I can pay off my house in 4 years pretty much on poor blokes wage!

[zilo]

Originally Posted by blackwasp

ok i have to respond now! i have 145k in the bank, renting 350/w. not sure what to do. i hear/read about the impending bust in the housing market.
1. should i buy a home to live in where i'm living now 50km from work , don't mind it but could easily afford 350k mortgage
2 should i buy where i really want to live , 8km from work , near the beach but with a hefty 500k mortgage
3. should i buy an investment property where the rent pays for the mortgage
4 just continue to rent where i am 50km from work and save more money?

live in sydney with wife(not working) and 1 kid
cheers
confused

50k from work?


that's costing a pile of time and dollars and stress in travel.

you must get up in the dark and get home in the dark?

I would rent closer to work mate or get the cheapest house as close to work as possible....

[blackwasp]

work arvo shift , so traffic not too bad. 50 mins versus 10 mins if i lived where i wanted too.

[Yellow_Festiva]

Originally Posted by blackwasp

ok i have to respond now! i have 145k in the bank, renting 350/w. not sure what to do. i hear/read about the impending bust in the housing market.
1. should i buy a home to live in where i'm living now 50km from work , don't mind it but could easily afford 350k mortgage
2 should i buy where i really want to live , 8km from work , near the beach but with a hefty 500k mortgage
3. should i buy an investment property where the rent pays for the mortgage
4 just continue to rent where i am 50km from work and save more money?

live in sydney with wife(not working) and 1 kid
cheers
confused

Take option 2. Will cost around $150 pw extra but you will be having to put much less petrol in your car as you will be driving 420km less per week (assuming you drive to work).

[BENT_8]

Opt2.

[gtfpv]

option 5. move where you want to live and rent . keep your savings and invest it .

[GTPete]

Option 2

[nuthin' fancy]

Originally Posted by blackwasp

ok i have to respond now! i have 145k in the bank, renting 350/w. not sure what to do. i hear/read about the impending bust in the housing market.
1. should i buy a home to live in where i'm living now 50km from work , don't mind it but could easily afford 350k mortgage
2 should i buy where i really want to live , 8km from work , near the beach but with a hefty 500k mortgage
3. should i buy an investment property where the rent pays for the mortgage
4 just continue to rent where i am 50km from work and save more money?

live in sydney with wife(not working) and 1 kid
cheers
confused

Option 5

Rent where you want to live, invest where you will get a reliable tenancy. I suspect the rental return on a $350k house will be higher as a % than in a $500k house.

GTP and I on the same wavelength.

[wicksy]

good luck getting a house for under $300k up here in mackay haha, lucky bastards down there