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Originally Posted by NYNick
Covid has changed everything and has especially caused people to reevaluate where they live and why. Zoom and working from home are the new normal. I'd love to see the statistics showing the number of relocations or real estate sales in the last 2-3 years versus pre-pandemic.
Even retired, we reevaluated our living situation and sold a property that we would never even consider selling, EVER, just 3 years ago. Now we are seriously considering selling another one we've owned for over 40 years. Never say never.
Still, location is always the key word. While multiple homes are a great way to dodge the weather, make sure you choose your locations and structures very carefully. Just like buying an old 911, you cannot do enough research into buying real estate. Hell, before I bought a condo in FLA I had developed spreadsheets outlining pricing, square footage, comps, taxes, time on market, bedrooms etc. Of course, I was in the RE business at one time.
So many of our friends have made stupid real estate purchases its commonplace. They let their emotions drive their decisions or relent to a one sided want from their spouse. Some have sold everything to move to Shangri-La only to discover they hate it long term and can't afford to move back. Happens all the time.
Be careful. Do your homework. Don't follow the masses.
Whatever you buy, make sure it has a great location.
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You always have the best advice Nick. Wish I'd known you earlier in youth. Location X 3 they always say, then get fixed if financing. I heeded those rules I learned from my mentors/culture. The location thing here paid off for me being choosy and waiting poised in the right market with boots on the ground, knocking on doors. I don't think I made the right choice on fixed here however, even though you never mentioned that. I did fixed @ 2.68% on a 35 year @ 33.6 million yen then (2005). Still 16 mil to go but we make double payments every month and triple every 3 months. All my friends here expat/Japanese alike went variable @ now 0.9% etc. It never seems it will go up but it could in another world like we may see coming, but with the whole country on variable mortgages I don't see it happening.
Just to confirm your insights, I carefully picked and got great location for the money on timing and market. I made no mistakes there and can honestly say I love where I am country and city and would never want to move, at least in this country. Conversely, in this culture location means a little less in general. Land is priced accordingly in blocks on price in the cities i.e. close to a train station more valuable. Even so the location might stink and usually does! I'm living on an estuary overlooking the water in one of the two wealthiest residential cities in this country. I haven't ridden trains in decades. I drive where I want and got free parking on the beach front. Most people here don't have parking or a car. Many that do rent parking pay 150.00 a month just for that! So Yeah! Location is tops!!