First time home buyer here. I can’t afford in my market so I’m considering buying a foreign property. The perk is that the price is lower and ROI is good however the downside is that I have to pay cash and can’t get a mortgage. It’s pre construction from a reputable contractor. The monthly payments for two years will be more than 50% of my income, but at the end Il have a nice condo with pretty good ROI. Is it too risky to spend more than 50% of my income? Il have to live modest for 2 years.

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Yes, it is a bad idea to spend 50% of your income on something that you can’t live in that won’t generate any returns for at least 2 years. What happens if the build takes longer? Or costs rise? Or the demand declines? Too many risks for me.

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What’s the location?

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