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#1 | ||
FF.Com.Au Hardcore
Join Date: Aug 2010
Posts: 1,630
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Hi everyone
Was wondering what do people usually experience to know when it’s time to start thinking about moving into your own place and what do people do to just get through and try hang on until they’re able to afford to buy instead of rent. You’s might already know that renting is nearly as expensive as it is to buy these days plus you’re not limited to what you can do and you got security of not knowing if or when you’ll have to move. Live with a sister who works at a supermarket who occasionally has 5am starts and it’s starting to affect me even though am not the one who does it. Reason it’s starting to affect me is because we share the same kitchen and bathroom and with the shower and kitchen got to fit in with her schedule by having shower earlier and think of another way for the kitchen. And it’s not helping when you’re at a life point where you want your own self contained space and you feel it’s time and you can’t do anymore than you’re already trying to do. You probably already know that am waiting until am able to buy as there’s no point paying as much to rent as to buy when you’re limited and don’t know if or when you have to shift. Do you know if government in last 12 months was giving money away and grants to start a business from scratch. Had a look and can only find information about the coronavirus payment that helps a established business recover during shut down. Reason for asking is that know someone who was able to get a workshop with a granny flat so quick in probably not even 12 months but he started a automotive business and has only been running 12 months. Can’t work out what to put down to but can think of a few reasons below. 1. Government may be giving money and grants to start a business from scratch (can’t find any information) 2. The automotive industry pays more than hospitality does meaning you can work fewer hours for same probably more money. 3. Did hear his old boss owed him a fortune in unpaid wages (don’t know if it’s true but did hear something). Back to the space, because myself, the sister and aunt live in a small back years and only a villa there’s no room to have own self contained space and am at a life point of wanting that and have own terms and that’s the reason why lockdowns are hard for me because place isn’t big enough. In the event of lockdowns or restrictions closing your only option for own space or shed is there a way you can register a accomodation place to go to part time and not leave either there or the primary residence unless travelling between the 2 or for essentials. Am mostly happy living at current place at moment and if it was big enough or you had your own would cope a lot better even if it’s still hard because you’d have what you need Just to keep in mind how much do you need to earn and bring home a fortnight to be able to run a house and buy one even cheap one and do as you go and have a quality of life |
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#2 | ||
Kicking back
Join Date: Dec 2013
Location: Western sydney
Posts: 8,507
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So, yes renting a place is effectively paying someone elses mortgage for their investment property. If you cant deal with living with other persons and split the rent, its a lot harder to save up that sweet sweet deposit on a place to call your own. From personal experience, i bought my house in 2012 aged 25, the first 6 or 7 years of having a mortgage suck. But over time wages go up but the mortgage goes down. Repayments stay similar depending on the cash rate but it gets easier over time. Getting a mortgage depends a lot on what you earn and what you want to borrow. Then theres the deposit, stamp duty and all that crap. I got away with a 5% deposit. Dunno if they still allow that, but 2012 was a long time ago sorta.
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#3 | ||
FF.Com.Au Hardcore
Join Date: Aug 2010
Posts: 1,630
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How much do you need to earn each week to be able to run a house and have quality of life and be able to get a house even a cheap one and do as you go.
And what would likely reason in the listed reasons be for that person being able to get his workshop so quick after starting a business and being able to do all that at only 22 |
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#4 | ||
Kicking back
Join Date: Dec 2013
Location: Western sydney
Posts: 8,507
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So, this has probably all changed, but to borrow 460k, earning $780 per week with no overtime. But back then with solid overtime my pay could reach 11-1200. This is all after tax. So things were easier when my base rate went up so a flat week was an even grand. So yeah, a solid bit of ot made me more.
