Who else have loans/ mortgage?

[WitheringAway]

I made the mistake of purchasing my own apartment as a mortgage to the bank. In addition to an extra loan for furniture and a car. I feel like I made all these irrational decisions without thorough consideration of it all. Now after signing all the papers I feel more depressed than ever. The loan and the mortgage are exhausting to me already and I feel suffocated for some reason. Who else have loans to pay and how do you feel about it?

 

[Pluto]

Having property is potentially very liberating, at least after it is paid off. Until then it's just the opposite.

I've mostly paid mine off by myself, but it has required massive sacrifices. I don't think we are meant to be alone in these things, even though relationships are a minefield in themselves.

 

[WitheringAway]

Having property is potentially very liberating, at least after it is paid off. Until then it's just the opposite.

I've mostly paid mine off by myself, but it has required massive sacrifices. I don't think we are meant to be alone in these things, even though relationships are a minefield in themselves.

Having them take off a good portion of my salary every month, Mine is scheduled to be paid off after 20 years. I took it alone cus I have no one to help me and no place to stay. I've been at my brother's for 4 months now and it's been hell. we were removed from the family house cus it's in an area for developmental projects by the government.

Having property is potentially very liberating, at least after it is paid off. Until then it's just the opposite.

I've mostly paid mine off by myself, but it has required massive sacrifices. I don't think we are meant to be alone in these things, even though relationships are a minefield in themselves.

May I ask what did you sacrifice in the process? Cus I'm seriously considering a side business or some other way to make fast money to pay it off sooner.

 

[Pluto]

May I ask what did you sacrifice in the process? Cus I'm seriously considering a side business or some other way to make fast money to pay it off sooner.

In Australia, home ownership is very desirable because prices keep going up. I spent circa-A$250k here 8 years ago, yet now it would be worth double that. If I were trying to start out now, it would be brutal if it were possible at all. The younger generation might not be able to buy anything at all, leaving them wage slaves for life. Interest rates are rising here, which doesn't help.

So from my Down Under perspective, you did a good thing.

My loan was over 30 years, but I am set up to pay it off in about 9. I've had to work ridiculous hours, stopped travelling, gave up most of my hobbies, ate cheap food, never went out, etc. It has been really rough, and it's very possible that I might be dead before making the last payment and thus defeat the whole purpose. haha

Sometimes a second job or a hobby business can help, too. It's hard to combine all this with a work-life balance, but you can only do your best.

If you have any means of having a flatmate to help with living costs, that is a healthy way to have some company too. Or if you find a partner, though it is worth making sure that nobody can take your home from you - speak to a lawyer beforehand if it comes to that.