Buying a home

[kurdt_the_goat]

Well this probably belongs in the "i need to vent" thread, but i think i need to do more than vent!

My wife and I have been renting for around 5 years - 10 mins from the city, 2 min walk to the foreshore. We decided to get a house after our rent went up quite a bit more than normal.

First we started looking at established, only to realise that because of the First Home Owner Grant, a million other people were also looking at established. We'd rock up to home opens with heaps of rabid hunters. Ultimately we'd be disappointed in A, B, C, D and so on with the house.. just so many variables to consider. The most disturbing of course being price, not that we can't afford a decent house, but that the price varies so much according to suburb. Tiny little unit in one suburb, 600m2 virtual farm in a different suburb, both the same price.

So we started looking at building, and on initial inspection it seemed easier, and we could get more/newer for our money. Then we realised there is virtually no land available in any of the areas even remotely close to the city. Finally we found a lot, and a home design that would be fine. We went to sign and realised the lot is Strata title, and comes with $1500 a year or more fee, and all the other crap that goes along with it. No worries, there's a green title lot in the same estate, just the shape is a bit odd. We speak to the builder and they can accomodate, so it's all looking good. Then the builder checks the restrictive covenant and the house is 25m2 too small for the lot according to those rules! This is where we're at now.. seeing if they can relax some of the guidelines to allow us to put a smaller house on the lot... or find a new lot, or build a bigger more expensive home. And no-one is returning my calls! I feel like i've got this extreme sense of urgency just to capture a bit more from the First Home Owner Grant, whereas everyone else involved is walking at a snails pace!

Or, just keep on renting like i never needed a bloody home in the first place! We have no kids for the moment and short term future - My immediate need for space is wholly derived from the amount of toy boxes overflowing in my wardrobe

I'm starting to question whether this is really worth all the hassle, i mean this is only the beginning!

[kup]

Everyone knows my view on this but if you plan to have a family in the future it may be worth it - particularly for your kids in the long term.

The thing is that there are lots of people going crazy trying to buy a home at the moment, so many that they won't really look after you as a costumer as if you leave, they would inmediately get another. The rental system is also like that since there is so much demand that if you leave because you don't want to pay excess rent - 2 dozen people are waiting in line already and willing to pay more than you.

In Sydney there are even rent auctions with the guy willing to pay the most rent getting the place. My rent has gone up $65 in one year and I have to take it as moving out would mean me having to pay even more for a smaller run down place as rent costs have hit the roof in just a few months but it is still much easier to manage and affordable than a mortgage on a single income.

[MV75]

Make up the space with one mother huge rear covered area.

[Fungal Infection]

The way I see it, if you don't intend to have kids anytime soon, buy a house now. Once you have kids, money will become an issue. I had an investment property which I had for 6 years before selling it earlier this year and now me and the missus are looking to buy our own place proper to live in. However, we've found that it requires alot of monetary sacrifice considering we have a very young daughter. Thank god we sold the investment property for a decent profit otherwise the mortgage on our own place would kill us. While we are still looking for our own place, we have the luxury of looking at more properties because of the money we have saved/earned.

[yukitora]

dude, just flatten your boxes, and get rid of the plastic. you'll be suprised.
its what i had to do. we rent a lot and i got a toddler too! (also have other collections that arnt tf)

[GoktimusPrime]

I agree with yukitora. Having said that I usually don't flatten my boxes - I throw most of them into the recycling bin. What few I keep clutters the closet in my collection room.

Just remember that those boxes are full of _air_ and you're basically paying rent/mortgage to house packaged air.

[kup]

Wait 40 years and your MIB boxed air will be worth a lot! 20 years ago who would have thought that 600ml of water in a bottle would be pay commodity!

[Lint]

I feel like i've got this extreme sense of urgency just to capture a bit more from the First Home Owner Grant, whereas everyone else involved is walking at a snails pace!

Oh don't you worry, you are not alone. Its a mad house

A bit less-so this past week and possibly this week too due to finals fever.

[Sam]

It's hard to say if you should or shouldn't. But I think if you can afford it now, and are thinking of having kids in the future, then get a place now, because it will probably only get more expensive in the future.

[kaiden]

Don't buy a home rushing through things otherwise you're gonna get screwed. Because they don't care about you, but about how much money you have and how fast they can have it. They probably don't even like Transformers - so be careful of them...