The deal with the Upper East Coast apartment fell through. Pity. We really liked the place.
So with increasingly exorbitant rates due to the recent spike in property prices, we're staring at either renting long-term, moving back to our old place and waiting out the up-surge or buying the current apartment we are renting from its owner.
The latter option is becoming increasingly attractive. Because...
1. The price the owner is asking for the Freehold unit is really really reasonable.
2. We are going to cut out any agent commissions since the deal is being brokered directly between us.
3. The apartment can be designed, renovated and re-decorated according to our specifications. With brand new apartments, you don't really want to dismantle furnishings and fittings you have already paid for even if you don't really like 'em.
4. We really like the central location and the fact that we live practically across from nature and 2 reservoirs in the Catchment Area.
5. We suspect there will be a good chance for an
en-bloc collective sale of the units in about 6-7 years time.
6. We get to keep our old place and continue to get some rental income for what its worth.
7. Food and Amneties are a 5-min walk away across the road.
However, the
Cons are...
1. The property is old. I mean where we come from, 11 years is old =))
2. The whole estate is not exactly the final word on designer-chic. Nice and simple but subjectively beautiful =))
3. Its a 2-roomer. And we have loads of stuff.
4. No facilities to speak of save for a bird-bath of a swimming pool and a Clubhouse that looks more like a storeroom.
5. We have a petrol station for a neighbour and the in-house Car Wash can get a little noisy.
Well, decisions, decisions....=))
Labels: Musings