Should I buy an apartment?
- Thread starter Scorpion Ghost
- Start date
RiccardoNL
Newbie
- Nov 1, 2017
- 12
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On the Balkan (where TS is from), you can. Check houses in Romania. If you want to live for nothing, go live with with gypsies, lol.
- Feb 19, 2016
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I guess it's time to pack my bags
KishoSRB
Regular Member
- Jan 5, 2015
- 320
- 129
25k for apartment is possible only in small cities,but ussualy price for square meter in decent city is about 800+ euros for buildings 15+ years old.
The point here is to buy apartment in fairly attractive location because later you can sell it more easier.
The point here is to buy apartment in fairly attractive location because later you can sell it more easier.
- Mar 22, 2013
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Yeah, true. I'll have to do my due diligence. I'll probably visit an agency or two and talk to someone, see what they tell me. Try to get as much information as possible locally of course.
Thanks
Absolutely. Legally I want everything to be correct. I'll do it right, whatever that means. Agent, lawyer, or both.
-Whether I need it or not is a complicated question. Yes I need it, but I'm not gonna die if I don't get it. I'd save money by having it.
-What's going to happen if I don't get it is nothing. And that's the problem. I'll still be renting, not having MY OWN place, etc.
-I generate income from working online. The way things are going I made $18,000 last year, that's net. I'm going to make more or less the same amount this year. So I can double my capital in 2 years if I need $9k a year to live and save the other $9k. I'd have to continue living frugally of course. But my income could increase. I'm always working on that always.
-I may list it for sale on local real estate sites shortly after I buy it, and jack up price, and let it be. I don't need that money, let it sit there safe (the apartment itself). I'll make new money
but if I do ever need money I can always sell the apartment.-I'm selfish on this one. I'm buying the apartment for me and my needs, paying little concern to what if in 5 years. And that's also because I'm not buying the apartment to live in it for 10 or 20 years. I'm buying because I want one now and I can afford one. I'll make more money, and 5 years from now or whenever I can buy a different place, and sell the old one or rent it.
-Yeah, the apartment is not an asset for sure. Unless I can flip it for a significantly higher price, or rent it, it won't be an asset. Though renting would take a long time to just make the money back that I spent to buy it. Maybe the money I have could be invested in my business to yield more, but I don't wanna fuck with this money. I've been very broke for very long and I want this money to be there. Right now it's in the bank, on Paypal, on me. If I buy the apartment, they'll be there (the apartment itself), and they'll provide me with a place to live! Now that money is just gathering dust. Also if my country enters the European Union (if there is one left to enter in a few years) the prices of real estate will go up all over. If you talk to people around here they'll advise you to buy before EU entry because it's cheaper now. But who knows if that's true.
- Mar 22, 2013
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I guess if we look at it broadly, you can get one for that money in many countries in the middle east, africa, eastern europe, south america. Right? Then you have the city and area of the city that all affects price.
Who's TS? lol
I've thought about the location. Of course I'll look around the center of the city. From the bridge that connects the city to the capital city all the way to a different part of town, that goes through the main bus station and a few big supermarkets and stuff. Like, I'm very well aware of which area to concentrate on, and I know almost for a fact that this city won't become a ghost city in 5 or 10 years. It's a growing city, it's 20 minutes from the capital city, it's not going anywhere. So the real estate price will remain steady or grow, I'm not particularly worried about that. But, in the chance the property value decreases or something, hey, I have my own place to go to
geneticwaste
Regular Member
- Apr 4, 2008
- 334
- 78
My advise:
Start checking apartments which sound interesting to you and try to ask the real estate agent as many relevant questions as you can. Ask them open ended questions like "If you were in my position, what would you do? What would you look for in an apartment?".
After 5+ different apartments you'll start to develop an understanding of the pros and cons and what to look for.
Most important: Don't go for the 1st or 2nd apartment! Wait till you really understand the market!
Start checking apartments which sound interesting to you and try to ask the real estate agent as many relevant questions as you can. Ask them open ended questions like "If you were in my position, what would you do? What would you look for in an apartment?".
After 5+ different apartments you'll start to develop an understanding of the pros and cons and what to look for.
Most important: Don't go for the 1st or 2nd apartment! Wait till you really understand the market!
dotc0m
Elite Member
- Aug 24, 2010
- 2,734
- 2,043
Sometimes less is more.
Maintaining a property can be a drag, especially if you do not have a SO to help out.
Depends on your lifestyle really.
Some people are fine with living in lofts and flats
while others like me like to have my property space to house my junk...
