Getting the money from my parents. LOL. That must be nice to have parents who could just buy a property for you. I did what most people probably do. I got a fixed rate mortgage. 30 years of indenturing to the bank. Oh well. I will try and pay it off earlier if I can find extra cash to pay in. I am still at the point where most of the payment is going towards interest.
So sad to hear that. Our plan when I retire is to build an apartment to be rented out. I just hope that we wouldn't encounter such problems particularly with the taxes. Building an apartment or a house is not easy and money sometimes become rare when in the final phase of the construction. And then here comes the taxman, ow, that would hurt. And to think that I would be old at that time and have no more income to speak of, huh.
When I first bought a house, I was lucky enough to have had a steady full time job, and a decent amount of savings in the bank so I didn't have a problem getting a mortgage. I know that most people aren't that lucky though and for a lot of first time buyers these days, it can be a struggle.
I'm glad to note that our mortgage on this house is finally over this July, it will be fully paid after 15 years of paying the installments. My husband is planning to buy a lot which will be financed by the money that we can save from that installment of this house mortgage. In other words, it is like we are still paying the installments for the house mortgage but actually paying for the installments of that lot. We are still talking about it because there are some other priorities like house repairs and maybe a new car.
