Unregistered |
31-10-2012 09:33 PM |
Quote:
Originally Posted by Unregistered
(Post 29662)
just go for it. dont wait.
waiting for property prices to drop then buy is like gambling. you are speculating that prices will drop.
i rather buy something i can afford and continue to hold even though prices go down. dont buy hoping to flip.
i have a friend who sold his condo in early 2010 and renting until now. his profits from his property almost eaten up by the rents all these 3 years. now he has to buy a HDB flat and he is a banker! a banker saying in a HDB flat! whereas i'm a humble person living in a condo because i bought mine in 2004 and didnt sell.
|
Depends on your objective. If your objective is to live in a condo, then by all means go ahead and buy.
But if you hope to make good return on the investment, then buying now isn't going to give you the best odds.
Of course I could be wrong and property prices could go up another 30%. But I could live with myself knowing full well that I took a conscious decision to stay out after calculating the odds.
But if I jump in, knowing full well that I'm going in when prices are at an all time high, interest rates are at all time low etc, and sure enough prices fall 30%, I'll find that quite hard to live down.
Take the example of the guy that bought his district 9 house in 97. Bought his house at $ x, saw it decline to $0.6x then increase to $1.2x. First off, assuming inflation of 3% pa, he's actually down 25% in real terms without taking into account interest cost- some inflation hedge his property had proven to be! Second I think we are at the same inflexion point and my goal is to be the person buying at $0.6x.
I may miss but not for the lack of trying. True investing involves more than buy-and-pray !
|