Would you buy, rent or stay in this situation

Reply Tue 5 Apr, 2022 02:09 am
I have found this website, not sure if this may be the right forum to ask, but I was wondering if any thought or advice regarding the following situation, perhaps to gain different perspective.

I'm currently living with my family. However, I have always wanted to have my own space / house. I could buy a house on mortgage (on quite a high mortgage, not sure if geographical location may matter to this question, but I'm living in Hong Kong), but I have fear that the house price may drop in the coming years, which I may face the risk of call loan. To buy something on mortgage also make me feel like a pressure, I may not be able to, say for example, in case in future, I won't be able to quit job for reason like high pressure.

On the other hand, if I rent, I could retain my current asset, which make me feel safer. But that will also decrease my rate of saving. I also won't have that "it's my own house" feeling. I also feel like I'm just "spending money" if I rent, as if I live with my family, I could actually keep save a large portion of my salary.

If I stay home, I could continue to save money. After a few years, I probably would be in a better position to buy a house with less mortgage (provided that the house price won't increase at a high rate).

But the struggle is that, I'm already in my mid-30s and single, so I feel like I should either buy my own house / rent outside. If I wait for few more years, I would be reaching 40. For my parents, they are in favour of buying a house, they don't object me to rent if I want to.

However, at the same time, I also have that thought of working or living abroad, not because of the buy house issue, but something like "little dream" to have some fruitful experience in my life. Plus, perhaps because I don't have a girlfriend currently, and probably remain difficult to find one here, so I want to give myself a chance to meet one if I'm abroad). But that would mean to leave my parents, which I feel like I'm pursing my own wish and neglect my parents.

So here I'm, facing four different options (maybe there can be other options) and I'm not sure as to which one is correct, but time is already running out as I'm getting older.

1) Buy house
2) Rent
3) Continue to stay home
4) Work abroad
Reply Tue 5 Apr, 2022 05:38 am
It sounds like what you want is to move abroad, assuming that is a reasonable possibility. It's not always easy to pick up and change countries. Next up I would say rent a place. From your note it sounds like that would reduce your rate of savings but not eliminate it completely so your current income can support renting. It would also allow you to establish your independence and set your own path.
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Reply Tue 5 Apr, 2022 10:11 am
Setting your parents aside - what do you want to do? I think first you need to soul search and determine what it is YOU really want to do; not your parents.

I am with engineer as it sounds like you want to live/work abroad. But that is simply coming from someone - a stranger and what they are reading from a few sentences. Maybe think of it this way - in 5 years from now which choice would you most regret not making? Think when you are 40 would you look back and say - yeah I should have tried to work abroad and have a new experience,,,

If that is the case - do a little research and see where it is feasible to get a job and where you would have interest to live.

If you really do not want to do this and it is more a dream and not at all feasible - then I would look at your current living situation - how is it? Do you like it? Do you have enough independence - meaning are you completely free living there? If you living situation is such you are happy about it - I would stay and save money as you would be better situated to purchase a house you would like.

However, there is something to say for independence if you feel your family is too close and too involved. To be honest I moved out of parents house when I was just a few months of graduated from college - I valued my independence highly (but that is me) and I had a good opportunity to live with pretty low rent. And years later - I moved from these roommates to live alone even though it cost me more - it was worth it to me personally to have that.

I think you really need to think through what is most important to you - because for one person any of these choices would be the correct one.

0 Replies
bobsal u1553115
Reply Tue 5 Apr, 2022 03:17 pm
I'd stick until I had a better feel for the housing market. Is it ready to bust or not? I know we're closer the bust each week. Interest rates are going up and that'll slow the market, too. Prices are insane right now.
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Reply Fri 20 May, 2022 06:00 pm
The only reason why I would move abroad would be that I would have a skill to use, or have investments to make income from. However everyone needs a house ( base ) AKA property. Just the land alone with a tall fence would do for me. I would just sleep in a tent and maybe build a basement for storage.

Most people who move abroad are never telling the truth. They grew up and live in houses and get tons of allowance from their parents. So for them home is where they grew up. Other people lie about their living standards and are sleeping around to get by or does jobs that are around the area. So it depends.
Reply Fri 20 May, 2022 07:53 pm
Who ARE you? You have the strangest beliefs.

"Most people who move abroad are never telling the truth." What? You don't know how they grew up, where or what they lived in, or if they get 'tons of allowance from their parents'. You have no idea whatsoever.

And your assumption that they lie about their living standards and are 'sleeping around to get by...' etc is just plain stupid.

You should stop giving advice.
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