So my weekly mortgage is under 500, 490 something. The water is 200 odd per quater. Electricity varies per quater per season (i like aircon) so at worst 670 a quater. Rates 700 anually. |
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#5 | ||
FF.Com.Au Hardcore
Join Date: Aug 2010
Posts: 1,630
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What would be likely reason out of listed reasons why the person did what he did at only 22 for workshop and started a business
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#6 | ||
FF.Com.Au Hardcore
Join Date: Oct 2010
Location: Perth, WA
Posts: 623
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Everyone's situation is different, there's no point trying to measure up against other people and their life choices, best to focus on yourself and things within your control mate
If I could suggest one thing though, get yourself a copy of this book or audible it - whatever the kids do these days.. it'll help https://en.wikipedia.org/wiki/12_Rules_for_Life
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FGII FPV F6 #406 BFII FPV F6 Typhoon R Spec #118 VK HDT Group A/Group 3 #3249 |
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#7 | ||
FF.Com.Au Hardcore
Join Date: Aug 2010
Posts: 1,630
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What is likely reason out of listed reasons as to why that person got his workshop quicker
And what do people experience to know it’s time to get their own place even if it’s part time to start with and what do people do to hang on till they can buy if they want own self contained space and proper storage and workshop |
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#8 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
There are fewer 'older' cars on the road these days needing mechanical attention. Most newer cars have longish warranty where owners are incentivised to get dealership servicing for their loan car, roadside assistance and coffee lounge. The work is often dirty and when you have a problem that requires 'trial and error or investigation' you have to deal with customers that are not willing to pay for it. Plus working for yourself alone is hard on the family / relationship situation. While hospitality has its drawbacks it's a good industry to work in as there will ALWAYS be people that need stuff done for them. You have flexibility, you can work in different industries and while it can be demanding and stressful it doesn't effect your body in the same way a mechanical workshop would. Plus, you may meet a special someone along the way. All this is needed to be taken into consideration rather than just $ income. Right now the hospitality industry is SHOUTING OUT for staff. Secure a FT job somewhere and you will be able to get a loan very fast to enter the real estate market. You want your own space? Buy a basic 2br unit with a garage. You got space to park a toy or store stuff securely, you got a room to yourself or your future mrs and you got a spare room for an office / guest room / whatever room. Right now is your golden opportunity. Hospitality needing workers ASAP, dead low interest rates and a market that has seen little movement in prices of units or apartments. So, what are you waiting for?
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___________________________ I've been around the world a couple of times or maybe more....... |
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#9 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
Unless the house is in a remote town. 1) Get yourself looking good on paper financially. That means full time job, some savings and minimal outgoings. 2) Get yourself a deposit. Forget government grants and incentives. 3) Speak to a broker or use an online tool to find your 'borrowing power'. 4) Whatever that number is, aim to buy something no more than 75% of their maximum. It will also help your situation mentally. Once you tick off these steps in your life you open up the doors to the next ones. And you have heard the phrase to take one step at a time of course.
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___________________________ I've been around the world a couple of times or maybe more....... |
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#10 | ||
FF.Com.Au Hardcore
Join Date: Aug 2010
Posts: 1,630
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Do as you know want to buy eventually probably similar floor plan to the apartment that have stayed in because while smallish it had everything and a atleast a 1250m2 yard for a shed and was just using the person as a example and meant that he was able to achieve the workshop he wanted quicker than me with the property.
Am planning to try hang on with hospitality until about the main bosses 60th and after that will probably no longer be in it and instead will be doing part time testing and tagging and maintenance but if the current owners are there then will be asking to concentrate on the secondhand side What would be a professional way to ask if you can cut out hospitality and concentrate entirely on secondhand stuff if they’re still there much past the main bosses 60th |
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#11 | |||
BANNED
Join Date: Jul 2012
Posts: 2,886
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Quote:
Yep..they are shouting out ..but..for low paid staff on casual wages.
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#12 | ||
FF.Com.Au Hardcore
Join Date: Aug 2010
Posts: 1,630
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What is likely reason in the listed reasons as to why that 22 year old person got what he did so quick
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#13 | |||
Guest
Posts: n/a
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Quote:
Perhaps he has rich parents who gave him a loan, or he got an inheritance from a relative who passed away, or he's mortgaged for the next 50 years or maybe he sold his ******* to the highest bidder, you never know. I'm sure he'd be willing to tell you if you asked him. |
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#14 | ||
FF.Com.Au Hardcore
Join Date: Oct 2010
Location: Perth, WA
Posts: 623
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Does he have a trade?.. when did he start, 17 year old apprentice getting cr@p wages for 4 years working flat out will soon be a 21 year old tradesman getting decent pay and can afford to put it all on the line for a loan on a workshop which doubles as a place to live and work
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FGII FPV F6 #406 BFII FPV F6 Typhoon R Spec #118 VK HDT Group A/Group 3 #3249 |
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#15 | |||
FF.Com.Au Hardcore
![]() Join Date: Nov 2007
Location: Riff
Posts: 12,352
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Quote:
He is probably upto his eyeballs in debt.
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#16 | ||
FF.Com.Au Hardcore
Join Date: Aug 2010
Posts: 1,630
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Most people would buy a house with decent yard and workshop and plan to do same it’s however not going to happen overnight if you’s get idea and plan to email few places to just get current information to keep in mind
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