Hereby I will prove how the realty boomers arguments are false.

What are the boomers arguments?

1.) Buy today, houses always increase in value in the long run.
WRONG. House prices cannot increase more than incomes in the long run. This is obvious if you think about it. If house prices go up more than people can afford to pay, buying stops, like it has stopped now.
Even Warren Buffett have pointed out that houses don't increase in intrinsic value. Unless there's a bubble or a crash, house prices simply reflect current salaries and interest rates. If a house is 100 years old, it's value in sheltering you is exactly the same as it was 100 years ago. Then came the maintenance as the house didn't renovate itself. It also has taxes, and insurance - costs that always increase and never go away. The price of the house went up about as much as salaries went up.
To put this is simple perspective, vegetable were costing Rs.5-6/kg when 5 digit salary was a rarity.
Today, the prices have gone up by about 4 times but so have the salaries. So, sounds very much like the reasoning people use now when they talk about how much their father's house appreciated "in the long run" without considering that salaries rose a proportional amount.

2.) Renting is just wastage of money.
WRONG. As said before renting is now much cheaper per month than owning. If you don't rent, you either:

* Have a mortgage, in which case you are throwing away money on interest, tax, insurance, maintenance, costs that increase forever.
* Own outright, in which case you are throwing away the extra income you could get by converting your house to cash, investing in bonds, and renting a similar place to live for much less money. This extra income is sufficient for emergency expenses,retirement etc.

Either way, owners lose much more money every month than renters and that's assuming prices don't correct to very high level & everything is smooth in the economy.

3.) As a renter, you won't have any money left as you will spend them on vacations,cars & hence won't have equity/savings etc.
WRONG. Equity is just money. Renters are actually in a better position to build equity/savings through investing in anything but housing. Renters can get rich much faster than owners, just by investing in conservative stocks & bonds.

* Owners are losing every month by paying much more for interest than they would pay for rent. The tax deduction does not come close to making owing competitive with renting.
* Owners must pay taxes simply to own a house. That is not true of stocks, bonds, or any other asset that can build equity/savings. Only houses are such a guaranteed drain on cash.
* Owners must insure a house, but not most other investments.
* Owners must pay to repair a house, but not a stock or a bond.
* Owners lose their money as house prices reduce. The EMI's remain constant in spite of reduction in rates. At the end of loan tenure, they would have paid almost twice than that of current renters who will buy at logical rates. Keep interest rates in mind. Most of the EMI is not principal amount but interest.

4.) There are great tax advantages to owning a house.
WRONG. Many people believe you can just reduce your income tax by the amount you pay in interest, but they are wrong. Buyers may not deduct interest from income tax; they deduct interest from taxable income. And even then, the tax advantage is not significant compared to the large monthly loss from owning.

If you don't own a house but want to live in one, your choice is to rent a house or rent money to buy a house. To rent money is to take out a loan. A mortgage is a money-rental agreement. House renters take no risk at all, but money-renting owners take on the huge risk of falling house prices, as well as all the costs of repairs, insurance, property taxes, etc.

5.) RE is based on local factors, it's not a national phenomenon. RE of Delhi-NCR,Bangalore & rest of the cities has nothing to do with Pune RE.
WRONG. Lending rates remain the same throughout the country. ALL loans are harder to get. This will drive prices down everywhere.

6.) A rental house provides good income. So, you can rent if you have purchased as investment.
WRONG. Rental houses provide very poor income in hyped areas and certainly cannot cover mortgage payments. Remember there is almost 300% difference between EMIs & rent for the same house.

It's pointless to do the work of being a landlord if you can make more money with no risk, no work, and no state income tax by investing in assured good returns bond.

7.) If owning is a loss in monthly cash flow, but appreciation will make up for it.
WRONG. Appreciation is negative. Prices are going down. It only adds to the injury of already high EMI's.

8.) As soon as prices drop a little, the number of buyers on the sidelines willing to jump back in increases.
WRONG. There are very few buyers left, and those who do want to buy will be limited by increasing difficulty of borrowing now that many house owners are near bankrupt as they don't save anything at the end of the month due to high EMI's.
No one has to buy, but there will be more and more people who have no choice but to sell as their payments rise. That will keep driving prices downward for a long time.

9.) House prices never fall atleast in Pune.
WRONG. If you see the RE scenario of 1996, prices crashed by 50% & took a whole 7+ years to recover.
Exact 1996 scenario may not be there today but strong correction is inevitable across the city.

