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If someone isn't in the position to buy, how can they possibly go through to do so? This is something I just couldn't understand.
When my income isn't anywhere close to being able to afford a $2M old timer bungalow; when I don't even have 1/4 of what I need as down payment, no amount of fudging the numbers can change that.
When I need to completely suck dry my parents retirement savings to afford a $900k townhouse, and confine myself to a 20 year daily ramen diet while pinching pennies like a hut yee, how can I possibly allow myself to go through with that?
Unless I am planning to stay single, 500 sq ft is totally inadequate for any practical living. Sure you can say you'll sell when the time comes to get married, but as soon as you factor in the misc fees (lawyer and RE agent fees) and run the numbers, you are going to realize that selling your 500 sq ft unit 2 years later is actually going to cost you money even though the unit's paper price might have gone up. Why would anyone want to do that?
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