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18,000 rent-to-own units in Penang.(not immediately yeah)

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If we could not save enough downpayment for a home. Somehow, just could not, then we could also opt for rent-to-own (RTO) units. RTO meant that the buyer usually does not need to come up with downpayment and some portion of the rental would be used as downpayment a few years down the road. This is a win-win situation for the buyer and the developer too. Just make sure the offer is a genuine one and you are not actually paying even higher than buying your own property lah. According to Penang StateHousing Committee chairman Jagdeep Singh Deo, there were currently 2,088 rent-to-own (RTO) units in Penang.

Article in nst.com.my Due to the COVID-19 pandemic, State Housing Committee chairman Jagdeep Singh Deo said he would propose that the current ceiling price of RM300,000 for affordable housing on the island and RM250,000 on the mainland be reviewed. This was because the property market has been affected. He said, “As such, we have to be aggressive to assist both purchasers and developers of such affordable housing so as to spur our economy. As I have said before, the housing sector, directly and indirectly, involves more than 100 industries.”

He also said that housing is a basic right for everyone. There are many families whose income were affected by the Movement Control Order(MCO) He said, “To help this group of people who are affected economically, the state will increase the number of rent-to-own projects for the lower income group.” He said that the plan is for Penang to have up to 18,000 units of RTO properties by 2030. Article in nst.com.my

Just in case you did not know, I wish everyone would own a roof over their head. OWN, not rent. This is for a very simple reason. After we retire, we will most probably be living another 20-25 years. Now, imagine the rental of RM1,500 which we are paying today remained unchanged 20 years later when we officially retire without a home with our name. If that happens, then just get ready enough money for rental. Not a big deal at all. RM1,500 x 20 years x 12 months = RM360,000 only…

Grab any opportunity to own a property. If you did not buy that new smartphone of RM5,000 on instalment plan for 12 months,most probably you have enough extra money to pay 50% of the necessary mortgage for a RM200,000 home. That’s the significance of RM500 every month. By the way, the rental paid for the RTO can still be partially yours. The money paid as rental to any owner is theirs. PLUS, when you retire, they will not ask you to stop paying rental yeah. Happy understanding.

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Next suggested article: Is RM200,000 enough for retirement? How sure are you?

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