From a personal perspective my logic works as follows:
I have a choice, rent or buy....
If i rent that is money down a black hole only a monthly basis.
If i buy. let assume the property very conservatively appreciates at 8%, which was the interest rate i was quoted. That is purely to cover the interest that is repayable.
Whatever i pay towards my mortgage i will get back when i sell.
The only only time i loose is if the bottom falls out the market which is the risk factor of course.
Now when i treid to purchase a property on the Pearl, it would have cost me QAR 9000/month plus QAR 950/month for levies etc. That includes access to a gym and all the things you expect from a luxury developement.
Now would anyone like to guess what it would cost to rent a 2 bedroom equivalent in say West Bay?
14000, 15000/month?
Now that makes sound fiancial sense to me, all the risks taken into account.
Some other possible relevant information, my fiance and i are commited to being here for at least the next ten years and that does factor into my decision to buy.
Does that make sense to you Lamb or is my logic off?
Good point.
From a personal perspective my logic works as follows:
I have a choice, rent or buy....
If i rent that is money down a black hole only a monthly basis.
If i buy. let assume the property very conservatively appreciates at 8%, which was the interest rate i was quoted. That is purely to cover the interest that is repayable.
Whatever i pay towards my mortgage i will get back when i sell.
The only only time i loose is if the bottom falls out the market which is the risk factor of course.
Now when i treid to purchase a property on the Pearl, it would have cost me QAR 9000/month plus QAR 950/month for levies etc. That includes access to a gym and all the things you expect from a luxury developement.
Now would anyone like to guess what it would cost to rent a 2 bedroom equivalent in say West Bay?
14000, 15000/month?
Now that makes sound fiancial sense to me, all the risks taken into account.
Some other possible relevant information, my fiance and i are commited to being here for at least the next ten years and that does factor into my decision to buy.
Does that make sense to you Lamb or is my logic off?