An apartment of your own *is* a good thing, as long as you can pay the rates and as long as you won't be in danger to lose it and find yourself in a huge debt situation.
Yes, it is risky, however you look at it. But it seems I have finally arrived at the conclusion that it is actually LESS risky than moving from one rented place to the next and HOPING I can still afford one after I retire. Once you buy, you can refinance to lower the rates in case of lower income, or even postpone paying them for a time if some financial emergency should occur. If you're renting, however, and your landlord suddenly asks you to pay more than you can afford, you just have to move out. And what if you have nowhere to go?... This is what scares me shitless right now.
Besides, up until last week, I didn't realize the prices were THAT low. My friend told me that someone she knows just bought a TWO-BEDROOM flat for $30,000. I only need one bedroom, and the loan officer said I can easily aim for up to $50,000. And of course I'd rather buy something cheaper if I can - unless it requires extensive renovations or something. Also, if I manage to find somewhere close to public transportation, I might be able to save on fuel and keep my car from falling apart for a few more years -which would be a bonus. Anyway, I will not do this unless all the monthly fees combined stay safely under $600 - which I am told is possible. We shall see. Positive thoughts and/or prayers are greatly appreciated.:D
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Date: 2009-09-07 11:20 pm (UTC)Yes, it is risky, however you look at it. But it seems I have finally arrived at the conclusion that it is actually LESS risky than moving from one rented place to the next and HOPING I can still afford one after I retire. Once you buy, you can refinance to lower the rates in case of lower income, or even postpone paying them for a time if some financial emergency should occur. If you're renting, however, and your landlord suddenly asks you to pay more than you can afford, you just have to move out. And what if you have nowhere to go?... This is what scares me shitless right now.
Besides, up until last week, I didn't realize the prices were THAT low. My friend told me that someone she knows just bought a TWO-BEDROOM flat for $30,000. I only need one bedroom, and the loan officer said I can easily aim for up to $50,000. And of course I'd rather buy something cheaper if I can - unless it requires extensive renovations or something. Also, if I manage to find somewhere close to public transportation, I might be able to save on fuel and keep my car from falling apart for a few more years -which would be a bonus. Anyway, I will not do this unless all the monthly fees combined stay safely under $600 - which I am told is possible. We shall see. Positive thoughts and/or prayers are greatly appreciated.:D