Aug 28 2007, 01:51 PM
QUOTE(dreamer101 @ Aug 23 2007, 08:24 PM)
simchi,
1) Keep on saving money.
101% agree.
2) Do research on where you want to live.
101% agree.
3) Keep a close watch on the selling price of the house.
101% agree. Monitor on a daily basis for at least a year if possible. Find out whats the lowest and average asking price, then set a price target based on your research when u have enuff $$$$$. Check out The Star, they have the most housing ads if im not mistaken.
4) Wait for a recession. There will be one within the next 6 years and housing price will collapse. Buy one when you find a good bargain at the place that you want to stay.
This I agree only to a certain extent. Bare in mind that during recession, interest rate can be double as compared to what u'll get now, while housing price depreciation is max 20% at best,and good locations would barely affected.
The best way IMO(when u have enough $$$$$ ), find a desperate seller, buy 10%-20% below market rate, and get a fixed 30 years loan. That way u gain when u bought, and should the long awaited recession comes along and rates goes up to 13% again, u r covered
This is like shopping.
Correct, but u should 'window-shopping' for at least 1 year 1st as its a life-long commitment
Dreamer
Btw, if u r getting a fixed rate loan, get as max loan as possible. I believe in "opportunity-cost", plus cash is KING. U never know when u might need it 1) Keep on saving money.
101% agree.
2) Do research on where you want to live.
101% agree.
3) Keep a close watch on the selling price of the house.
101% agree. Monitor on a daily basis for at least a year if possible. Find out whats the lowest and average asking price, then set a price target based on your research when u have enuff $$$$$. Check out The Star, they have the most housing ads if im not mistaken.
4) Wait for a recession. There will be one within the next 6 years and housing price will collapse. Buy one when you find a good bargain at the place that you want to stay.
This I agree only to a certain extent. Bare in mind that during recession, interest rate can be double as compared to what u'll get now, while housing price depreciation is max 20% at best,and good locations would barely affected.
The best way IMO(when u have enough $$$$$ ), find a desperate seller, buy 10%-20% below market rate, and get a fixed 30 years loan. That way u gain when u bought, and should the long awaited recession comes along and rates goes up to 13% again, u r covered
This is like shopping.
Correct, but u should 'window-shopping' for at least 1 year 1st as its a life-long commitment
Dreamer
This post has been edited by Pai: Aug 28 2007, 01:53 PM
Quote
0.0138sec
0.28
6 queries
GZIP Disabled