Project cars, computers, etc...
Maintaining a property can be a drag, especially if you do not have a SO to help out.
Depends on your lifestyle really.
Some people are fine with living in lofts and flats
while others like me like to have my property space to house my junk...
Project cars, computers, etc...
KHer0
Elite Member
- Mar 22, 2011
- 2,465
- 2,981
I am the total opposite of you. I have lived my whole life in owned flat and there are somethings to consider
Buying a real estate is a mean of saving money, not investment..
I will take investing over saving money anytime
If you invested those 25k in a project it will get you at least 25 - 30%.. This is 7 - 9k / year.. you said u r living in a rent for 2k/year.. imagine where can you live with 7k
You have been working your ass off for 4 years and you want to save it in an aparment!! Then what, work another 4 years to get a car.. 3 years to get married!
This not how smart people use their money, smart ppl make money work for them.. any money you get from investing ur own effort isn't yours, its for investment
And then the money you get from investments is what u use to buy stuff.. houses, cars, or whatever
This how I work and my own exprience
Buying a real estate is a mean of saving money, not investment..
I will take investing over saving money anytime
If you invested those 25k in a project it will get you at least 25 - 30%.. This is 7 - 9k / year.. you said u r living in a rent for 2k/year.. imagine where can you live with 7k
You have been working your ass off for 4 years and you want to save it in an aparment!! Then what, work another 4 years to get a car.. 3 years to get married!
This not how smart people use their money, smart ppl make money work for them.. any money you get from investing ur own effort isn't yours, its for investment
And then the money you get from investments is what u use to buy stuff.. houses, cars, or whatever
This how I work and my own exprience
Writerly
Elite Member
- Dec 9, 2016
- 1,847
- 708
Real estate is always a good investment, even in underdeveloped countries, as you say yours is. I would definitely go for it. In my opinion, paying rent is like throwing money down the river. It isn't an investment. If you buy your own place, it will always be yours. Furthermore, if something happens, and you need a big amount of cash fast, you can always sell it. Sure, you'll be back at square one, but, that's the worst case scenario. I wish you the best of luck and to have fun picking your first place!
Where are you from? When you say apartment... Do you mean a whole apartment complex with multiple units? Or do you mean what people were I'm from call a condo... Which is a complex with a bunch of units, but you only own one unit within the complex.
If it's a condo... What a lot of people do where I'm from is they buy it they live in it, if and when they want to move they rent it out. If they're not there all the time they may list it on Airbnb or a similar outlet to rent out for short-term.
If it's a whole apartment complex... Which I'm not really getting at, but if it is.... Then buy it and obviously rent out the other units. Keep long-term because the long-term income is worth it well more than the short-term flip.
But at the end the day if i were you and bought it, I wouldn't really be fixated on trying to flip it so to speak. There isn't really a guarantee that you will make a profit anyways, and there's also the risk that you have to sell it at a loss. There's a lot of people in this day and age that do not own property, so you will have an upper hand being able to rent out this property at anytime you want to. I know renting can be a headache because you can have nightmare tenants... But if location is good, you have a price that doesn't attract low-income folks, and you do a really good job at a wedding and screening your tenants, then usually you have a good solid income from it.
Owning property is always a good fallback should you need to something to borrow against, an asset that you can liquidate, or source of income. Depending on what you pay for rent, you can actually still rent and live in another place, buy this property to rent out, price the property rent at a point that it covers your rent as well as a profit (enough for any emergency repairs and property maintenance, but as well as savings for you)
I say buy this place but only sell it or try to flip another property if you can own two properties at once, so you always have ownership of a follow back property.
If it's a condo... What a lot of people do where I'm from is they buy it they live in it, if and when they want to move they rent it out. If they're not there all the time they may list it on Airbnb or a similar outlet to rent out for short-term.
If it's a whole apartment complex... Which I'm not really getting at, but if it is.... Then buy it and obviously rent out the other units. Keep long-term because the long-term income is worth it well more than the short-term flip.
But at the end the day if i were you and bought it, I wouldn't really be fixated on trying to flip it so to speak. There isn't really a guarantee that you will make a profit anyways, and there's also the risk that you have to sell it at a loss. There's a lot of people in this day and age that do not own property, so you will have an upper hand being able to rent out this property at anytime you want to. I know renting can be a headache because you can have nightmare tenants... But if location is good, you have a price that doesn't attract low-income folks, and you do a really good job at a wedding and screening your tenants, then usually you have a good solid income from it.
