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chellovek
Joined: 29 Feb 2008
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 Posted: Thu Jun 24, 2010 11:11 pm Post subject: Re: On the property ladder! |
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| fromtheuk wrote: |
I'm 37 and still can't afford a property in England. But.........
I've paid a deposit for a 2 bedroom apartment in a tourist area of Egypt. It will be 78 square meters and will be built by August 2011.
I'll pay it over 1 year, interest-free. I already have 70% of the cash, so that shouldn't be a problem.
From research, I've discovered my property in Egypt is expected to increase in value by at least 15% each year. My plan is to just hold onto it for a few years.
The property will cost a total of �21,563, I've paid �600 as a deposit.
Fromtheuk is on the property ladder.  |
I thought we had already talked about this bragging thing before in another thread, and I aced it with my ginormous Johnson. |
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Richard Krainium
Joined: 12 Jan 2006
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| Posted: Fri Jun 25, 2010 12:08 am Post subject: Re: On the property ladder! |
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| chellovek wrote: |
| fromtheuk wrote: |
I'm 37 and still can't afford a property in England. But.........
I've paid a deposit for a 2 bedroom apartment in a tourist area of Egypt. It will be 78 square meters and will be built by August 2011.
I'll pay it over 1 year, interest-free. I already have 70% of the cash, so that shouldn't be a problem.
From research, I've discovered my property in Egypt is expected to increase in value by at least 15% each year. My plan is to just hold onto it for a few years.
The property will cost a total of �21,563, I've paid �600 as a deposit.
Fromtheuk is on the property ladder. |
I thought we had already talked about this bragging thing before in another thread, and I aced it with my ginormous Johnson. |
lol...awesome avatar, too, cellovek. |
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fromtheuk
Joined: 31 Mar 2007
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| Posted: Fri Jun 25, 2010 2:18 am Post subject: |
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To be honest, it's not about bragging. It's just some news which I wanted to share, I felt it was a bit of an achievement.
I have since changed my mind and I've now invested in land instead. I ditched the idea of buying an apartment.
Trust a poster on this forum to reduce this thread to a discussion about the size of his genitals.
What a 'class' act!
Your avatar is amusing though.
Last edited by fromtheuk on Fri Jun 25, 2010 3:27 am; edited 1 time in total |
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chellovek
Joined: 29 Feb 2008
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| Posted: Fri Jun 25, 2010 2:25 am Post subject: |
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| fromtheuk wrote: |
What a 'class' act!
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Nothing but the best! |
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Richard Krainium
Joined: 12 Jan 2006
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| Posted: Fri Jun 25, 2010 3:12 am Post subject: |
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| fromtheuk wrote: |
To be honest, it's not about bragging. It's just some news which I wanted to share, I felt it was a bit of an achievement.
I have since changed my mind and I've now invested in land instead. I ditched the idea of buying an apartment.
Trust a poster on this forum to reduce this thread to a discussion about the size of his genitals.
What a 'class' act!
Your avatar is good though. |
I hope it's not the land oldfatfarang has for sale!
I must say, between fromtheuk and Kentucker4, you guys sure keep us entertained. Keep us posted on your land investment...lol |
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fromtheuk
Joined: 31 Mar 2007
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| Posted: Fri Jun 25, 2010 3:25 am Post subject: |
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I'm glad to hear you're enjoying yourself.
No, I've bought land from somebody else. |
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Nester Noodlemon
Joined: 16 Jan 2009
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| Posted: Fri Jun 25, 2010 4:42 am Post subject: |
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| fromtheuk wrote: |
I'm glad to hear you're enjoying yourself.
No, I've bought land from somebody else. |
So, why did you change your mind about buying the apartment? You seemed all excited about the investment, then wham, a 180 turn. |
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fromtheuk
Joined: 31 Mar 2007
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| Posted: Fri Jun 25, 2010 6:26 am Post subject: |
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I didn't like the idea of paying 1 year in advance. I don't like to be in debt, even if it is theoretical. I also didn't like the idea of paying for something which doesn't actually exist.
I'm quite confident they would have built it on time, but if something doesn't tangibly exist, I wouldn't have full confidence the finished product would be delivered on time.
I like my land purchases because I've paid for them in full. My attitude is 'pay only when you have the money'.
