Khalil Adis talks about Gen-Y buying a home in Greater KL.

Youth should save more and spend less of their earnings to increase their chances of buying their first home, according to Khalil Adis, author of “Property Buying for Gen-Y”.

He said some youngsters in Malaysia live like there’s no tomorrow. They buy coffee at expensive outlets for the sake of “looking rich” among their friends.

“They go around spending all their money but what happens when the money runs out? They sign up for credit card services.

“The use of credit card often leads to debt when one cannot afford to pay the expenses. When one cannot afford to pay the bills for a consecutive three-month period, it can affect your bank loan approval on buying your first home,” added Adis.

Considering the high cost of living within Kuala Lumpur city, Khalil stressed on the importance of owning the first home, especially for the younger generation.

“Youngsters need to understand the difference between owning a car and a property. A car is a liability while a home is always an asset.

“Imagine, if you saved all the money to buy your first home,” added Khalil, who advised the younger generations to live according to their affordability and not to overspend on daily expenditures by living in their comfort zone.

With the inflation rate in Malaysia increasing over the past eight years and standing at an all-time high of 5.1%, Adis said there is no right time in buying a home but now. It is time for the younger generation to take charge on controlling their finances before signing up for a home.

The crowd listens attentively to the speaker at the Konvensyen Hartanah, KL Soho.

Leveraging on schemes to secure first home
According to Khalil, there are plenty of assistance given by the government in helping the young to secure their first home.

The MyBeautiful New Home initiative, otherwise known as B40, is another affordable home effort by the Malaysian government to provide housing to the less fortunate under Budget 2017. This scheme caters to the lower 40% of the income bracket, hence its acronym B40.

A total of RM200mil has been set aside for the development of these homes, with the cost of each home targeted at between RM40,000 and RM50,000. The ceiling income for each household to be eligible for these homes stands at RM3,900.
Khalil spoke at the Konvesyen Hartanah at KL Sogo recently held by Starproperty.my.

The event was held especially for the bumiputra community with various talks from well-known speakers such as Mohd Ali Majis, Harith Faisal and Aziz Ahmad and many more.

The convention also garnered the attention of modern day youngsters visiting the property showcases in hopes of finding the right home.

Konvensyen Hartanah is also StarProperty.my’s first property exhibition featuring Win A Home (W.A.H) Contest. To stand a chance to win a home worth over half a million at Petaling Jaya, visit wah.starproperty.my.

Follow us on Wechat or Facebook for the latest updates.

Download StarProperty.my e-Mag(bit.ly/StarProperty_Emag) for more articles.

Want to contribute articles to StarProperty.my? Email editor@starproperty.my. [slider id='81590' name='StarProperty' size='full']