Owning property is always a good fallback should you need to something to borrow against, an asset that you can liquidate, or source of income. Depending on what you pay for rent, you can actually still rent and live in another place, buy this property to rent out, price the property rent at a point that it covers your rent as well as a profit (enough for any emergency repairs and property maintenance, but as well as savings for you)
I say buy this place but only sell it or try to flip another property if you can own two properties at once, so you always have ownership of a follow back property.
MartysW0RLD
Senior Member
- Apr 14, 2013
- 958
- 227
If it's something you've always wanted and it's going to give you peace of mind then go for it. It's not like your just throwing all your savings into a foreign car or something. Worst case scenario you can always just sell the apartment later, but look around be intelligent and don't jump into something that seems too good to be true.
Good luck friend!
Good luck friend!
And like someone else said, if you're having doubts on you can lose the money by buying a property that might be a dud or need a lot of repairs, just sit on your money. Maybe put it in an account that can build interest while you're waiting to see what you want to do with it. Depending on how old you are, there really is no rush per se. When you buy the property, do not be at $0 after it all. I say buy a property where you can still have at least $5,000 to $10,000 left over after. My dad's rule of thumb was you should have three times the amount of the asking price in the bank before you even think about purchasing... But that's being a little overly cautious in my opinion.
Homertid
Newbie
- Aug 30, 2018
- 11
- 7
There is no harm in buying your own apartment. You should buy it if you think that you can afford it. I know that some people will try to dissuade you and tell you that it is a waste of time. There is no need to listen to them. They are haters and they will keep on hating. It is their nature.
- Mar 22, 2013
- 9,153
- 10,492
Hey everybody,
So im up to 25.000 euros in savings now. Thats about $32.000 dollars, give or take.
The fact that i wsnt to buy an apartment is ever present. However the other day my landlord came over and smelled smoke, i smoke, so she told me i have to paint the apartment after i leave. But i didnt hide the fact that i smoke and nothing was told to me about it before moving in. The landlord's brother rented me the apartment actually, i just met his sister yesterday for the first time. Anyway, had i been told about this i would not have moved in to begin with.
So that rekindled my desire to buy my own place again. Urgency strike.
But its funny. When i had 18.000 euros i was thinking about it. When i had 20.000 i was thinking about it. When i got to 23.000 i was thinking about. And i seem to just be moving my goal post. My last decision was to get up to 27.000+ euros and then buy a place for 25.000. Thats gonna take 2-3 more months though.
If i set out to buy a place for, say, 23.000 euros, i could literally start looking starting now.
On the one hand i worry ill cheap out on it and be unhappy with my decision after. On the other hand im thinking i allowed people that told me to save a bit more money get into my head, and i should stop this madness and jusy buy what i can afford and call it a day... a nice day... in my old little small private castle
Just thinking outloud here and getting shit off my chest.
So im up to 25.000 euros in savings now. Thats about $32.000 dollars, give or take.
The fact that i wsnt to buy an apartment is ever present. However the other day my landlord came over and smelled smoke, i smoke, so she told me i have to paint the apartment after i leave. But i didnt hide the fact that i smoke and nothing was told to me about it before moving in. The landlord's brother rented me the apartment actually, i just met his sister yesterday for the first time. Anyway, had i been told about this i would not have moved in to begin with.
So that rekindled my desire to buy my own place again. Urgency strike.
But its funny. When i had 18.000 euros i was thinking about it. When i had 20.000 i was thinking about it. When i got to 23.000 i was thinking about. And i seem to just be moving my goal post. My last decision was to get up to 27.000+ euros and then buy a place for 25.000. Thats gonna take 2-3 more months though.
If i set out to buy a place for, say, 23.000 euros, i could literally start looking starting now.
On the one hand i worry ill cheap out on it and be unhappy with my decision after. On the other hand im thinking i allowed people that told me to save a bit more money get into my head, and i should stop this madness and jusy buy what i can afford and call it a day... a nice day... in my old little small private castle
Just thinking outloud here and getting shit off my chest.
Veil123
Elite Member
- Jun 13, 2012
- 1,839
- 3,357
I am still thinking where the heck are you going to buy an apartment for 20.000 euros. Knowing the prices in the cities i doubt you will get anything more than 30m2 10-20kms from the center of the city.Hey everybody,
So im up to 25.000 euros in savings now. Thats about $32.000 dollars, give or take.
