Selling the collection to fund a house deposit

[liegeprime]

You will have to make sacrifices in purchasing new TFs. I admit it is rather harder for you since your collecting is rather more "disciplined" than mine - ie MISB, AFA graded stuff, et al. For me it took a year of splurging to complete most of G1 as much as I could - buying out the bigger stuff , then stop by 90% purchasing on the second year and putting it all in saving up for a down payment... half of my salary goes to my mortgage , but Ive already paid off about 8% of my mortgage now in just 2 years. I knew before I bought my house now that Tf purchase is going to be curtailed massively when I start a mortgage which is why I bought off as much as I could and slowed down drastically the 2nd year to save up. Then by the time I had the house Im used to the drastic cut in buying Tfs it doesnt feel like Im scrimping. I still get to purchase expensive (IMO) ones but limiting my purchase now to mebbe 1 expensive Tf in every 2 months and the rest is by laybuy, but hey it beats not having to purchase any at all, which is not bad as well, if there none out there anyways that interest me atm. I mean I have a room full already anyways to keep me occupied. I from the very start when I came here am decided to OWN a house not rent. Others here prefer and have decided they will RENT and never own. So its all up to you assess your wants veeery clearly.

Then it boils down to planning for what you want really. You know you want to keep the collection (well, the really importnant ones), you know you want a house. You need a roof (whether rent or owned) so you can keep your collection and yourself safe. If you are living with your parents well - do you pay rent? If not then that's better coz you can save up for the house, If yes you can still save. So work around what your resources are atm, and project/calculate how your spending will be once youve purchased which will give you an idea how to go about still collecting and owning a house feasible. If by chance its going to be reaaaaaalllly hard, I suggest you save for the house ( if you really want to own) for about 2 years. This would mean a cutdown on TF purchasing and really culling your collection to the really cant live without pieces only and putting all your resources to saving up. You can still give yourself a treat every now and then with buying small things but it comes down to really what you yourself set as a priority.

[VERT]

I tend to agree with Jaydisc.

Yeah I rent. The repayments on a house are murder.

[To Punish & Enslave]

I dont think buying a home will ever get less expensive or easier overall. Yes from time to time the housing market goes up and down but over all its getting further out of reach. I worry how my kids will afford a home. Ask some one you know who bought a house 40 years ago and they will most likely say something like $50G or less. Im sure back then it wasnt easy to manage a mortgage of that amount aswell. One thing i notice with age is ya look back and say I could of bought that unit for only that much but look at the price today its doubled.Look at the stock market i hear people loosing coin all the time. I have family and friends that find it difficult to get a good rental property as they are in demand. Why pay someones elses home loan off by renting.If you have a glimpse of hope to purchase a home for you your future family and tfs grab it with both hands and do it. I worked 2 jobs most of my working life to buy a modest home that no one can kick me out of when the lease is up.Just the bank knocking on the door instead if you default on a payment then they kick you out. (Sorry not talking by experience but thought id throw that in for good humor or before some one else did)

[heroic_decepticon]

I don't know about NZ, but I would say that buying a home in AU is killer. Here, people are left and hung out to dry, in that there is very little assistance from the government, not in terms of money, but really initiatives that will help younger people along with a home. My wife and I looked into buying earlier this year and decided to scrap the plan. The repayments are just insane. And at the end of the repayment period, we would have paid 3 times the purchase price (ie: for a $500K property, we would have paid $1.5mil at the end of 30 years; yeah, wtf).

It just does not make sense to me. Repayments are high, tax is high. It'd almost be like being worked to the bone, with a monkey on the back for the next 30 years. Not that it can't be done, but it's hard to see how the "average" Australian can comfortably afford his/her own place unless its far out in the 'burbs requiring substantial commuting to work (which for me is in the city).

That's my 2 cents, but like I said, don't know the situation in NZ.

[kup]

I don't know about NZ, but I would say that buying a home in AU is killer. Here, people are left and hung out to dry, in that there is very little assistance from the government, not in terms of money, but really initiatives that will help younger people along with a home. My wife and I looked into buying earlier this year and decided to scrap the plan. The repayments are just insane. And at the end of the repayment period, we would have paid 3 times the purchase price (ie: for a $500K property, we would have paid $1.5mil at the end of 30 years; yeah, wtf).

It just does not make sense to me. Repayments are high, tax is high. It'd almost be like being worked to the bone, with a monkey on the back for the next 30 years. Not that it can't be done, but it's hard to see how the "average" Australian can comfortably afford his/her own place unless its far out in the 'burbs requiring substantial commuting to work (which for me is in the city).

That's my 2 cents, but like I said, don't know the situation in NZ.

Every once in a while I think about the benefits of buying my own home and I come to the same conclusion - It's not worth sacrificing your quality of life for one, specially for 30 years.

By the time your done, the best years of your life are gone and wasted in what? A home which you will have to sell anyway because you are likely too old to maintain it. The savings you would have accumulated without the house (in bank or investments) should be more than enough for a comfortable retirement if you have been responsible.

[liegeprime]

....... if you have been responsible.

that is something one has to be always mindful of otherwise one would end up in the gutter whether your renting or owning a house.

[To Punish & Enslave]

Yes the so called great australian dream is slipping out of most peoples grasp. Unless your DINKS = double income no kids. A quick point though yes you may pay over 30 years 1.5 mil for a $500.000 loan but what would the land and house be worth in 30 years esp in Sydney. Its mind boggling

[kup]

Yes the so called great australian dream is slipping out of most peoples grasp. Unless your DINKS = double income no kids. A quick point though yes you may pay over 30 years 1.5 mil for a $500.000 loan but what would the land and house be worth in 30 years esp in Sydney. Its mind boggling

Say it doubles in price in the next 30 years to 1mil - You are still .5 mil short and even if you break even, the 30 years you lost due to a very restricted budget cannot be bought back.

The only way that a home may be worth it today (probably wont' be in the near future) is if you have a medium to high dual income with your wife and plan to have children, that way you have something to leave behind for them. However that only applies to the Now since in a couple more years, the sacrifice will probably not be worth the benefit even with a dual income and kids since you will likely be affecting their quality of life too due to the overwhelming mortgage.

About the '40 years ago it cost 50k to own a house'. Yeah that is true and it may actually have been less. My uncle bought a home in Sydney about 30 years ago, it took him and my aunt about 10 years to pay it off on a single average income with some 'casual' help from my aunt. Their property is now worth about 1 mil. Yeah 40-50k was a lot more back then but I doubt many can payoff a mortgage these days in 10 years.

[To Punish & Enslave]

spot on kup My complete perspective on life changed when i had kids. It wasnt all just about me anymore. I live for my kids its a kinda primal instinct that takes over and i became less selfish. If I was batchen it with no wife or kids god help the state i would be in covered in tfs to my eyeballs and living on tin food im hopeles. But my life changed and id rather hand my kids my home than a bunch of tfs when i pass.Kup live in the moment your state of mind is as it should be your living life the way you see it but boy life can change in a flash.

[SharkyMcShark]

I've been told by my mother that I'm guaranteed a spot in this home as long as I'm at uni.

I'm 3rd year law now and intend to drag this out for as long as is humanly possible, starting with a year off law next year to do honours in politics.