The Worst Investment You Can Make: Buying a Home

[ginfreely]

Yes but you can catch the next wave. The home I bought for $400,000 was bought in 1977 for $56,000 so the guy who sold it to me made almost 10x in a decade.

There is no good or bad time to buy property. As long as you're buying it to live in and can afford the mortgage, all you have to do is sit pretty and when you feel the price is right, sell it and move on in life.

That was what I thought too that there is no good or bad time to buy property since I am buying for own stay. So I bought my first property after saving enough downpayment. Infact, I went to book as soon as I got my bonus payment. But proven to be very wrong thinking, timing is very very important whether buying property for own stay or investment.

Nevermind, I have no intention of selling my first property. I love the place and have been renting it out for more than a decade and I plan to continue till aged 70 then sell it off. Since it is a small apartment, I can stay there or check into a nursing home.