10.) House prices don't fall to zero like stock prices, so it's safer to invest in real estate.
WRONG. House prices won't be zero, but the equity or the principal amount you paid can be zero or even negative. What you will pay as EMIs later in actual terms is not for the principal amount but only the interest as house prices dip. So, you will be only serving the bank.

11.) Prices will soften gradually, won't crash immediately.
WRONG. Prices are falling off a cliff. No one knows exactly what will happen, but it looks like prices will continue to fall for long time. These are just more manipulation of buyer emotions, to get them to buy even while prices are falling.

12.) The bubble prices were driven by supply and demand alone.
WRONG. Prices were driven by low interest rates and risky loans & good returns for investors in initial phases of boom in 2004-05.
Prices went up, interest rates went up & buyers savings went down. So prices are violating the most basic assumptions about supply and demand.

13.) There is lack of land.
WRONG. Ample of land is available & continue to be even in future in Pune. Sales volume are down. Even in Japan (small country with less land), prices went down. Current prices here are the same as that of 23 years ago. If we really had a housing shortage, there would not be so many vacant rentals.

14.) If you don't own, you'll live in a cheap neighborhood later.
WRONG. For the any given monthly payment, you can rent a much better house than you can buy. Renters live better, not worse. There are downsides to renting, such as being told to move at the end of your lease, or having your rent raised, but since there are thousands of vacant rentals, you can take your pick and be quite happy renting during the crash. There are similar but worse problems for owners anyway, such as being fired and losing your house, or having your interest rate and property taxes adjust upward. Remember, property taxes are forever.

15.) There's always someone predicting a real estate crash.
TRUE, yet irrelevant. There are very real crashes every decade or so. Even a broken clock is right twice a day.

16.) Local incomes justify the high prices.
WRONG. The mortgage should be more than your 3 years earning. It is much higher today. Most are already in danger/red zone.

17.) You have to live somewhere.
CORRECT. But that doesn't mean you should waste your life savings on a bad investment. You can live in a better house for much less money by renting during the down slide in RE.

18.) It's not a house, it's a home.
WRONG. Wherever one lives in it is home, be it apartment, condo, bungalow , mansion or house. Calling a house a "home" is a manipulation of your emotions for profit.

19.) If you don't buy now, you'll never get another chance.
WRONG. History proves otherwise.
Here's a beautiful quote from a analyst:-
"The real issue isn't whether you will be stuck being a renter all your life, she says. Its whether you'll get so scared about being shut out that you'll buy at the market's peak and be stuck in a property you can't afford or sell."

20.) It would take major economic recession or a major earthquake that wipes out this area in order for the price to fall by over 50%.
WRONG. Even today, if the prices fall by 50%, there will still be very few people who can buy at this levels due to uncertainty in jobs & most importantly high EMIs. Also, look at the rental rates for equivalent houses. Which loss per month is larger? EMI or rent?

contd....
Read more
Reply
12597 Replies
Sort by :Filter by :
  • siddeewan- Yes, It has started in India & CIBIL report is one which every major bank refers to before sanctioning a new Loan

    Bheeshma- Yes, there are still some FIs which are not part of this & hence slight chances of missing information.

    Arun - Great Post, thanks for the details. But I disagree on declining levels of Scrutiny from My own personal experience getting a home loan today is more difficult than it was in 2005/2006. There are more checks in place today then they were before.

    Again This is in no way similar to Sub Prime as in India the Banks are not giving loans to people who are clearly known defaulters.

    I agree on the other aspects that you have mention i.e. increased affordability because of Govt pumping Money & this can surely have serious consequences.

    On those line, havent RBI started controling rates off late citing similar reason i.e to control the liquidity. I think luckily for us the RBI is proactive than reactive. Please share more thoughts on this. Thanks :)

    Real - I think everyone would agree that there would always be some NPAs & loan defaulters for a bank. Its the actual percentage number which will decide if the situation is alarming or not.
    CommentQuote
  • Good

    A good One Arun.

    Puser, dont bank on rates.

    They may appear to be bearish,

    but look closer, there might a small bull there

    But if u wash ur eyes, the bear may reappear.

    So the situation is muddled.

    But, now it appears to be static to me.

