1 In 3 Malaysians Cannot Buy A Home And Maintain Their Current Lifestyle At The Same Time
23% of Malaysians said they could not afford the downpayment, while 13% were unable to get their desired loan margin.
Published for ECOWORLD, 25 Feb 2020, 11:49 AM
In a 2019 survey, over 8,500 Malaysians shared their thoughts and opinions on home ownership
'The 2019 Malaysian Home Survey', which ran from 27 December 2018 to 25 January 2019, appeared on SAYS, OhBulan!, Rojaklah, ViralCham, and TanTanNews.
The survey gathered the opinions of Malaysians on topics like "What are most Malaysians looking for in a home?" and "What are their struggles when it comes to home ownership?".
1. One third of people who took the survey said that they found it hard to buy a home because they would then be “unable to maintain their current lifestyle”
Besides that, finances were also one of the roadblocks potential homebuyers faced. 23% of Malaysians said they could not afford the downpayment, while 13% were unable to get their desired loan margin.
2. Only 2% of Malaysians said they want to own a home because their parents and friends were bugging them to get one, showing that peer pressure isn't a deciding factor
Instead, with 69% of the votes, "have a sense of ownership" was the main reason why most Malaysians want to own a home, while 24% wanted to leave something behind for their family.
3. Food is always a top priority for Malaysians - 51% of people chose "wet kitchen" as the extra feature they want most
Garnering 49% of the votes, "garden space" was a close second. "Extra bathrooms" and "high ceilings" were almost at a tie with 46% and 45% of the votes respectively. And finally, only 39% chose to have a walk-in wardrobe.
4. Most Malaysians agree that location and connectivity are the most important factors in buying a home
It isn't just about having a home in a central and/or strategic location, but also making sure that your home is well-connected.
In the long run, homes that are slightly further away but are well-connected via highways may actually be more favourable, as central locations tend to be congested and over-populated, albeit convenient.
Besides location, other things Malaysians value when looking for a home are security and amenities, design, and the surrounding neighbourhood.
5. When it comes to what kind of property to buy, most Malaysians still prefer landed property over high-rise buildings
6. And finally, we found that most Malaysians are uninformed about deals and housing promotions - 65% had not even heard of ONE ongoing housing promotion!
If you're in the market for a new home, it's important to stay informed and keep yourself up-to-date on all the latest deals and promotions
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