Deciding on shopping for condominium or utilizing financial savings elsewhere : eupersonalfinance

by akoloy

I’m trying on strategies how you can use my financial savings and will I purchase an condominium.

I’m Polish and 28, working in IT, I’ve round 150k EUR in financial savings and incomes round 75k EUR yearly. Life in Poland prices me round 1200-1500 EUR month-to-month (together with 600 EUR condominium hire) so there’s lots house to avoid wasting round 4-5k EUR per 30 days.

I’m desirous about getting an condominium for myself in one of many largest Polish cities. It prices about 220k EUR.

Does it make sense to take mortgage mortgage for 110k EUR (and hold 40k EUR financial savings) now and purchase it assuming I can pay it again in round 3 years from now (and never pay extra curiosity) utilizing future financial savings? My present job state of affairs is secure and I ought to have the ability to pay mortgage of 750 EUR/month even when I want to vary it to one thing with decrease pay.

Apartment rental market right here remains to be not doing nice, nevertheless purchase costs have not lowered just lately, appear fairly secure. 220k EUR flats listed here are thought-about relatively costly (however it’s new, fashionable and all-furnished), so in case I must promote it might take longer I suppose (I’d relatively to not, it might be my first condominium).

Should I do it or is there higher approach to make use of my cash or I ought to wait till I’ve sufficient to purchase with out mortgage? I don’t have a giant stress on shopping for this condominium, I need to lastly begin doing one thing with my belongings.

Thank you everybody to your time to assist me determine!

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