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Do more for people to own homes

by | Jun 13, 2023 | NATIONAL, NEWS, Opinions | 0 comments

BY: LYNDY ANG

Most experts in the property industry have asked the government to do more for people to own homes as the move to exempt first time house buyers from paying stamp duty is considered insufficient to own homes.

The other factors that are just as important which economists and property experts contend are the low salaries and wages of employees, the high interest rates and the prices of properties that have skyrocketed.

While the exemption of stamp duty only affected the transaction cost at the point of purchase there are other costs that young house buyers are saddled with and since most of this group earn meagre salaries it is still difficult to own a home.

For example, if an affordable home costs RM300,000, the exemption saves them about RM6,500 on the sale costs but the house buyer needs to have saved enough for the downpayment and have sufficient funds for loan repayments.

The issue at heart for young house buyers is simply that their income is too low as, according to statistics, the average wages in 2021 for the 25 to 34 age group was only RM2664 per month plus they have to usually service other debts.

This really means whether owning a home is sensible as the culture in Malaysia is to promote home ownership as an indication of success but in the modern setting of life now people should consider whether it is necessary.

-THE MALAYSIA VOICE

** The views expressed on this opinion is of the writer and not the publisher

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