also seen as a way of saving money in the long run, because you would be putting money towards owning more of your home.
In comparison, renting a home may be cheaper, but you would not be getting that value back in the future.
Considerations When Taking The Leap
While traditionally, it’s easier to afford a home when you have two incomes contributing to a mortgage, as long as you plan things right, becoming a homeowner with a single income is possible!
First up, you’ll need to get your finances in order and be real with your budget.
Ensure that your finances are in great shape by reducing your debt and raising your credit score, so that you’ll have a higher chance of getting your mortgage application approved.
However, you’ll need to be prepared to make certain sacrifices once the monthly mortgage repayment kicks in, such as resisting the urge to travel spontaneously even when international borders have opened up, cutting back on the fancy meals, or holding off from upgrading to a more expensive car.
While having a stable income does help increase the chances of securing a home loan, the Malaysian government recently announced during the tabling of Budget 2022 that they will be allocating RM 2billion under the Housing Loan Guarantee Scheme to assist those without steady income to buy homes – this is great news and an initiative that you can explore if you are a gig worker who’s looking to own a home!
Although we all want to live in massive villas and bungalows, it’s also important to be realistic with your working budget when looking to secure a home loan. With this in mind, we’ve also put together a range of free tools to help you work out your financing worries and needs:
PropertyGuru Loan Pre-Approval – to assess your chances of obtaining a home loan approval (with an accuracy of 99.9%).
Affordability Calculator – a basic guideline on the maximum amount you are able to take a loan for.
Home Loan Calculator – a rough gauge of your monthly home loan repayments.
Currently, the government is also offering finance initiatives like the Home Ownership Campaign (which will be ending on Dec 31, 2021), My First Home and Residensi Wilayah (originally known as RUMAWIP), which offers a good way to kickstart your homeownership journey.
Excited to take the next step of your independence? Check out our comprehensive range of homebuyer guides to help you kickstart your journey towards achieving the next level of independence!