A common dream that everyone has no matter where they are from, or what their situation is to own a place of their own. However, as one grows older and comes closer to the age for retirement, it may feel like it is too late to buy a home. In fact, sometimes it makes more sense to buy a new home even if you are near retirement age.
Here in this article we will tell you 5 reasons why you can buy a new home no matter what your age may be.
1. More money and savings
Many argue that it is better to buy your first home when you are older as by then you are likely to have saved up more money and thus have a more disposable income. Even if you plan on travelling and seeing the world during your golden years, you can still plan on buying a house. After retirement, most people have decided on where they would like to settle down and buying a home soon is a good idea.
2. Better healthcare
It is a fact that people are living much longer than they did in the last century; we owe this to the better health care practices of today and the new discoveries that are being made in the medical field almost every day. This means that we can enjoy our homes for a longer period of time and owning your own home can be truly satisfying. Besides, it is your own place to decorate and plan as you like!
3. Banks are more accommodating
Going back to the previous point of people living longer, banks nowadays have a higher maximum age for home loan application nowadays than they did before; the average maximum age for most banks in Malaysia nowadays is 70 years. However, it should be noted that most banks still do favour younger home buyers. One way to work around this is to have a younger person as a supporting contributor; the bank may be more willing to offer a home loan to you even if you are close to 70 years of age if there is a guarantor in case something should happen to you.
4. More options
It is a fact that there are many more houses and properties available now than there were before, which means there are many more options for everyone to choose from. Whether you are planning on living in a big house with your family or a small apartment alone there is something for everyone; and also thanks to this increasing number of houses there are more payment options so you can find a house that suits your needs and with a mode of payment that you are comfortable with.
5. Financial security
If you have been renting all your working life, there is one reality you must have faced: rising rents. When you own your home, there are no more monthly expenses. Even if you have taken a bank loan, your payment will never rise. You can even decide to stay in a smaller place and use your own property as an investment for a regular monthly income.
Everyone deserves to have a home that they can call their own; there is no need to feel you cannot buy a home of your own just because you are getting on in the years. Don’t let something like old age get in the way of fulfilling your dreams, instead go after them and enjoy your life.
Do you have any questions about buying a new property? Send a message to hello@iqiglobal.com or call us at 012-299-6155 or 037-450-6655.
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