We have sort of decided on our new place. A cosy 2-bedder apartment, free-hold, tucked away in a little corner of the East.
We'll make the offer later today. Hope the owners don't revert with a counter-offer that is too far off. I mean its a given that they'll make one. Just wishing that we have enamoured ourselves to them lovingly enough for the place to be sold without too much haggling =))
But the dilemma now is this.
We have a government-built apartment which we want to keep and hopefully lease out for some extra income. If we don't sell this, we'll probably have to take a bigger loan to cover the impending purchase. And end up with heftier interest payments. Trust me, the interest works out to be quite a bit over the 30 year tenure of the loan.
On the other hand, if we sell our present apartment, the losses, on paper, are pretty substantial. But it means we have some money free-d up for the present buy. Which means we can afford to take a smaller loan and subsequently pay less interest. And yes, trust me, the savings also work out to be quite a tidy sum over 30 years.
Of course the ideal situation is if we get to keep our present property and yet have enough
moolah upfront to pay for the new apartment such that we take a smaller loan.
Well, technically, we would find ourselves in this ideal situation if we had been Savers instead of Spenders. The excesses of maintaining 2 cars, eating out way too often at restaurants, buying too much clothes and frivolous things and over the last year or so, keeping 2 rented apartments because of our unique situation, has come back to haunt us.
Seriously we could easily have stashed away 30-40K. So much for the Yuppie lifestyle =/ With a monthly household income of more than 15K, we should have been more prudent with our money.
Sigh!
Anyway, no use crying over spilt milk, or in this case, spent money =)) We'll just have to learn to lead a more austere lifestyle.
We're excited nonetheless! =)
Labels: Musings