Cover image via jcomp/Freepik
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A 24-year-old Malaysian recently turned to social media for advice on whether he should go ahead with buying his first home, given his limited savings
In an anonymous post on Threads, the man said he earns RM3,000 a month and currently has a car loan commitment of RM620.
He had been planning to purchase a subsale home priced at RM200,000, but soon realised he may not be financially prepared.
"I have plans to buy my first home. But the problem is, I don't have enough savings because I didn't realise there are so many costs involved in buying a house," he wrote.
He shared that he currently has RM4,800 in his EPF Account 2 and RM6,000 in cash.
The man said he was prepared to take on a full loan and had even discussed paying a booking fee of RM6,480 with a property agent.
Image for illustration purposes only.
Image via jcomp/FreepikHowever, concerns arose after he looked into the additional costs involved in purchasing a home
These included legal fees, Sale and Purchase Agreement (SPA) fees, disbursement fees, valuation fees, and processing charges.
"After calculating everything, it feels like I can't afford to cover all these costs because I don't have that much cash ready," he said.
He added that he received conflicting advice from a banker, who told him that only the SPA legal fees needed to be paid upfront, while the rest could be included in the loan.
"I'm scheduled to meet the agent and owner this Saturday to sign the booking form. Should I go ahead, or is it better to hold off and save up first?" he asked, adding that he was worried about becoming financially burdened if he proceeded.
Many commenters urged him to delay the purchase, noting that buying a home typically requires significant upfront savings
"Hold off first. To buy a house, you need roughly 15–18% of the price. Don't listen to the agent — they're just trying to close the deal," one user said.
Others suggested he build his savings first by setting aside an amount equivalent to a monthly housing instalment to test his financial readiness.
"Imagine if your monthly commitments become RM2,600, what are you going to do? I've been through it. My advice is to rent first and save," another shared.
Following the feedback, the man later said he had decided not to proceed with the purchase
He added that he plans to focus on strengthening his finances and building his savings before reconsidering homeownership.
"I'm interested in the suggestion of saving an amount equivalent to the monthly instalment first. So I'll focus on building my savings and improving my finances," he said, thanking others for their advice.
