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Originally Posted by xelasnave
Best of all I don't have cancer got the news today.
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Best news of all Alex, enjoy life.
We're mortgage free so real estate prices are meaningless, you sell and buy on the same market, it's all realitivistic. We could move away from our prime spot and buy cheaper elsewhere and have a lot of spare cash but we like where we are so no problem. (Except rates of course !!
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I'm no financial wizard but this latest scenario looks awfully familiar to previous crashes except from starting in China instead of the USA. My biggest concern with that is the Chinese are less sensitive to the effects of taking drastic action to try and correct. They'll be far more ruthless with whatever they do and a lot more people will be hurt than when the USA went through it's big kick back.
NZ is not so sensitive to Oil, Coal financials, small, relatively independent so it would be a bit easier over here but my advice is to sit back and wait for the bottom and the swing back nonetheless.
The second property you're looking at ? That's an emotional decision, only you can call it and you say you have the money. I'm divorced and my kids are grown up, I've bailed one out financially so far and I can't and won't comment on your relationship with your ex and daughter and the situation. But I've left my kids to fend for themselves basically, and my ex for that matter so just be careful as to why you are going down that path is all I can say.
Cheers
Brent