There are also limited ongoing maintenance costs with land. My land in Brazil has no ongoing cost. The land in America has an annual property tax, but it's quite low i.e. $20, $50.
I can afford to hold onto this land, it is a tangible asset and if I hold onto it for long enough, my hope is its value will rise.
Prices are rock bottom right now due to the recession, my reasoning is it can't go much lower. The only way is up. |
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Nester Noodlemon
Joined: 16 Jan 2009
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| Posted: Fri Jun 25, 2010 6:45 am Post subject: |
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| fromtheuk wrote: |
I didn't like the idea of paying 1 year in advance. I don't like to be in debt, even if it is theoretical. I also didn't like the idea of paying for something which doesn't actually exist.
I'm quite confident they would have built it on time, but if something doesn't tangibly exist, I wouldn't have full confidence the finished product would be delivered on time.
I like my land purchases because I've paid for them in full. My attitude is 'pay only when you have the money'.
There are also limited ongoing maintenance costs with land. My land in Brazil has no ongoing cost. The land in America has an annual property tax, but it's quite low i.e. $20, $50.
I can afford to hold onto this land, it is a tangible asset and if I hold onto it for long enough, my hope is its value will rise.
Prices are rock bottom right now due to the recession, my reasoning is it can't go much lower. The only way is up. |
wise move |
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zappadelta
Joined: 31 Aug 2004
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| Posted: Fri Jun 25, 2010 7:52 am Post subject: |
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| fromtheuk wrote: |
I didn't like the idea of paying 1 year in advance. I don't like to be in debt, even if it is theoretical. I also didn't like the idea of paying for something which doesn't actually exist.
I'm quite confident they would have built it on time, but if something doesn't tangibly exist, I wouldn't have full confidence the finished product would be delivered on time.
I like my land purchases because I've paid for them in full. My attitude is 'pay only when you have the money'.
There are also limited ongoing maintenance costs with land. My land in Brazil has no ongoing cost. The land in America has an annual property tax, but it's quite low i.e. $20, $50.
I can afford to hold onto this land, it is a tangible asset and if I hold onto it for long enough, my hope is its value will rise.
Prices are rock bottom right now due to the recession, my reasoning is it can't go much lower. The only way is up. |
Where is the property in the US that you bought? |
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fromtheuk
Joined: 31 Mar 2007
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| Posted: Fri Jun 25, 2010 12:37 pm Post subject: |
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It's just land. In California, and next month in Texas and New Mexico.
I hope to buy a few acres in Arizona in December. |
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madoka
Joined: 27 Mar 2008
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| Posted: Fri Jun 25, 2010 2:01 pm Post subject: |
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| fromtheuk wrote: |
| Prices are rock bottom right now due to the recession, my reasoning is it can't go much lower. The only way is up. |
My parents bought 125 acres of beachfront property in California. One mile down the road from their land, companies have already constructed $1 million homes on half-acre lots. Yet due to zoning laws, not only do they realize that they won't be alive to reap the benefits of selling the land, it won't be in my lifetime either. They are hoping my children will make a windfall on it. Unless your property is superhot, be prepared for a long wait. |
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Nester Noodlemon
Joined: 16 Jan 2009
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| Posted: Fri Jun 25, 2010 5:53 pm Post subject: |
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| fromtheuk wrote: |
It's just land. In California, and next month in Texas and New Mexico.
I hope to buy a few acres in Arizona in December. |
hmmm... but you can't afford to buy anything in your home country? seems fishy... |
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fromtheuk
Joined: 31 Mar 2007
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| Posted: Fri Jun 25, 2010 7:27 pm Post subject: |
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No disrespect, but if I was going to buy such a huge amount of acreage, I would make sure beforehand zoning laws wouldn't cause problems some way down the line.
The zoning on my land is residential, with no time limit to build.
Fishy?
If you look at the exchange rate between UK pounds and US dollars, you'll see I can get more land in the US with my cash.
No brainer. |
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madoka
Joined: 27 Mar 2008
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| Posted: Fri Jun 25, 2010 7:38 pm Post subject: |
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| fromtheuk wrote: |
| No disrespect, but if I was going to buy such a huge amount of acreage, I would make sure beforehand zoning laws wouldn't cause problems some way down the line. |
Nope. They knew what they were doing when they bought it. They literally wanted to give something monstrous to their grandchildren. Which of course wipes out a huge chunk of my inheritance. Oh well. |
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