Buying an apartment?

[foofofoofo]

Hi
I'm single(forever) 25 years old & newly employed teacher in Arabia . I live with my parents in the suburbs . I don't have rent , or any major expenses. My salary is 8500 SR 1£=5.75 SR 1$= 3.79 SR .
It increases every year 500 SR until retirement, with 1000 SR jump every 5 years
As you know that I live in the suburbs and from time to time I travel to the city 200km from my town , I like to go there to have fun ,restaurants malls etc .. ,I had the idea of buying an apartment in the city. So , I ask you if its the right decision?
The mortgage will be 1600 to 1800 SR every month for 30 years
The apartment is 400K to 450k SR .
What do you think?

My expenses are around the 2000 SR a month and the rest I save it or I spend on a vacation lol .
And I like to think of it as future investment if I want rent it out because the rents in the city are 30k and more per year !

As an Arabian citizen, In ten years or so I will get another loan from the government with no interest for a house.

And to be honest with you , with chaos in the Middle East and the countries around it makes me so scared from the future and it makes me wonder if my country will survive it lol

[bjl584]

I'd have no interest in paying a mortgage on a place that I'd only live in here and there.

[foofofoofo]

I'd have no interest in paying a mortgage on a place that I'd only live in here and there.

Why not ?

[bjl584]

Why not ?

I don't like the idea of paying for a place that is sitting vacant. Renting doesn't sound like an option. If you were talking a winter home in Florida that you could rent out in the summer, then that would be a different story. But, to buy a crash pad for when you go party in the city, and to let it sit vacant more often than not doesn't sound like a good deal to me.

[Aurorepr]

Buying an apart

My Accessswitch 20 just went haywire. Need another one. Please post price here and contact information. Thank you.

[jay_rogers]

Learn about the responsibilities associated with owning and managing an apartment building. Determine how much of an investment you can afford. Getting pre-approved is helpful to both you and your real estate agent. Calculate the utilities and the amount you should put away for repairs and maintenance. Let your agent know about your loan pre-approval and your list of expectations so that you are both on the same page.

[MattNY]

A no interest loan?? Is that because of sharia? That's a heck of a deal. Despite the unrest in that region that particular country is stable enough I certainly wouldn't turn down real estate there. Maybe buy a rental (not a primary home). To evaluate the deal see if the estimated net annual rental income divided by the sale price is a good % yield. If you could get the same yield on something more liquid then don't bother. But if you have access to no interest loans find a way to use it!