I agree. One should only buy, when he/she is comfortable buying & one should not have a herd mentality on this issue. After all , this is one of the most important decisions in yr. life.
I do not agree to the theory of upcoming bubble burst or prices of RE going down(it will certainly happen in some pockets) etc. etc. Has anybody seen prices of any commodity going down, in the last few years.( except the value of yr. money)
Quote:
Originally Posted by kaatesha
As murtaza posted, one of the main reasons people suck into it is because of the family pressure. They think that if you buy a house you have achieved everything. Let me quote my own example. My brother in law bought a flat recently. (Its in the middle of nowhere. Way way far from the city. And they leveraged 85% from the bank. Even for the down payment they bought money from others). My FIL, asks me, they bought, when are you buying?. I tell them, i will buy when my net worth is at least 3 or 4 times the property price and moreover I should be convinced from all aspects with no compromise on location etc. Obviously they don't like me. But I don't care. Today i live in a rented 2400 sqst independent house in a very posh location. The rent i am paying is peanuts compared to the claimed value of the house. The owner is very nice person. I see no reason why i should buy now.
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