I'm an 18 year old right now. Let's say when I'm 25 I am earning 100,000 per annum and I have 600,000 of savings/investments (inheritance). Would it be a stupid idea to put all of it into, say, a studio/1bdr apartment in Tribeca?
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Would you be renting out said apartment, or living in it?
Yes it would be. Real estate is a terrible investment. The down payment could be getting significantly greater gains if invested in good stocks. Renting an apt. is the only reasonable thing to do until the point where you can buy something and its not a big deal to do so.
Oh gawd. This really, really makes me want to vomit.
I know it would be stupid financially. I just like the idea of overextending myself to live in a really nice building.
"Fancy" buildings in NY now trade at north of 2000 per sq foot (even junky ones at 1500). Factor in 7 years of inflation and that 100k salary won't get you much of a mortgage....basically you wont be able to afford much more than a 250 sq foot closet in TriBeCa.
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