Thursday, February 23, 2017

No I am not spending another penny on real estate

The other day my sister called and said they found a real nice apartment right behind their apartment complex in Ankara and that the layout was great and so was the workmanship. Then she asked me how much would I be willing to shell out if they decided to buy it.

I considered it for a moment and told her that now that I am paying off the debt in place of another family member just to keep one apartment and one house in the family, I did not have money to spare especially given that my job is also on shaky ground. I told her I could sell the apartment in Ankara and give her that money.

Then it struck me that; I have no intention to go live in Ankara for the foreseeable future. My sister and brother in law already have a 4 bedroom apartment that they keep empty in Ankara and they are now living in Izmir due to their work situation without knowing if and when they will be able to return to Ankara. My mom is living in her own apartment and when we had offered her to move to my sister's apartment, she had declined. The same offer was made to her father-in-law who has also declined.

So, can anyone tell me why we need to buy this apartment?

I told my sister that there will always be apartments for sale in that new complex in the future. Why would we buy it now? To keep it empty or just to rent out?

She agreed with me. I told her to look for something in Izmir, where they live now so that, they can get rid of paying rent. That makes much more sense. However, I know that the prices in Izmir are very inflated. Therefore, it is difficult to do that.

Until the end of 2019, I am not open to any ideas to buy real estate.

2 comments:

  1. Sounds like a smart plan. Maybe I missed this in an earlier post, but why do you have to help your sister buy a place?

    ReplyDelete
  2. We always finance our investments as a family in order not to get in debt. This place was to be a shared property to move mom to. It is very close to my sister's Ankara apt. Mom's place is in a hilly area and she cannot walk up the hill anymore. We like to pay more down payment and get a small loan.

    ReplyDelete