lifestyle

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.

Cover image via EcoWorld (Facebook) & Ravi Patel (Unsplash)

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?".


Here are some of our top findings:

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”

Image via SAYS

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

Image via EcoWorld

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

Image via SAYS

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!

Image via Giphy

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

One such offer is #InstaYours, a stay-to-own programme by EcoWorld. You can either pre-book a home while it's still being built, or rent and live in an existing EcoWorld home for five years.

No downpayment is needed! Just book your selected property by paying a 3-month refundable security deposit. You won't have to make any further payments throughout the construction period, you'll only start paying rent once you receive your keys.

During your five-year rental period, you have the option of purchasing that property from the second year onwards, for the same price it was the day you moved in. Upon purchase, your tenancy agreement switches to a traditional mortgage plan.

Enjoy better cash-flow, with lower monthly payments today and gradual increase in the future.

Image via EcoWorld

You'll get to test out your potential dream home by living in it on a rental basis. If you decide that you love it, you can then buy it at the price you locked in earlier. Decided not to buy the property? No worries! You can just walk away after your five-year rent period with no strings attached.

Besides your locked-in purchase price, you're also entitled to receive additional incentives when you exercise your option to purchase. The earlier you switch from renting to owning (i.e. in the second or third year), the better the incentives you will enjoy.

#InstaYours is the perfect solution for all home renters and prospective property buyers out there

Now owning your dream home is easier and more affordable than ever, especially since the monthly payments under #InstaYours are lower than a traditional mortgage.

Whether you’re looking for a home in the Klang Valley, Penang, or Iskandar Malaysia, #InstaYours makes moving into your dream home an enjoyable journey.

Terms and conditions apply. Click here for more information.

Check out these stories to find out more about some of EcoWorld's properties:

Need more convincing on why it's good to rent before you buy? Read this:

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