Affordable homes are now high in demand. Folks are coming up with ways and means to own a home that they can sustain.
Finance Minister II Datuk Seri Johari Abdul Ghani urged young Malaysians to rent a house longer to avoid getting into huge long-term property debt, reported Malay Mail Online.
In fact, people in many other countries prefer to rent a home for a longer amount of time, making only the long-term commitment once they have enough money.
“It is our culture — we don’t believe in renting. We have to change our mindset. When you go to the UK — they just rent until they have the money to make a long term commitment,” said Johari at a dialogue session for the Transformasi Nasional (TN50) vision.
With this, more affordable homes should be built for rent instead of for purchase.
He noted that most Malaysians secure hire-purchase loans and mortgages at a young age, mainly once they start working.
“This is why we are investing in public transport. We need this so that the next generation, when they go to work, they don’t have to buy a car anymore,” added Johari.
Spearheaded by the Youth and Sports Ministry, the TN50 dialogues are a series of events aimed at gathering feedback from Malaysians to formulate a vision for the country ahead of the year 2050.
Among top affordable homes around:
Image sourced from The Star
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email email@example.com