I took out the loan to buy a house in Ho Chi Minh City three years ago while having only about 40% of the property’s value in hand. Back then, everyone around me urged me to go ahead, saying “real estate prices only go up,” that I “can’t rent forever,” and “it will be even harder to buy later.”
Their constant urging made me anxious. I was afraid of falling behind and that if housing prices kept rising, I would never be able to afford one. So I signed the bank loan contract and took on a debt that will last for decades.
Over the past three years, I have lived with constant unease. As soon as my monthly salary comes in, paying the loan is my top priority. I would lose sleep every time the interest rates were hiked, resulting in higher monthly payments. I have grown used to saving even the smallest expenses and spending little on myself. My life has not truly felt peaceful, especially since having a child.
What troubles me even more is that if I had not borrowed money and instead used my savings at the time to buy gold, things might be much different now.
At that time, gold prices were only about VND70 million per tael (1 tael = 37.5 grams or 1.2 ounces). If I had bought gold and held it until now, when gold prices are around VND190 million per tael, the gains might have been enough for me to buy a home with far less borrowing, perhaps even without any loan at all.
Every time I read news about gold prices hitting new peaks while the property market remains subdued, my heart sinks as I think of what could have been.
I know that three years ago, no one could have known that gold prices would surge so quickly or that the economic and geopolitical environment would grow so complex. I also understand that my choice was driven by the wish for a stable place to live, not by the pursuit of profit.
Still, there are nights when I lie awake wondering whether I rushed into the decision under the pressure to own a home as soon as possible. I paid more attention to other people’s advice than to my own ability to handle the financial strain.
In truth, I have felt more financial pressure these past years than the sense of security that homeownership is supposed to bring. If I had not rushed, perhaps I would still be renting but living with peace of mind and without missing the opportunity to grow my assets.
I wonder whether, in making major financial decisions like buying a home, we are sometimes so afraid of missing out that we forget to consider the weight we will have to carry afterward.
*This opinion was submitted by a reader. Readers’ views are personal and do not necessarily match Read’ viewpoints.
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