Quote:
Originally Posted by .:4:.
Fair call. The land lord bulldozed the place to build a house for himself and found himself out of extra income for a year. I'm currently just satisfied that I'm only tied down by the bank and don't have any other factors that can affect my living arrangement. I personally feel that I have accomplished something jumping on the merry-go-round that is the housing market, had I been shopping today I'd have absolutely no hope of getting what I have. That being said, my house isn't anything special, it has an air conditioner, but it's mine.
|
Look, don't get me wrong, I'm not trying to say that renting is better than owning, I think its horses for courses.
As a renter I'm content with my lot as I went in with my eyes open and understand the concept, that's why I make a good tenant.
See when I bought all those years ago It was from family and where I had been living for the previous 12 months, so whereas many first home buyers get excited on settlement date when the turn the lock for the first time, I just went home knowing that all the things that needed attention were now my problem, I all but gutted the place to bring it up to what i'd consider worthy, working 5.5 days a week to pay for it and then all evening stripping wallpaper and sanding skirting boards to make it all worthwhile.
I sold it in Dec 05 for $165k, today its worth $200k tops.
Before Christmas I made enquiries about building a house on local land to the same spec as I'm renting now.
I was looking at $270k, I had the deposit, picked the house and block and well within borrowing capacity, just had to sign the contracts.
It would cost me around $250pw ($260k) more than I'm paying now over 20yrs and i'd pay 160k in interest, so it would need to be worth $430k to break even.
Not in this neighbourhood I'm afraid, not when old mate across the road has had his for 8yrs and its only gained 20k at the last valuation.
You should of heard the melt down upon that reality.
The 4 bedder across the road, same specs, nicer house, was marketed earlier this year @ $299-$314k and has already been discounted to $285-$300k and still has no one at the opens.
I'm down to 3 kids at home now and the next will be flying the coup soon, 18mths max, as she is currently studying to become a nurse and has plans to work OS, so when that time comes we'll downsize to a 3bdrm and save another $50pw.
When the nest is empty I wouldn't mind a small transportable unit in one of those retirement villages.