Exactly one month has gone since I last updated my million dollar status. Well here’s the deal, alot has happened. I sold of my shares to use the cash as a down payment on a apartment I bought. So congratulations to me! I’ve bought myself an own apartment even though I’m so young. So how did I do it? Well it’s quite easy when your parents help you. Here are the numbers for the loan and real estate:
Apartment size = 25 square meters. ( Yes, it’s a student apartment )
I used $25100 as downpayment to buy it.
The rest, $65000 was borrowed from the bank. FIXED LOAN 4,32 % INTEREST FIVE YEAR FIXED.
The apartment was bought for approximately $25100 + $65000 = $90000.
In my opinion it was a great deal, it’s in the capital, Stockholm and prices in that particular part of the city has fallen more than enough. It was selling for $115000-$125000 one year ago. You have to keep in mind that this is in the capital, so the prices can’t fall so much more. Everyone in the country wants to live here
Remember that I live in Sweden and the currency used was swedish crowns. SEK is currently at 8.37 = 1 US dollar. So in swedish crowns it was something like 750000 sek. So how much is the monthly charge:
$131 monthly FEE for the apartment. I don’t what it’s called in the States but we have another owning-system here.
$240 interest payment to bank. After tax deduction = $168.
I also amortize my loan ( it wasn’t necessary though ). Amortization = $177.
$131 + $168 + $177 = $476 monthly cost. Actually it is $299 because when I amortize I’m really just giving the money to myself.
Remember that the numbers can change fast since all of it was done in another currency. It wouldn’t surprise me if the market price went up to $120000 in dollar terms, because the dollar is very strong right now versus the swedish crown.
Status:
Net Worth: $23800 ( your parents can be real helpful sometimes ;) )
Holdings,
Stocks:
None, nothing, zero, zippo!
Real estate:
One apartment, market price = $90000
Loans:
$65000 real estate loan.
$1200 cash loan.