Hi All!
Blogs gave me some great advice on myself buying my first apartment now or later! I'm really interested to know your opinion on what he said.
He wrote:
"
so you could save 15-20k (as per what Joel told me)in the next
year, if you buy you will have spent around $20k, sooooo in one years
time for it to be worth while to buy your property would have to
appreciate $40k roughly which on a $250k place is 16% in one year-aint
gunna happen. (p.s this im my humble opinion only-please talk to as many
people as possible) So looking at it from this perspective seems like a
easy decision huh?My advice-if you have to move out then consider it, or consdier renting,
otherwise stay at home and save as much money as possible while you can.
What you need to think of is this-if the property appreciates 5% in one
year that's a gain of $12.5k, however mortgage repayemnts will set you
back $18k, so even if the property increases at a healthy 5% (which may
not happen with interest rates going up) you are still going to be out
of pocket $5k!!! If you wait a year you will be up $25k!!!"
Would greatly appreciate any feedback on weather or not its worth waiting and seeing what happens next year. Or going for it now?Cheers
Joel
Hi Joel people can only speculate where the market is going to go from here, there are indications it is going up however again that is speculative. You need to do your research on where ever you want to buy and make an educated decision, some areas may go up and others down depending on supply and demand. I wish you all the best with your decision you are welcome to contact me if you need any help with your finances.
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