    The tightening liquidity scenario atleast till monsoon effect

    balanced by accelerating growth with the building up of

    infra at local level- PMRDA, Metro, computerisation.

    Delay might not be a good option.
    CommentQuote
  • If its genuine question!

    Originally Posted by Technocrat
    Interesting Post, I would like to know more about your understanding of the Sub Prime Crisis & its apparent similarity with the Teaser rates being ofered in India.

    This question is open to all those who feel these two are similar or same, this is a genuine question as I think they are not :)



    As I stated in earlier post it will be naiive to just blame on teaser rate as its over simplification of the subprime mess. Looking at the magnitude of this kind of collapse in USA, One need to have series of events to go brutally wrong. Guys on wall street are smartest on the street. It’s hard to grasp that these kind of declines happened just because of sheer greed and negligence. Post dot com burst FED was forced to keep interest rates low to fuel growth and control unemployment. Out of political compulsion congress has passed law to hand out mortgage loans to people with low credit score (part of minority appeasement! It happens everywhere). Is this cause of subprime mess? No its just one reason and starting point. So all this positivity lead to boom in real estate (well that was not new phenomenon in USA, Same has happened in earlier decade in California also. Early 90’s that boom was busted with many people loosing homes and foreclosures). But this time RE boom was nationwide and certain states lead the pack like Florida, Nevada(Las Vegas), California. Other states also had boom but they had little impact on housing. There were excess supply of houses and demand was weaning when interest rates were rising as post 2005 overall economy was quite decent with lower unemployment.
    Anyway so until this everything was normal. So FED started tighten interest rates as continuous lower interest rate leads to inflation( we are seeing impact of same). When boom cycle reverses then some people will loose homes and system will correct again itself by cleansing inefficiencies. So this should have happened in normal course.
    Double whammy was legislation passed in Clinton era which allowed private institutions to repackage mortgage loans and sell as CDO’s(last week Mr former president has accepted that he was at wrong to take wrong advices from his economist). In simple terms when bank gives mortgage loans to end customer. Bank will cut these loans in pieces and sell it to investment banks.This will reduce banks risks also and they have made business out of that loan also. Investment bank will buy these as bonds and sell in open market. These small pieces were giving higher returns (subprime mortgage loans were suppose to be with bit higher interest rates as they carried risk of defaulting). Rating(Moody/S&P) agencies were not behind they joined this Meryl’s wonderland by giving AAA ratings to junk bond to fuel trades worth trillions in secondary market. Post 2007 interest rate rise caused some defaults which were subprime loans but as these loans were in large scale so it pressured RE market rates and in some counties people were seeing that their current home prices were lower than 30% of their mortgages so another thin layer started coming out of this glue. Some smart investor have 2-3 houses as they wanted to make money by flipping properties. But overall markets were corrected (I don’t want to get into how much percent markets were corrected I will leave that experts as different states have seen different scenarios and local factors).
    Some establishments were smart like man, seen recent development points that they were on both sides of trade meaning selling product as hot cake and have another product, which will short that product as mud. These guys survived, but insurers like AIG and lenders like countrywide/wamu/Wachovia suffered a lot. Some of them got destroyed in this gamble.

    Is this summation of events in 2008 certainly not as still there are many unknowns which are hidden and we will never know. Even my opinion is based on limited awareness. Please read on internet there are numerous articles explaining this and nice video’s on youtube. One have to understand that this recession had long term impact on developed nation with lots of undesired by products. In India although we saw little impact in patches but real winner is China.

    Coming back to the point where Indian banks are enticing customers by manipulating interest rate on lower side when RBI is forced to revise rate in upward direction. These banks are not here for charity they will make sure that these loans with low interest rates gives them returns which are suppose to be in normal scenario. Someone asked what did ICICI did to loan recovery. In 2007 in HYD there was incident that for recovering bike loan ICICI recovery agents (as clearly pointed out by realacres ‘goons’) have severely beaten an elderly person.
    RBI rate revisions are not small dealings they have long term view and tools to perceive Indian growth and how they want economy to grow in next few years.

    ‘Asliarun’s post is more realistic and to the point go through it again as many times theory does not help. Also we need to keep in mind that we are not alone who wants to be ahead in the curve but there are so many other people and gigantic institutions who are trying to manipulate systems in their advantage.
    CommentQuote
  • Originally Posted by Sansei
    A good One Arun.

