Need advice for potentially buying apartment

INVINCIBLETA

INVINCIBLETA

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Hey, i just moved out 1st July and on friday i got the notice that my landlord is selling his apartment.

He said i could buy it but i have no money saved up for a loan. Is there any way i could acheive buying this property? i currently have 23k debt. I got parents that could mby have house as collateral but they dont know about my debt and alreayd paid 20k of my debt so i own them already.

If i cant buy this i gotta either move somewhere else and at this time there is almost no properties in my area. Then last resort is to move back to my parents.

Im mostly looking for guidance and mby if any of you know about the housing can give me tips. In my country i can borrow 5x the money i make and at most its 260k and i need about 330k for the loan of the apartment. this is with 15% downpayment included which i dont have.
 
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Ask from Reddit.

Use the specific r/country subreddit (<- country where you are located) as people ask property/mortgage-related questions in those places.

Nobody here can guide you. People usually want to know how to make $500 per month and not for the downpayment for a property.
 
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I would suggest don't buy anything with the loan. Move out, and find a rental place for now.

Pay your debts then try to buy anything.
 
INCC said:
Ask from Reddit.

Use the specific r/country subreddit (<- country where you are located) as people ask property/mortgage-related questions in those places.

Nobody here can guide you. People usually want to know how to make $500 per month and not for the downpayment for a property.
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yeah i will, ill try to get a sidejob online to try and bring more to the table.
 
Thunder Digitals said:
I would suggest don't buy anything with the loan. Move out, and find a rental place for now.

Pay your debts then try to buy anything.
Click to expand...
yes just need to increase income. rn after rent and loan payments i have 1k for food and others and this is before eventual payments to my parents.
 
I think you should expand that question to other places such as Quora as well.
 
pennyweight said:
I think you should expand that question to other places such as Quora as well.
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Hmm, mby i did post on reddit. Not sure it will yield anything cause even if i had capital i would max be allowed to have 260k in loan and i need 330k for the apartment. Thought about doing gofundme but its kinda selfish wanting people to donate for my laziness and money spending.

Update: he said if it doesnt sell for 330k he will keep it otherwise he will let me live till november.
 
At the risk of sounding rude, you can't afford an apartment right now. You're already 23k+20k from parents in debt, that points at either low income or poor financial planning.

Close existing debt first or increase your income exponentially so that only 30% of your income is going towards paying the monthly instalments.
 
INVINCIBLETA said:
Hmm, mby i did post on reddit. Not sure it will yield anything cause even if i had capital i would max be allowed to have 260k in loan and i need 330k for the apartment. Thought about doing gofundme but its kinda selfish wanting people to donate for my laziness and money spending.

Update: he said if it doesnt sell for 330k he will keep it otherwise he will let me live till november.
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It feels like a Stressful time to be in that situation.
You need clarity in your life its not working like that.
 
NirvanaWolf said:
At the risk of sounding rude, you can't afford an apartment right now. You're already 23k+20k from parents in debt, that points at either low income or poor financial planning.

Close existing debt first or increase your income exponentially so that only 30% of your income is going towards paying the monthly instalments.
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Yes but i also dont want to bother my parents anymore with my exsistance.
 
pennyweight said:
It feels like a Stressful time to be in that situation.
You need clarity in your life its not working like that.
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Indeed thats all i wanted it feelt really good living this month, cause i got time for myself started working on sideproject as i was more alone living and it was great. Got like a small anciety attack after the call hahah and i proud myself of being able to controll my feelings.
 
INVINCIBLETA said:
Indeed thats all i wanted it feelt really good living this month, cause i got time for myself started working on sideproject as i was more alone living and it was great. Got like a small anciety attack after the call hahah and i proud myself of being able to controll my feelings.
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It doesn't look like you're in the position to handle even more debt to purchase the apartment. There's always real estate on the market so I don't think that going for this only because you were offered is wise.
 
