More space or less space matters little if the extra space could not be used easily or at least cheaply. It will thus be the same as less space and worst still if we paid for it. For example, my friend who was moving because he said that he wanted to provide more space for his family. With kids, landed is better. Well… I still remember when I was young, my brother, my sister and I would run to the kids playground a few streets away to play. I was 13, brother was 8 and sister was 7. Our parents? Preparing for dinner at home. These days, every time I pass by the playground, there were hardly anybody. Perhaps it’s because the kids around the neighbourhood have all grown up? Or perhaps safety is now a concern or kids nowadays prefer tablets or smartphones instead? Hopefully not but I bring my kids to the playground every time I am home in Ipoh.
In my condo today, every 5pm till 730pm, kids are running around and some would be in swimming pools. (Main, jacuzzi and kids) It’s communal space no doubt but it’s being utilised. So many older folks are walking around the walking paths around the park. Are these facilities being used because most families with kids are now staying in high-rise units? Perhaps it’s because high-rise units are by far more affordable but offers enough SPACE that it’s comfortable? Let me share this article about a rising trend in Hong Kong too. South China Morning Post: Co-living the new norm for young professionals priced out of Hong Kong’s property market In brief, the article highlighted a trend for young professionals in Hong Kong to rent a room that comes with communal space. The reason is because it is much more affordable and everyone could still have more space compared to if they were to buy their own unit which is usually nothing more than just a micro-flat.
No, I certainly do not believe this is a trend in Malaysia anytime soon. We still have by far more choices instead of a 170 sq ft flat okay. However, the underlying two things we can take note of is that space is everything about usability. It is not about who owns it or even who pays for it. Secondly, due to affordability, it is possible for people to accept communal spaces which is actually usable space without owning and paying for it by themselves. There are more articles telling us that the younger generation are no longer properties. They also show a lot of calculation that it makes more sense. I personally disagree and if true, these younger generation better be earning a lot and saving a lot because they have no assets to hedge against inflation. Every time we think about buying that property, look not just at the price but also on all those space that is available that we could use. No, I am not taking about just 2 car park spaces or a small patch of grass along the side of the newer semi-detached homes. As for terraces, space will become ever more limited. Perhaps better to focus on the build up instead. As for the land space, hopefully we have access to them without the need to pay for them. Happy buying.
written on 16 Sept 2017
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