    Puser, dont bank on rates.

    They may appear to be bearish,

    but look closer, there might a small bull there

    But if u wash ur eyes, the bear may reappear.

    So the situation is muddled.


    I don't understand it. On what should buyer bank if not rate?
    CommentQuote
  • Originally Posted by informsantosh
    Someone asked what did ICICI did to loan recovery.

    And the incomes to these so called recovery agents are also good, it can be as high as 20% of balance amount.
    Also we need to keep in mind that we are not alone who wants to be ahead in the curve but there are so many other people and gigantic institutions who are trying to manipulate systems in their advantage.

    +1. Manipulation is the name of the game. Just like RIL fudges its accounts by few thousand crores, same goes with rest of the profit making orgs as well. Just make sure that you are not at loss when these cos (here builders & banks) are making profit.
    Originally Posted by puser
    I don't understand it. On what should buyer bank if not rate?

    Their incomes, that too from long term perspective.
    CommentQuote
  • informsantosh - Thanks for the detailed reply :)

    It makes more sense but then again that was a country wide phenomenon This is specific to Pune City (On this very forum people are saying that its only Pune where prices are un realistic while they are correcting/corrected in places like bangalore)

    Now Bank rates or policies are not just for Pune isnt it? Besides Indians are much more conservative than Amricans when it comes to Credit.

    From what I know after the housing its huge debts bubble that is waiting to explode in America, the Individuals there are in huge debt some of them pay their one CC bill with other thinking their debt is gone.

    As for ICICI yeah have heard a lot of horror stories about them from close friends. I too personally advise against taking any loans ICICI. One should stick to PSU Banks & in Private only the HDFC.
    CommentQuote
  • Originally Posted by Technocrat
    It makes more sense but then again that was a country wide phenomenon This is specific to Pune City (On this very forum people are saying that its only Pune where prices are un realistic while they are correcting/corrected in places like bangalore)

    Now Bank rates or policies are not just for Pune isnt it? Besides Indians are much more conservative than Amricans when it comes to Credit.

    Yes, interest rates remain the same but EMI changes just because people over-leverage themselves &/or end up buying a crap property.

    The issue as of now is indeed specific to Pune, no doubt about it, it is Pune RE which will have similar fate of bursting. However, there still remains the factor that people have already bought at high prices in 2006-2008 across India & now are in a fix. The only people who are not over-leveraged are those who bought from early 09 onwards outside Pune.

    As far as Pune is concerned, it is not worth irrespective of interest rates & EMIs at current asking RE prices. Lets hope that all those who bought in boom period across India service their EMIs without default till the end of their loan tenure.
    CommentQuote
  • RBI lifts rates, CRR by 25 bps

    Finally, liquidity is being squeezed from the market. Expect loans to get more expensive now & FDs will earn you more.

    http://www.livemint.com/2010/04/20105914/RBI-lifts-rates-CRR-by-25-bps.html
    CommentQuote
  • Uncontrolled inflation can spoil growth party: RBI

    The business outlook has moderated compared with last quarter as the government is set to cut the fiscal stimulus further as the year progresses and policy rates may rise further, the survey shows.

    “Deterioration in production capacity and capacity utilisation are anticipated by the respondents, reflecting an expected slowdown in demand,” said the report. “The respondents expect financial conditions to be adversely affected in the next quarter as reflected in an expected decline in working capital finance requirement and availability of finance.”


    http://economictimes.indiatimes.com/news/economy/indicators/Uncontrolled-inflation-can-spoil-growth-party-RBI/articleshow/5833976.cms
    CommentQuote
  • Builders & RE Bulls Theory proved wrong

