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Buying a property? Never-ending saving money. 5, 10 years or more?

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Buying a property? Never-ending saving money.

It’s possible to find an undervalued property and perhaps even buying it without having to any down-payment. Under-valued property exists in all markets and sometimes, it’s just luck or the ability to spot a good deal once you have found it. Some people may not see it even after you have explained it fully. It’s okay. Investment decision is up to individual. Oh yeah, do we know how much could RM500 turn into in 10 years time if we save consistently? Take a look at the calculation below.

Source: calculator.com.my

However, for the majority of property buyers, saving up the needed down-payment is a must. Here’s an article about someone who ate at the canteen as it’s cheaper and even ‘staying back’ until dinner time because dinner is usually provided to anyone who is still around when dinner time arrives.

Once upon a time, I tried to save money by eating just sausage and a can of instant spaghetti in tomato sauce. It’s super cheap (Just 11 pence or equivalent to roughly 60 sen then) because these spaghetti are the left over ones from the long spaghetti production. It could be found on the shelves of Tesco’s in the UK. Not sure if they still stock those these days.

Header Photo by maitree rimthong from Pexels

However, for the majority of property buyers, saving up the needed down-payment is a must. Here’s an article about someone who ate at the canteen as it’s cheaper and even ‘staying back’ until dinner time because dinner is usually provided to anyone who is still around when dinner time arrives.

How to save up to buy a home in Hong Kong

Article in edgeprop.my  Hong Kong actor Max Cheung said on the TVB variety show “How To Buy A House” that he would watch his daily expenses and limit how much he could spend each day so that he could buy his home. He said, “Even if it was only HK$1, I would still save it.” When he was a bachelor, he endeavored to spend just HS$250 (RM134) every day.

He also saved by spending less on food. This is how he did it. He said, “After work, I would eat in the TVB canteen cause it was cheaper, and I would deliberately stay back late after filming on location cause they would prepare meals for us. If I went home earlier, there wouldn’t be any meals available.” Do read on for a lot more details of other things he shared.  Article in edgeprop.my

 

Saving need not be invested just into the property

If we have saved furiously for 10 years and suddenly we got an opportunity to buy a property without much down-payment, then the savings could be used for renovation instead. That’s a big amount as well. Plus, if we have saved for a few years, we would have a substantial amount which could be used to invest and perhaps earn even more returns as we wait for that property investment which we would like to do as soon as we found a suitable one.

Oh yeah, when would RM10,000 investment double in value if the investment could grow 7% every year? Answer is around 10 years. This is why when we save and invest at the same time, the amount of money which we have could possibly double in 10 years versus just saving alone. Just remember to be knowledgeable about what we invest because, ‘a fool and his money soon parted.’  Happy investing.

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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