Are you ready to embark on a new journey of yours? Are you prepared to settle in a new place and find a new home? Yearning to be fully independent and move out from your parents’ house?
A house is a shelter; it is a roof over your head to protect yourself from the vulnerability of the public. Home is where your heart is. Even if you are moving away from your family, home is when you are with the people you love, but a house is merely a shield.
Check out your budget sheet
How much are you earning as of current status quo? Can you afford the expenses to purchase a new house? If your earnings are accelerating rapidly, go ahead and apply for that home loan; you are more than ready. Ensure that you have more than enough cash to furnish your house and additionally, to maintain a good style of living.
Ensure that you have secured enough cash
If you are still in substantial debt, forget it. Spontaneous expenses often arise when you have a house of your own. If you are unable to pay off your previous debts, purchasing a house may add to the burden. It will accumulate eventually, and it will lead to emotional breakdown and stress.
Ensure you have emergency savings
Unforeseeable repercussions may arise without you knowing beforehand. Make sure you’ve set aside 3-6 months worth of earnings to keep yourself alert and to minimise your anxiety!
For instance, some health issues may occur out of the blue; or your car may break down in the middle of the road. All these unfortunate instances may surface unexpectedly.
Are you planning to have kids in the future? Are you married? You should consider these factors before deciding to purchase a house. If you are married and have/planning to have kids, make sure that your home is accessible to schools nearby, and possibly restaurants and shopping malls! Buying a house in central KL would be the most practical thing to do.
The whole process may seem excruciatingly scary and intimidating. However, fret not. Take your time and have fun throughout this span of time. Personalise your own space and design it to suit your liking!