When buying your first property, you should always buy within your needs and affordability. But while researching properties, it's important to understand why you're buying in the first place. Even if it is your first home for your own stay, it may need to serve as a rental property in the future. Let's take a look at this story from Charles Tan, author of Kopiandproperty.com to understand why your dream home may not always be your dream home.
My story about my dream home
I started working when I was 21 years old, right after graduating with my first degree. Yes, I subsequently studied hard for an MBA. I purchased my first home, yes it’s my dream home based on my salary at the time. It was an apartment of 730 sq ft with everything I wanted. A big living room which meant the other rooms are smaller, a dining area and a kitchen which is separated from the dining area. I renovated it lah.
After a few years, I realised my dream home is something bigger… with better facilities… so I bought another place and moved. This happened again when I moved to KL and then happened again after 1 year of staying in that home and then I have news of my second baby; my son. So, I am now staying in my 4th home. In Q1 2023, I will move again and that will be my 5th home. Since I have experience with buying 5 own-stay homes, let me share 5 reasons why that dream home will always keep changing.
#1 – Income will grow
I really do wish everyone will continue to earn ever higher income with every passing year. A very simple example, we could have started as an officer, work very hard and we will soon be an assistant manager. Upgrade ourselves further especially on communications and leadership and soon we will be a manager and with experience, we will soon be a senior manager when we are close to 40.
With all these income changes… we usually would want a bigger and better home to reflect our changing social status too… That’s why the demand for homes are growing every year.
#2 – Trends will change
There were times when homes within the city centre was the choice of everyone. These days, look at the top 10 fastest growing list of property transactions and one would see that most of the names on the list are not in the city centre. There are many reasons but one of it is also because now working from home is becoming more of a norm.
People also want more space versus buying a smaller place in the city centre. This trend of staying further for bigger is not just in Malaysia. It’s everywhere around the world, Melbourne, Sydney, London and even Singapore… Not everyone can afford to stay close to Orchard…
#3 – Needs will change
I had just my wife when I moved into my first home. It’s good enough and we were comfortable. Then, we wanted a baby when we moved into our 2nd home. So, we bought an extra car park space too since my wife would need to drive.
Then, we realised we needed more space when baby number 2 was on the way. So, we bought a bigger place with sufficient car parks and a big park for the kids to run around when they could. By the way, it’s not just the baby yeah. It can also be your parents who want to stay with you. It could also be your sister who is now studying at a university nearby your home. Basically, the needs for that home will keep changing.
#4 – Career will change
Studies have shown that nearly no one works for more than 5 years with a company these days. Gone are the days when we have one big group of people on stage for their 5 years anniversary with the company. When we change our job, we may need a new home. Else, we may need to only look for jobs nearby our home?
That’s not all, some may be moving to a different city altogether when they get that promotion opportunity. When this happens, the home will also have to change. This is why property transactions continue to happen yeah. Someone would love your earlier home. Sell it and let them enjoy it.
#5 – Partner may change…
I do hope not but these circumstances do happen. We cannot be staying at the same place if we are no longer in a relationship with the person whom we bought the home with. One may have to move or even two will move since staying at the same place does not seem right especially when a new partner emerges.
By the way, the reasons to move on from that earlier dream home are endless. Many people move for many other reasons. This is why we need to stop saying that I am still looking for my dream home and then delay buying that first property so that we can keep spending all our money on overpriced coffee… expensive cheesecakes… unnecessary segment B Japanese car and even a holiday we think we deserved after working so hard.
Property prices will keep rising with inflation. That’s a fact. Happy buying or well, enjoying your life to the fullest like many say they wanted to. Cheers.
Original article by kopiandproperty.com