Hello fellow mustachians, let me introduce myself first
I am 27 years old, finished my studies few years ago, and for around two years now started my small online design freelance business from home.
I earn around $2000 a month , but live in Romania ( costs are much lower here )
I own a 17 year old car which i rarely use, because i work from home.
My monthly expenses consist mainly of :
Rent: $250 a month
Internet , phone ( prepaid ) , gas, = $200 a month
Food: $200 a month
Gym membership - $60 / month
Travel , small trips around the country each month: $250
I have recently started saving money which i plan to use for buying a house. I am currently saving around $650 a month.
I plan to move out of the city, in a suburb or a surrounding town around bucharest, mainly due to lower prices, lower pollution, and hey.. i work from home so i don't need to travel that much.
A decent 3-4 room house with a small bit of land ( which i plan to use as a garden ) costs around $50.000 here.
I currently have two options:
1: keep saving money , and buy the house in cash in a few years while still paying rent (5-6 years if being optimist )
2: pay bank fees, taxes,a down payment on the house ( i think around 10% ) , interest and go for a 30 year-loan , which will be around $250 a month for that amount.
I do not have any kids, any large monthly expenses, i am not interested in luxury ( i had lots of money before and i wasn't actually happy )
I am quite the handy man and fix my own car ( except major repairs that require an elevator and professional tools and such )
What are your advice?
Thank you