Quote:
Originally Posted by Wiseman1
Can you name me anyone who did not take up huge 30 year mortages to finance their expensive home purchases and as a result would have to work till their dying days to support the mortage payments?
Or can you name me anyone who can look you in the eye and very confidently say that they could finance their mortages for many months even if they lose their jobs or their spouses cant work and hence forego the benefits of double incomes???
You simply cant face up to the fact of a property bubble collapse cos you are one of those countless idiots who have mindlessly sank huge amounts of monies into bricks and motars....wake up lah.....the correction would come sooner or later.......meanwhile you can choose not to believe and continue to party on....
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Me. My mortgage for a freehold condo, my home, has 16 years left. I have an iron rice bowl (bonded for five years), my savings can sustain the mortgage for two years. Other than the housing loan I have zero debt as I don't have a car, have no kids, and have no expensive hobbies, maintaining a comfortable but unflashy lifestyle.
Parents said I was silly not to get a bigger, more prime, more expensive condo. But I believe in safety. No one will help if I get into negative equity. Not even parents.
After the crash, plan to get my savings into condo#2. For now I wait, patiently.
Certainly, with no risk, there is no profit. I have a friend who bought three condos. Sure, he is sitting on fantastic paper profit now. The question is what happens when prices fall.