    Property prices in Pune is influenced not only by income but several other important factors.Property prices in Mumbai have also shot up so either they sell their property and invest in Pune or buy it cheaper in Pune and move to Pune.Also alot of NRI prefer Pune over Mumbai and other major cities.Pune is small and also very cosmopolitan.
    RE will always increase with inflation and also India has tremendous growth potentials so NRI/PIO investors will definitely look at india positively.There is limited growth prospects in US/Europe and falling property prices there,so they will invest in India.
    Its the land value which has gone up .Example of Viman Nagar-developers have paid between Rs2500 to Rs3000 psf for land and add cost of construction about Rs1000.Total Rs4000 psf and these are the current prices.
    Developers are making money on the super built area? FSI.
    To say that a building last 25/30yrs is correct but the land value will appreciate and so does the cost of construction and that is why prices are alsways rising except in cases where there are economic problems and these situations will always arise due to cyclical periods.
    I am aware of people becoming rich by being landlords and renting out properties .
    To cut a long story short,yes one must look at owning atleast one property.What you pay for rent you pay towards EMI and property is yours.One cannot be conservative and think a about if I will have a job tommorow.Life is all about taking calculated risk.So invest and hope for the best.Yes invest in a property within your means and the capacity to pay EMI.
    CommentQuote
  • Originally Posted by maggss26
    Pune is small and also very cosmopolitan.
    RE will always increase with inflation and also India has tremendous growth potentials so NRI/PIO investors will definitely look at india positively.


    And so rates of properties will go up in India AGAIN
    CommentQuote
  • maggss22

    "What you pay for rent you pay towards EMI and property is yours"

    You must be living in another world to make that statement.
    CommentQuote
  • Originally Posted by Technocrat


    It makes more sense but then again that was a country wide phenomenon This is specific to Pune City (On this very forum people are saying that its only Pune where prices are un realistic while they are correcting/corrected in places like bangalore)

    As earlier said I have limited know-how on rates and sustainability. If prices are inflated those will get corrected over the time. In my opinion movement of future prices nobody can predict, only time will have answer. If home prices are inflated then demand should drag them, I believe as PBAB and its member have holding capacity they can defy supply-demand logic for certain amount of time, after that they have to follow market. BUT its hard to believe that everyone in pune agrees to what people here on this forum are saying(bearish about prices). Its evident from unprecedented booking in last 6 months after blip of 1 year low. I guess everyone will have their own strong opinion and will contest my view.
    Either supply-demand theory was proved wrong or builders are so arrogant that they just increased prices without demand. To be honest I don't know and don't have reasoning. :)
    Originally Posted by Technocrat


    Now Bank rates or policies are not just for Pune isnt it? Besides Indians are much more conservative than Amricans when it comes to Credit.

    Yes I agree but I guess we need to come out of this notion now. Post 90’s reform our thought process have been brainwashed we are no more of saving mentality. Looking at the latest generation its hard to believe we are ready to wait for something when we want to have it. Our parents brought houses in their late 40’-50’s. Now we are buying assets in early 20’s(by over leveraged loans). I don’t think its immoral. We have been slowly transformed from savings to consumption based society (one can debate how good is consumption for oiling economy).
    Originally Posted by Technocrat

    From what I know after the housing its huge debts bubble that is waiting to explode in America, the Individuals there are in huge debt some of them pay their one CC bill with other thinking their debt is gone.


    On Americans paying month to month CC bill’s. Sometimes we only will see what we want to see. There is another statistics US had -2% saving rate in 2007 and it was changed +6% when downturn happened. This is out of sheer fear of recession but kind of scale they had managed is amazing. In our more liberal democracy(driven by selfish politicians and corrupt bureaucracy) its little bit challenging to achieve these kinds of results.
    I guess so, but what do i know :(

    Originally Posted by Technocrat

    As for ICICI yeah have heard a lot of horror stories about them from close friends. I too personally advise against taking any loans ICICI. One should stick to PSU Banks & in Private only the HDFC.

    I think for any organization to sustain they have to use tactics to be profitable. Only ICICI got caught red handed, many times lots of other banks get away with cheating.

    If institutions are following erroneous business models, consequences of the same will be inline with that, irrespective of private or public sector.
    CommentQuote
  • Originally Posted by maggss26
    Property prices in Pune is influenced not only by income but several other important factors.Property prices in Mumbai have also shot up so either they sell their property and invest in Pune or buy it cheaper in Pune and move to Pune.Also alot of NRI prefer Pune over Mumbai and other major cities.Pune is small and also very cosmopolitan.

    First, many areas in Mumbai came up after drop in prices as high as 55%. In pune that dip hasn't yet happened & the rise which took place was artificial one. This can be seen even by the posts put up by members here who say that builders are ready to negotiate, change in their stand just about 2 months ago.

    Next, I don't think anyone will sell house used for self use & buy in Pune RE just because it is cheap. It is like saying Puneties will sell their houses & shift to Nashik. Personally, I would not have shifted from Mumbai to Pune if I had been a resident of Mumbai (already seen Mumbai people getting bored in Pune after about a month stay). Man, despite all the drawbacks, Mumbai has life & in no way can it beat any other city in India. You get all the things, good or bad, legal or illegal in Mumbai on your fingertips at good rates:).

