Should I buy an apartment?

Scorpion Ghost

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I made this thread recently about buying an apartment, living in it and putting it up for sale shortly after buying - https://www.blackhatworld.com/seo/buying-apartment-and-putting-for-sale-at-inflated-price.1036785/

I made that thread assuming I'll buy an apartment. Here I want to ponder with you guys whether or not I should buy an apartment, in order to live in it.

I've been working online for 5 years. Started with nothing, learned a lot, did a lot of shit, worked mostly as a transcriber for about 2,5 years, and selling digital products online for the other 2,5 years. I have other little baby incomes here and there, but those were/are my main sources of income.

The first 2,5 years were hard, I was barely getting by. In the past 2,5 years I saved about $25,000 dollars. I lived EXTREMELY frugally to save that amount. I pretty much had no life for most of that time. I had to pay rent and to live in the meantime and, you know, dentists and shit that comes up. But I saved on everything.

I want to buy my own apartment.

Here are some of my reasons why I should do it:

1) Peace of mind. No one else has a key, no one can come in and mess with your stuff, you don't have to pay rent monthly. It's MINE, and I am God here haha. Peace of mind. I've been living with parents renting and then alone renting, and bad shit can happen when you have a landlord. Anyone who's rented and changed a few places knows what I'm talking about.

2) Take the money I have in the the bank and on Paypal and on me, and put it all in 1 place (the apartment itself). I feel that a safe "parking" for the money. Unless, like, I don't know, communists come to power and take peoples shit from them :D

3) Another good reason is to stop paying rent! I'll save about $2000 on rent a year. Taxes on the property, considering the size mine would be, is peanuts. This is a golden reason to do it.

4) I also have a bit of a chip on my shoulder. My parents rented, I rented whenever I lived alone. I never owned my own place.

5) After buying the apartment I could list it for sale online at a higher price. If it sells, I make bank. Shit, I could probably make a free blogger just for selling the apartment and rank it on the first page for people searching for an apartment in this city and get hits.

Any reasons why Not to do it? Any thoughts?
 
Which country do you live in m8? Things can be different.

In India, we pretty much live with our parents. Not living with them is considered as Sin in many families. Pretty much the culture of South East Asian Countries
 
Definitely go for it. I had lived on rent at multiple places and some landlords are really strange. Also, here no one wants same tenant for more than an year.
 
Where do you live?

I live in the Balkans. Serbia.

Which country do you live in m8? Things can be different.

In India, we pretty much live with our parents. Not living with them is considered as Sin in many families. Pretty much the culture of South East Asian Countries

See my reply above for which country I live in. In my country there's no such issues, you can live alone. Of course, Very Many people live with their parents and grandparents. I don't have such an option, and I don't want that anyway! I live alone. I take care of my own self. I pay my own bills. I wouldn't want to live with my parents at 28 years old even if that was a possibility. I've been living alone for years.

You literally don't have listed anything why you shouldn't do it.

Conclusion: If you have the money, go for it

That's a fair point. Thanks :)

I guess the reasons not to do it would be something like, the possibility of getting screwed over somehow and losing the money, or buying a place and it turning out to be horrible for whatever reason, things start breaking the moment you move in. One person I talked to told me it may be best to wait until I have a little more money, to get a better place.

So there are things to consider. But all that bullshit aside, I'd love to have my own place you know. It's exciting.

you should see your country, and see if it suits you

Thanks

Definitely go for it. I had lived on rent at multiple places and some landlords are really strange. Also, here no one wants same tenant for more than an year.

Yeah, that's it. Some can be very strange. I mean, I guess we're all a little strange. But I don't want to have to deal with anyone's strangeness. I guess. At least not in my place of residence. Where I live. That's my sacred place and area and I want it to be mine and I call the shots and no one has any right to interfere.

I'm actually a great tenant, I think. I pay all my bills and rent, each month, every month, always on time, for over 5 years now. I'm quiet, I don't make noise. I don't break shit. I'm careful with the apartment. I think that I'm a great tennant. In fact, I'm the type of tennant I'd want to rent an apartment to if I was renting apartments, you know what I mean?

No don't buy an apartment, crash with CEOSam and save your money.
Or buy an apartment and rent it out to CEOSam, airbnb for ballers.

Ok bro, thanks for the tip. I'll try to get in touch with CEOSam and see what he tells me. I wonder which presidential suite he's in and in which hotel right now. I gotta do some research...

he likes having an apartment for his privacy..

Totally. I like my privacy :)
 
I think that I'm a great tennant. In fact, I'm the type of tennant I'd want to rent an apartment to if I was renting apartments, you know what I mean?
You sound like a cool landlord. Do let me know if you are renting any of your apartment in future. :)
 
go for it.
 
Don't ask people that aren't in your local area about real estate investment decisions. Part of doing
the right thing is choosing the right counsel.
 
Which country do you live in m8? Things can be different.

In India, we pretty much live with our parents. Not living with them is considered as Sin in many families. Pretty much the culture of South East Asian Countries

Wow didn't know that that's weird, you mean even adults "have to" live with their parents??
 
Don't ask people that aren't in your local area about real estate investment decisions. Part of doing
the right thing is choosing the right counsel.

Thanks for the tip. Makes sense. I don't really have counsel to speak of. I have a few people I know, I talked to each of them, got some information, bounced some ideas off them. I have some clarity now in terms of location and floor and elevator and central heating and a few other things.

I should find someone to help me with this. An agent probably better than a lawyer. At least for a consultation.
 
Thanks for the tip. Makes sense. I don't really have counsel to speak of. I have a few people I know, I talked to each of them, got some information, bounced some ideas off them. I have some clarity now in terms of location and floor and elevator and central heating and a few other things.

I should find someone to help me with this. An agent probably better than a lawyer. At least for a consultation.

This is a big decision in your life buddy. No one here should sway you unless they're a qualified person in your
local area. There are so many factors!

Dev opportunities raising the value
Localized bubbles
International real estate acquisition (Look what Airbnb is doing to Venice lol.)
Transitional neighborhoods

Some areas are more turbulent than others.
 
Wow didn't know that that's weird, you mean even adults "have to" live with their parents??
I mean our culture pretty much expects us to be with our parents.
And that's hardwired in most of us, I would definitely love to be with them.
Obviously it's weird for western people lol.
 
I guess the reasons not to do it would be something like, the possibility of getting screwed over somehow and losing the money, or buying a place and it turning out to be horrible for whatever reason, things start breaking the moment you move in. One person I talked to told me it may be best to wait until I have a little more money, to get a better place.

You won't get screwed if you do the transaction with a lawyer that goes over everything.

I can't really advise you as @rabbitking already explain, I can just layout my way of thinking about the issue.

25k doesn't sound much, even if the prices are low there. So I assume it's a rather bad piece of real estate. With that assumption:
* Do you really need it now?
* What's the worst thing that would happen if you don't get it now?
* Assuming you still generate income, how many years until you can double your capital?
* An apartment isn't really easy to liquidate at will, unless on a hot market.
* That apartment fits your needs today, but do you plan on living together with a girl in the next 5 years?
* Real estate that doesn't have capital flows is usually a bad proposition investment-wise. Can the capital perhaps be invested in your business to yield more?
 
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