American living in Taipei for 2 years, Taiwanese wife, 2 young kids. Plan to stay here for maybe 10 more years.
Am happy to rent but my wife found a good deal on a place in Nangang (reduced from 15mil to 12mil). Big, nice place, extra upstairs apartment we can rent out, nice neighborhood, etc.
Basically the down payment will be my savings, and I will have very little left over. But my salary (plus the extra income from renting) will be more than enough to cover the mortgage. Plus my wife will start working next year, so we will be able to use that to build back our savings.
Again, I am happy to rent, but my wife is very Taiwanese in the sense that you need to own something, that rent is throwing your money away, etc. Not unreasonable beliefs, but there is obviously a huge discrepancy between renting and owning here, and while it’s great to own something (and to potentially make a nice profit when we sell), the amount of rent we’ll be paying is relatively small.
Plus, the money I was planning on investing for the future (retirement, college, etc.) will all go to the down payment, so I will have practically no investments. And also, what if I lost my job? I work in marketing, and right now things are fine, but you never know.
Any advice? Anyone been in a similar situation and made a decision one way or the other? Thanks in advance!