I just got back from the three day property fair BPEX which was pretty rocking! Can you find me in this picture here? 😉
If there’s one thing that preoccupies Malaysians nowadays, it’s the idea of retirement homes. No less than 20 people came up to my agency’s booth and asked me about retirement properties.
Indeed… everyone seems to be into buying a Malaysian retirement home these days. Naturally, who would not want to live comfortably in your senior age, to enjoy what you should actually be enjoying after toiling at work for most of your life? Of course everyone wants to buy a retirement home!
But as with any real estate purchase, it cannot be something you do on a whim. We’re no Betty White’s and Jack Nicholson’s. We’re talking about Malaysian homes like Kiara Designer Suites that we would buy with our hard earned retirement money, where most of your pension funds and old age will be spent on. Indeed, some of our most popular property sites (reviewed here) have dedicated sections on retirement homes. Also, we were also previously featured in this article in the Edge which quoted me as being bullish on retirement homes. I have now changed my mind…
Why retirement homes are crap!
Only naturally, we want something that will be worth the hardest earned of our hard earned cash. Here are some tips on how to buy the right retirement home for you:
- Should you rent or buy a retirement home? Or would you be better off in your old home? Weigh in on the odds – which would be convenient and cost efficient? Buying a home may be very convenient but could you really afford it? And what happens to the house should you need to be in hospice care? Would renting be better? Or would you be better off repairing your old house and investing your retirement money in something else instead? These are the real questions that you’d have to face, rather boldly, when the time comes.
- Decide early on to get a Malaysian retirement home. The sooner the better is the name of the game when buying a retirement home. This is a big investment and you’d like to save for it as much as you can so you still can enjoy a big chunk of your retirement money and not just lose it all to the house. You’re unlikely to get a big, long mortgage loan anyway. And besides, in your old age, you wouldn’t likely to want to think about having to pay for something so big so at least strive towards making a full to almost full payment. So the sooner you decide to get one, at least about two years, the more savings you’ll have for your dream retirement home.
- Find the right location. Find your happy place – but make sure it is easily accessible to important public facilities. You sure don’t want to drive far for your doctor’s visits anymore! You have to find a home that will keep you happy but will also keep you safe and within comfortable driving distance to the grocers, the hospital, the police station, etc. Also find a place with a lower cost of living and in a neighborhood that’s friendlier to seniors. Maybe somewhere like Segamat, Johor, or Kota Damansara. 🙂
- Choose just the right size. When you’re older, you’d likely be alone at home with your partner on most days. You certainly don’t need something the size of a Civil War era mansion. Remember, bigger houses need more cleaning and maintenance – and that’s something you’d rather not want to deal with in your senior years. Get a Malaysian house that has enough space for yourselves and maybe a regular sized guest room to accommodate visiting children.