SUNGAI PETANI: While owning a home is everyone’s dream, many are hampered by their poor management of their personal finances.
Inefficient financial management has also led to many home owners having to auction off their property after failing to make the monthly mortgage payments.
Shamsurizam Norsham, an advisor with property consultants Pejuang Hartanah, said property ownership requires 30 per cent of one’s main income and needs to be segregated to avoid future complications.
“Many people get excited about buying their own home but are unable to afford it because they just do not have enough money.
“As for those who are already property owners, there are some who have to count their pennies because they simply are not managing their finances well,” he said.
Shamsurizam was speaking at a dialogue session titled ‘Tabung Hartanah’ at the MyRumah 2018 property expo here on Sunday.
Shamsurizam said, those looking to purchase their own property have to set a target on how much they plan to have for their ‘property piggy bank’ and act accordingly to realise it, such as by supplementing their income.
He said additional sources of income can be gained by conducting business online or by other means.
“Business can be done by selling digital or physical products, depending on one’s own capability.
“Saving in a disciplined manner can also protect yourself as well as your assets in case of death, apart from allowing one to settle any debts before embarking on property investment,” he said.
He said youngsters are encouraged to get involved in affiliate marketing by selling property-related digital products for fast and easy returns.
“Through entrepreneurship, they can not only generate income through commissions but also gain knowledge of the property industry,” he said.
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