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Renting is fine, make plans to get your own

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One day, many years back, someone I knew SMSed me. “Charles, I intend to move out from the place I am renting in 2 months time. I have bought a new place in Batu Maung.’ This friend of mine has been renting the same 730 sq ft apartment for the past 4.5 years. I was very happy because it meant that he believes property is a must-have for him. Okay, I did speak to him on numerous occasions as he was still young and thus all the advantages to get one as early as possible. Oh yeah, Batu Maung is in a less popular area in Penang many years back. Today, it’s growing with many new developments too.

The advice is simple. Renting is fine but always make plans to get your own property. Read here to understand why renting too high is not advisable. In this case, my friend has managed to save enough to buy that landed terrace and due to his age, he was even able to buy the place by himself. Oh yeah, I still remembered his old Iswara which he was driving and he switched to a Honda City only after a few years of working. I always think we must exercise delayed gratification but always be savvy about our own safety. It’s always better to change to a newer car because older cars tend to have more issues including the safety related ones.

batumaungThe above has shown three very important points. One, always have a plan in mind even if we were renting. Second, always save and exercise delayed gratification. Third, your age is your advantage. Use it while you still have it. As for me, I am already too old to be able to do too much about it. Oh yeah, that landed property he bought many years back? Due to it being within the Penang island, it should have easily doubled. He told me that he bought it at RM450,000 many years back, I think it was 2009. Today’s check in propertyguru.com.my revealed the following prices. (As per image). Still renting? Better start thinking and saving.

written on 27 Aug 2016

Next suggested article:   Property investment? Buying and renting is a good long-term strategy

 

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