The fact that i wsnt to buy an apartment is ever present. However the other day my landlord came over and smelled smoke, i smoke, so she told me i have to paint the apartment after i leave. But i didnt hide the fact that i smoke and nothing was told to me about it before moving in. The landlord's brother rented me the apartment actually, i just met his sister yesterday for the first time. Anyway, had i been told about this i would not have moved in to begin with.
So that rekindled my desire to buy my own place again. Urgency strike.
But its funny. When i had 18.000 euros i was thinking about it. When i had 20.000 i was thinking about it. When i got to 23.000 i was thinking about. And i seem to just be moving my goal post. My last decision was to get up to 27.000+ euros and then buy a place for 25.000. Thats gonna take 2-3 more months though.
If i set out to buy a place for, say, 23.000 euros, i could literally start looking starting now.
On the one hand i worry ill cheap out on it and be unhappy with my decision after. On the other hand im thinking i allowed people that told me to save a bit more money get into my head, and i should stop this madness and jusy buy what i can afford and call it a day... a nice day... in my old little small private castle
Just thinking outloud here and getting shit off my chest.
P.s. I am from your neighborhood, Macedonia.
- Mar 22, 2013
- 9,153
- 10,492
Hey man,
That sums it up nicely. About 30m2 and about 10-20km from the city. Thats pretty much what i can get, and thats pretty much what im going for.
But please.. its not 20.000... its 23.000 i would be willing to spend. Please eh, be precise
And this would be my first piece of real estate ever, so i wouldnt have to pay some tax on the purchase. Id save a percent or two on that.
Im gonna look for an agent to talk to at some point, see what im told. I cant go at this alone. I dont have the knowledge or the time to take care of this myself. Like pick up a newspaper and start calling apartments for sale and do it like that.
Since we're neighbors, dear BRO, got some money to loan me? Not much. About 5.000 wpuld be enough. If you have let me know thanks BRO!
I called you BRO so you sort of have to now
Veil123
Elite Member
- Jun 13, 2012
- 1,839
- 3,357
Eh... The classic 'bro loaning call' we have in our neighborhoodHey man,
That sums it up nicely. About 30m2 and about 10-20km from the city. Thats pretty much what i can get, and thats pretty much what im going for.
But please.. its not 20.000... its 23.000 i would be willing to spend. Please eh, be precise
And this would be my first piece of real estate ever, so i wouldnt have to pay some tax on the purchase. Id save a percent or two on that.
Im gonna look for an agent to talk to at some point, see what im told. I cant go at this alone. I dont have the knowledge or the time to take care of this myself. Like pick up a newspaper and start calling apartments for sale and do it like that.
Since we're neighbors, dear BRO, got some money to loan me? Not much. About 5.000 wpuld be enough. If you have let me know thanks BRO!
I called you BRO so you sort of have to now
If you ask me, I would never go for it. A 30m2 apartment is not what I will be aiming at. You will want to get married soon, you'll have kid(s). 3+ people in 30m2? No, just no. My suggestion for you will be either invest some of the money or just get a bank loan and put those money as deposit. The apartment will cost an extra 6-7k on top of the real price because of the fees, but it is still worth as you will be able to get at least 50m2+.
IamNRE
Elite Member
- Aug 18, 2010
- 7,164
- 10,717
Should you buy an apartment, no.
Should you buy a house? Yes.
Buy a house that is on at least 1 acre of land (so that you can build more houses on your land in the future and rent them out).
And don't cheap out bro... go all out! I came across this one... its for sale for $45k.
https://serbia.realigro.com/for-sale/other-land/vrnajčka-banja/25934.html ... buy it bro!!!!! It has apartment down stairs, and apartment upstairs. So you can live in 1 and rent the other. I'm sure you can get a bank loan if you tell them you have $30k and need another $15k from the bank.
Other option; buy a plot of land (1 acre), and build a house to your specifications.
House like this one costs 21,000 Euros. http://www.frame-house.eu/index.php/eng/project/11
Should you buy a house? Yes.
Buy a house that is on at least 1 acre of land (so that you can build more houses on your land in the future and rent them out).
And don't cheap out bro... go all out! I came across this one... its for sale for $45k.
https://serbia.realigro.com/for-sale/other-land/vrnajčka-banja/25934.html ... buy it bro!!!!! It has apartment down stairs, and apartment upstairs. So you can live in 1 and rent the other. I'm sure you can get a bank loan if you tell them you have $30k and need another $15k from the bank.
Other option; buy a plot of land (1 acre), and build a house to your specifications.
House like this one costs 21,000 Euros. http://www.frame-house.eu/index.php/eng/project/11