I am recently in touch with one of my former colleagues for the full-time employment. I got to know that he has recently purchased a condominium at about $1 million plus. The property is one bedroom. He mentioned that he would have to rely on his full-time employment as almost all of his savings has been emptied due to the acquisition of this property. I have my reservation on such decision. I feel that this should not be the way in which the property purchase is taken. This is despite his narrative that the property is bought for investment purpose.
During the course of the lunch meet-up, I was also directed by the other ex-colleagues to do likewise the same. It is mentioned that the only way of the property price in the place of my residence is going up. Please see the below for more details on the property purchase mentioned by my ex-colleagues.
In response to my ex-colleague, I maintain that I am not into the property investment. Though my ex-colleague insisted that this is the way of property investment, I maintained my stance and reiterated that the property is not my cup of tea.
I know the well intention of my ex-colleagues. However, I have to take into consideration of my current situation in which I am not in the full-time employment and it is not advisable for me to take up the debt which arises from the property purchase. I will be under a lot of pressure with the loan liability which is like a heavy chain which restricts my freedom of options. Even if I am in full-time employment, I will not go for the property investment. The employer will hold me ransom to all the unreasonable work directives with their knowledge that I will be submissive due to the enormous amount of debt imposed.
Based on the above conversation, it appears that the property purchase is a norm for the people in the country of my residence. I believe that these two ex-colleagues will be wondering why I deviate from the usual norms. I do not see the need of explaining my reasoning to both of them. I note that they are deeply convinced in the norms and will not accept my reasoning. It is much better of keeping it simple and clear by stating that property investment is not my preferred way. I know of their intention. This is my life and I believe that my current approach suits me best. This is likewise for them in their decision and preference accordingly.