In this age and day, we have always talked about equality in various aspects such as gender, job opportunities, education, etc. Regardless of which equality you are referring to, the notion of attaining 100% equality in all aspects is far more surreal than what you presume. Take housing opportunities as an example, even in the most developed city, you can still observe citizens of all walks of lives staying in different size and type of houses. Some may desire to own a landed property, but due to financial constraint, they could only afford a unit of an apartment. So, in today’s modern world, when it comes to buying houses, it all boils down to the financial factor.
Is there any correlation between the size of a house and the blissfulness of family living in the house? To answer this question, we will have to look into two different scenarios in the following paragraphs.
Scenario 1: A middle-income family has the luxury to live in a double-storey house, but is indebted with huge amount of home loan
James and his wife, Tammy have two schooling kids. Being the sole breadwinner in the family, James has to support the family daily expenses, his children’s education fees, insurance premiums and many more. With the monthly income of RM 3000 and sales-dependent commission, he barely can cope with the rising cost of living in the city. When James decides to take up the home loan to buy a landed property worth RM 400,000, he has prepared to embrace himself with the debts he will be living for the next 30 years. No doubt, he and his family live in house with spacious rooms, small garden and car porch. However, when James can’t make ends meet during some months, he has to postpone loan payment and hence, his debts accumulate like a rolling snowball. Due to the financial stress, he starts to argue with his wife and their relationship gets tensed up. They no longer live as a happy family as the racked-up debts haunt them day by day.
Scenario 2 : A middle income family only has the comfort of a cozy unit in apartment, but is debt-free
Joanne is a single mother who raises three kids all by herself. She earns money from the two jobs she does daily. From the saving she had over the past decades, she managed to buy a unit of low-cost apartment with three bedrooms 5 years ago. She only had to apply for a small amount of loan for the house renovation, in which she manages to clear off the debt in a couple of years time. Therefore, she now lives without debt and can afford to set aside a small portion of monthly earning for her children’s tertiary education funds. Not only are Joanne’s children considerate to their mother, they also respect her for being the sole breadwinner of the family. Hence, they take care of the household chores to reduce the burden on their mother’s shoulders. Although they do not have the luxury to live in a big house with grand furnitures, they are contented with their small yet homey apartment.
Hence, the answer is straightforward. If you want to own any house, you must ensure that it is within your means. Do not let the size of a house determines the happiness in you because a house acts a shelter where you and your family can live together and share good memories. Of course, if you need financial help to own your first home, home loan can always be a good option. You can apply loan that is reasonable in which you are able to make the monthly repayment fees based on the monthly income you earn. Base lending rate is one of the factors that widely discussed in loan issues. To know more about how the base lending rate affects home loans, you can click on here.
As mentioned before, home loans are the avenues that could benefit you financially if you know how to manage your finances well. Hong Leong home loan is one of the popular choices among the prospective house buyers.