Most Malaysians would love to own a home of their own
However, not everyone is ready for the long-term commitment of owning a home. For some, finances may be the main roadblock. Others may procrastinate because they have not yet made up their minds.
If you are still on the fence about whether you should buy a home, it may be a good idea to try renting the place to get a feel for it. Just spending a few months in the home could potentially help you make up your mind.
1. You actually get to try staying in the house, instead of having to guess what the house will look like
When you buy a house that isn't built yet, you can only imagine what you're getting from the brochures and if you're lucky, a showhouse. However, renting allows you to stay in the house and experience it firsthand before deciding whether to buy it or not.
2. You get to test the quality and workmanship of the home
You won't know some things about a home until you've stayed in it long enough. After some time, you'll be able to tell whether the home was built with good workmanship. Renting gives you the time to properly make sure every aspect of the home meets your expectations.
3. You have more flexibility to choose between high-rise buildings and landed properties
When you rent a home, you have the flexibility to choose a place that is perfect for you, whether it is a high-rise or landed home. Renting also allows you to explore options that are near to work, near an LRT station, or near your parents' place. Plus, if you decide that the place is not for you, you can easily move out at any time.
4. You get to try out and enjoy all the amenities for free
The great thing about renting, especially if you stay in a condo, is that you get to make full use of amenities like the swimming pool, gym, and more without having to fork out more cash.
5. You can take time to get to know your neighbours
One of the major concerns is having to stay in a place with bad neighbours. While you rent, you get time to "test" your neighbours and find out more about them. You'll also have the opportunity to familiarise yourself with the surrounding neighbourhood.
6. You won't have to worry about a big downpayment
7. You get to save a little because renting is usually cheaper than a mortgage
When you're renting, it's the best time to save! All you have to worry about is paying your monthly rental and utility bills on time. Ultimately, renting gives you more time to work your way towards that first downpayment.
While renting a home is perfectly fine, the downside is that you end up 'burning' your money in the long run
Despite the conveniences renting provides, one of the biggest challenges is that your rental costs usually become sunk costs. This means that after renting a place for two years, all your rental costs will not contribute towards your new home.
That's why EcoWorld has come up with the Stay2Own programme to help Malaysians embark on their home ownership journey
Stay2Own is a home ownership programme by EcoWorld that allows Malaysians to rent an EcoWorld property, with the option of purchasing it within five years. The great thing about Stay2Own is that you can lock down the price of the property now, enjoy staying there first for up to five years, and only decide to buy when you are ready.
Who this is for:
First time homebuyers, upgraders who want flexibility
- Hassle-free, no loan application required
- Live in your dream home without major commitments
- Low initial cost of 3-month rental deposit
- Lock in your purchase price today for up to five years
- Convert at least 30% of your rental already paid into part of your downpayment
The best part of Stay2Own is that you get to convert at least 30% of your rent into part of your downpayment
If you are already paying rent, you might as well let it build towards something instead of just "burning" away. With Stay2Own, what used to be a sunk cost can now become an investment into your future home.