INVINCIBLETA said:
In my country i can borrow 5x the money i make and at most its 260k and i need about 330k for the loan of the apartment. this is with 15% downpayment included which i dont have.
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so you are making 52k more or less then from that 5x of 260k
a 330k for an apartment, have you shopped around to see if that price is even fair?
This is a used apartment, the size, the area, how much are they price for something similar for?
You need to do some due diligence first.
There plenty of things to consider
- Structural issues & warranty
- Pest control
- Electrical & plumbing works
- Previous price for that same apartment, if it has ever been sold
- if the property has been poorly managed
As it is a apartment, that means, the shared areas, stairs, bathroom, reception, gates, mailbox, guards, pool/recreation etc

Chances are, you are being ripped off by the tenant, taking advantage of the fact, that moving is an hassle to overcharge you.
Once again, this is my assumption as I don't know your location/country nor the property values around you.

Secondly, and most importantly, you are already in debt, how far along are you of 43k more or less (probably including the interest).
How long did it take you to pay off that 20k? Considering if your parents money, you would need to learn how to budget and save.
How long will it take you to pay off 23k
how long will it take you to pay off 330k
how much do you have to save per month
how much will you set aside for essentials a month
how much will you set aside for emergency a month
INVINCIBLETA said:
i currently have 23k debt. I got parents that could mby have house as collateral but they dont know about my debt and alreayd paid 20k of my debt so i own them already.
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Without knowing that, you shouldn't go into more debt, even if you can raise that 330k
 
If I were you I would move back to your parents and clear your debts first, living with your parents during this time would be the smart choice, just let them know you need to pay-off your debts.

If your parents are "normal" parents they will let you live there for free during the time you pay your debts.

Living with parents is way to underrated. Hopefully they love you and want to help you get a better start in life. Just be upfront with them that you have a debt that you are working on to settle.
 
xReminisce said:
Secondly, and most importantly, you are already in debt, how far along are you of 43k more or less (probably including the interest).
How long did it take you to pay off that 20k? Considering if your parents money, you would need to learn how to budget and save.
How long will it take you to pay off 23k
how long will it take you to pay off 330k
how much do you have to save per month
how much will you set aside for essentials a month
how much will you set aside for emergency a month

Without knowing that, you shouldn't go into more debt, even if you can raise that 330k
Click to expand...
Ontop of that
How long (months/years) will it take for you to clear all your debts
Vs
How much you will spend on rent in that same period of time
Vs
Will you have any projections of growing in terms of money/profits/revenue to increase and speed up this process?
Do you have a girlfriend, girlfriends are expensive.
Hobbies, subscriptions, are you willing to cut it down or straight out sacrifice.
I agree with @RoiBox
If you can consider moving home, that would benefit you alot more.
Save alot more.

Also.. owning a house isn't cheap, Depending on where you live you have to foot your own bills
For example.. in aus, we have house tax + city council tax + alot of other stupid tax
and that all scales with how many properties we have, even if the properties dont have houses, still counts...
Ontop, what kind of properties is it, investment vs residential
how many residential do you have, how many investment houses you got
etc...
 
xReminisce said:
so you are making 52k more or less then from that 5x of 260k
a 330k for an apartment, have you shopped around to see if that price is even fair?
This is a used apartment, the size, the area, how much are they price for something similar for?
You need to do some due diligence first.
There plenty of things to consider
- Structural issues & warranty
- Pest control
- Electrical & plumbing works
- Previous price for that same apartment, if it has ever been sold
- if the property has been poorly managed
As it is a apartment, that means, the shared areas, stairs, bathroom, reception, gates, mailbox, guards, pool/recreation etc

Chances are, you are being ripped off by the tenant, taking advantage of the fact, that moving is an hassle to overcharge you.
Once again, this is my assumption as I don't know your location/country nor the property values around you.

Secondly, and most importantly, you are already in debt, how far along are you of 43k more or less (probably including the interest).
How long did it take you to pay off that 20k? Considering if your parents money, you would need to learn how to budget and save.
How long will it take you to pay off 23k
how long will it take you to pay off 330k
how much do you have to save per month
how much will you set aside for essentials a month
how much will you set aside for emergency a month

Without knowing that, you shouldn't go into more debt, even if you can raise that 330k
Click to expand...
thank you yes i will try to live there as long as possible. Housing market is bad so i think he wont get the price he wants and keep it.
 
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