Posting here to see if someone is from Mexico City and can provide opinions.
TL;DR: want to have an apartment in Mexico City that allows me to have more flexibility in the way I conduct my personal life but idk if it is a wise decision or I should be using my money elsewhere.
TC: transitioning to a new position in faang with TC 1.9 M MXN. As for now: 700 k MXN
YOE: 8
I live in EdoMex, house is mine (inherited, thnks grandma). Commuting to mexico city takes me 30-40 minutes in public transportation, not too bothering at all. Due to covid and lockdowns, I don’t really go that much to the city nowadays (pre covid: 12-15 times per month, now 3-4 per month), however, I would really want to live there as there are more options for entertainment and places to go compared to the place where I live at at the moment. Plus, all my friends live there, so it would make visiting and seeing each other easier (they’re the type of people that go out every other day spontaneously, we have talked about me not living close as an impediment to participate in some of these spontaneous activities)
I’m very frugal: I don’t have kids, pets, debts so I save the majority of my money and live with around 20% of my salary.
I would like to have the chance of living 3-4 days in my main home and then spending the other days in the apartment in Mexico City. I’ve seen studios and lofts (small though, around 30 m2) being sold at 2.1 M mxn - 3 m MXN in downtown that I think are good for a single person like me that doesn’t intend to live there full time.
Have enough to pay a down payment of around 15-20% of the property and to pay the mortgage. However, is this a wise decision? Should I be spending my money on this whim or should I probably invest the money in other stuff? Should I probably buy the apartment and rent it instead? The house and neighborhood I live at are quiet and safe and the house is big enough just for me (70 m2 and a small garden), however there’s no much things to do around (I need to go to downtown if I want to do something entertaining) and it can be boring at times to be there. I think that if I get bored with that I can just rent the apartment afterwards or turning in into an Airbnb.
Interested to know your opinions.
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comments
I assume you invest in stocks to some degree? ETF? So long as you have a balance across a few investment areas you are taking the least overall risk.
It sounds like you have a solid start on real-estate already, but not in a high-demand area within the city.
I think this comes down to the value of this property (not financial value but personal value) for you. If you are under 30-35, that is also a factor. You won’t get those years back to hang with friends and be available for last-second/spontaneous plans.
I would avoid thinking of this in purely financial terms and to evaluate what having this place would represent for your happiness/social life. It is a solid investment in general (so long as you do your due diligence for buying a place in a convenient/safe area and so on.)
Yes, I’m in that age rank. I feel I’m losing on lots of stuff having living with my parents for years (before moving here where I live now I lived with my parents who are 1.5 hours away from the downtown)
Another reason to being able to do so is that I’ve noticed I’ve became more reclusive now with the lockdowns and I need to force myself to go out more and enjoy grass and sun lights rather than being all day at home in front of multiple screens. Ironically moving to the city will give me more reasons to go outside (restaurants, local events, local attractions). Thanks for the advice, this is indeed considered more from a perspective of improving aspects of my personal life. I think I just need that “push” to do it and leave aside the fear of taking a risk (of course, without forgetting the due diligence as you mention)