    Pune being cosmopolitan:D, just forget about it man. Infact, I wanted a signature cross pen & after lot of search, got that model specially ordered from Venus Stores (Pune) from Mumbai;). Lost 3 days in this, would have been much faster if I had asked our 'courier' people to get it from Mumbai, delivery under 6 hrs.

    I really fail to understand why builders say that Pune is next metropolis. First make Pune a city first & then think about making it a metropolis. The biggest charm of Pune is that it is more of big town rather than city so you have that silent atmosphere of town but basic necessities of city:). However, this is fast fading out due to IT/BPO:(.
    RE will always increase with inflation and also India has tremendous growth potentials so NRI/PIO investors will definitely look at india positively.There is limited growth prospects in US/Europe and falling property prices there,so they will invest in India.



    RE prices are inversely proportional to inflation. The reasons are 2:-

      Higher inflation means higher interest rates as well, making RE purchase costly,
      People spend more on daily needs & hence the saving reduces resulting in less loan capacity. The primary aim is then focussed towards savings rather than spending.
      Coming to NRIs (PIOs are out of question) they will be the first one to return back to India if career doesn't works smoothly in the west. Stagnating economy of west would mean NRIs will look back to India (reverse brain drain) & they will have to first buy for themselves. Add to it that they will be earning Indian salary & so RE rates will be not so cheap for them (as now they earn in $ & spend in INR).

      Its the land value which has gone up .Example of Viman Nagar-developers have paid between Rs2500 to Rs3000 psf for land and add cost of construction about Rs1000.Total Rs4000 psf and these are the current prices.

      Most of the land purchased by builders are less than 50% of market rates. Some lands are acquired forcefully, Goel Ganga is one of them. This Goel chap had even murdered a person in Arora Towers, camp out of property dispute in 2001. Look at Amanora, land was bought at INR 70/sq ft!! So, please don't give us this lame excuse of rising land prices. Many builders have acquired land in early 2000 (entire Baner pashan link road land by Kumar & Paranjape has been acquired around the year 2000).

      In reality, it is the builders which give this lame excuse & hearing this land owners increase the land cost. For this it is the builders who are supposed to be blamed. Builders squeeze buyers, land owners squeeze builders, hence don't complaint. Builders are solely responsible for this.

      Developers are making money on the super built area? FSI.

      You mean to say that the profit margins of builders is 25%?:D
      To say that a building last 25/30yrs is correct but the land value will appreciate and so does the cost of construction

      Land cost has already been paid, so it doesn't matter what happens after 25 years. Problem is when builders charge the rates of 2025 in 2010, all based on DP & PROPOSED.
      What you pay for rent you pay towards EMI and property is yours.One cannot be conservative and think a about if I will have a job tommorow.Life is all about taking calculated risk.

      Calculate the value of your property after 20 yrs. I am skeptical whether you will even find buyers for 20 yrs old flat. Are you interested in buying a flat of 1970-80's at 50% the current prices? What's more, the rent paid by you is far less than the EMI value of same duration. Not to forget that the earnings which you will get from the investments made from the difference between EMIs & Rent will be sufficient to buy a new property for free (read without any loan) after 15 years!! And yes, life is about calculated risks, hence it is better to stay on rent, invest, buy a car & go on a drive or a holiday. You gain lot of tension free ride in this case.
      So invest and hope for the best.Yes invest in a property within your means and the capacity to pay EMI.

      So invest & not hope but make sure the returns are the best. Agree that invest in a property in your means BUT buy only if the returns on that property are more than 6%/annum.
      So invest & not hope but make sure the returns are the best. Agree that invest in a property in your means BUT buy only if the returns on that property are more than 6%/annum.
      So invest & not hope but make sure the returns are the best. Agree that invest in a property in your means BUT buy only if the returns on that property are more than 6%/annum.
      So invest & not hope but make sure the returns are the best. Agree that invest in a property in your means BUT buy only if the returns on that property are more than 6%/annum.
      So invest & not hope but make sure the returns are the best. Agree that invest in a property in your means BUT buy only if the returns on that property are more than 6%/annum.
    CommentQuote
  • CommentQuote