Quote:
Originally Posted by mecheng77
Anyone living in an area where you can buy a detached home for less than $350k run don't walk to your real estate agent. The world is a tumultuous place, home many countries have safety, security, good job prospects and are open to new comers. Not many. I can only think of USA, Canada and maybe select parts of Europe but Europe has high taxes and doesn't always welcome foreigners.
Unless the area is economically depressed, values will rise. We bought our home in 2012 at what we thought was a very high amount and my wife and I make good money. Our home has doubled in value and I only wish I kept my condo as well downtown Toronto. It was a nice boutique condo but small, I thought it would never really appreciate, how I was wrong. Well, I used the money for a good down payment in the suburbs and love it.
I plan to buy an investment property in the US that I can use for retirement, thinking of somewhere hot like Florida but I just need some motivation/help to start looking. Something modest we can rent out or put on Airbnb with a property manager.
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The <$350k deal seems to be too much to me still. No one has the crystal ball, I get it. But the prices in my area have absolutely been sent to space at an
extreme rate. Homes are selling for $400k that sold for $175k a couple years ago. Sure, they tossed some granite and stainless steel around. But that $175k was just the going rate, not some dump that got brought up to speed. Again, this is specific to my area, but I just don't feel comfortable buying. I feel like I'm buying something in 2007 to watch it crumble to half a couple years later.