Should I invest in this property?
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Hi
My family and I are still living in a rented apartment. Now we want our own house. I don’t have any debt or loan on me. And I make around $145k after the taxes. Currently I am living in a 3-bedroom house with my parents and my kids.
The society where I am planning to buy a house ranges around $700k-$850k. I got a deal of $720k, and to make monthly expenses reasonable, I am planning to make a down payment of $260k. Thinking about all this situation, renting is still a better option. But we are frustrated with the renting. So suggest me what I should do. Should I invest in this property or wait for some favorable options?
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You are in a fantastic financial position to buy that property with this strong income and no debt. I know it's very difficult to live in a rented apartment with a huge family. But buying that house for $720,000 is a fantastic deal, particularly considering a large down payment will help reduce monthly costs.
If you have the patience, wait for a favorable option that you are certain you will secure in the future. However, I advise you to act quickly, as the cost of real estate is constantly increasing. In the end, it only relies on your long-term goal and your level of readiness for the responsibility of homeownership.
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