Hi all, still on the journey to finding the right place in my new city… in the meanwhile I’m saving just shy of $1k/week after tax living with my parents (so delaying isn’t a terrible thing). Anyway as previously discussed… I am going to pick the location which has most hustling nightlife in my city, this way easy to pull back to mine from bars and clubs…
anyway, my question… should I purchase an older place now $260k or wait 6-12 months and go for a newer/fancy place $400-450k? Both would be single bedroom and both within 100m of each other and in great locations. However, the more expensive is modern with infinity pool and slightly better views (and has a reputation of being the best complex in suburb)… for reference I am 21yo and on current salary projection (not including side hustle) will be able to pay off cheaper appt in 5 years and more $ app in 10 years.
In regards to pulling back to mine for ONS and retaining girls over a longer period… do you think this will play a major role? Ie. how fancy my apartment is?
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STAYShredded 2y ago
I am actually trying to work that out, by looks I would suggest built in 80s, whereas the new apartment in the last 5 years
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Guyandtheroadtovictory 2y ago
Regarding real estate investments, I should suggest to review how newer apartment series are built, because from my experience, nowadays a lot of real estate are built to build more faster and cheaper in comparison to older ones. Also, if older ones as IBelieveInTheFallen said, are better value, maybe some repairs and upgrades and you have more valuable object than newer one. As for pool, its tricky, could be also great deal, but if i would hear a neighbor sneezing or farting, thats a no for me.
whytehorse2021 2y ago
I took the money I would've used on a down payment and invested in stock options. I make so much money I can just pay rent and have extra money to roll back into investments. Somebody else pays all the taxes and maintenance and carries the mortgage. Housing prices are so inflated it's a really bad investment.
RedPill115 2y ago
It looks like this is coming to an end in the stock market doesn't it?
STAYShredded 2y ago
Yea ngl recent news has me leaning towards renting, looks like money is going to get expensive soon… also might mean lots of property on special in a couple years time as well
whytehorse2021 2y ago
It never ends if you know how to make money in a downturn. But yeah the feds said they would raise rates and are already buying less bonds which is affecting interest rates and hedge funds will move money to bonds when the rates are attractive.
STAYShredded 2y ago
Despite interest rates being so low? In the suburb I am looking, it is cheaper to pay a mortgage than renting by a couple hundred $ a month therefore once you factor in body corporate and rates, you break even except at the end of the mortgage you have an asset.
whytehorse2021 2y ago
It depends where you live. I'm in a place where I could save a few hundred $/mo but I also can make a few hundred more than rent by investing that down payment. The key difference is I can walk away at any time and I pay no maintenance or taxes. Soon I will be moving to a country with a much lower cost of living.
STAYShredded 2y ago
Awesome man, cheers for the response… do you mind sharing where you’re thinking of moving to? My job has sort after skills and plenty of options to move internationally as well… It’s not unheard of for many of us to make 600k USD a year with no tax in the UAE… however gaming girls over there is probably fucking illegal lol.
Also do you mind sharing if you use leverage investing (borrow money from bank and invest that in shares) or do you consider this an unnecessary risk?
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STAYShredded 2y ago
United Arab Emirates, god you Americans live under rocks ahaha
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