Browse Forums General Discussion 1 Sep 01, 2009 7:19 pm We are trying to decide whether to stay in our house whilst building, and then put it up for sale once we've moved, OR rent a unit off my mum and sell our house sooner rather than later. Pros of renting & selling now - can put house on market sooner, wont have to borrow HUGE amount to cover both properties at once, and wont have to stress about selling the house quickly. Pros of staying & selling later - wont have to move twice....that's about it really We have a 6yo, 4yo and 3month old so I didn't really want to have to move them all twice, or bother with renting, but may be easier than trying to cover a HUGE mortgage for an undetermined amount of time.... what would you do?? Caz & Co ALL MOVED IN!! Now comes all the hard work-decorating.... [b]Blog: http://cazoraz.blogspot.com/ Settling in Thread: viewtopic.php?f=31&t=36993 Re: Would you rent & save or stay & pay???? 2Sep 01, 2009 7:29 pm We are in the same situation. We were going to stay in our current house but a low bank valuation made that impossible. We have it listed for sale now but are stuck not being able to make a start on the new place until we sell! I know we didn't want to have to move twice & were happy to pay for that convenience. I guess it all depends on your budget/finances & how much it is worth to you not to have move twice? Cheers Kim Re: Would you rent & save or stay & pay???? 3Sep 01, 2009 7:32 pm Moving is an absolute killer but if you will be saving money as the rent to your mum will be cheap, I say bite the bullet and move. You will probably spend more than u budgeted for, we certainly have with our reno and it would be nice not to have to stress over money while your building. You may escape having to pay the mortgage insurance which i hated paying the bank! Re: Would you rent & save or stay & pay???? 4Sep 01, 2009 7:54 pm Mango Moving is an absolute killer but if you will be saving money as the rent to your mum will be cheap, I say bite the bullet and move. You will probably spend more than u budgeted for, we certainly have with our reno and it would be nice not to have to stress over money while your building. You may escape having to pay the mortgage insurance which i hated paying the bank! Very true, its stressful enough doing all the sums now, let alone thinking about what would happen if our place now takes a while to sell....plus we wouldn't need mortgage insurance either so thats a bonus!! Definitely leaning towards selling sooner, just seems more logical.....would move most our stuff into the double lock up garage and just live with the bare essentials I think - can not face the thought of packing up millions of toys twice! Caz & Co ALL MOVED IN!! Now comes all the hard work-decorating.... [b]Blog: http://cazoraz.blogspot.com/ Settling in Thread: viewtopic.php?f=31&t=36993 Re: Would you rent & save or stay & pay???? 5Sep 01, 2009 8:24 pm We chose to rent, so have moved once into a rental and will again once we build. Our decision was based on: knowing our budget for building, not trying to finance two mortgages, not having to take out mortgage insurance, not being under financial stress, and selling in a "hot" market (who knows what the market will do in the next 12 months). We have 2 kids so it was a pain to pack up all their toys, knowing we will do it again in 12 months. However I looked at it as a great way to purge what we don't need before we move into our new place - if we don't take things out of boxes in the next 12 months they are going straight to St Vinnies before we move. I was worried about how the kids would cope with the move, 4 years old and 2... they haven't looked back! And we are enjoying not having any financial pressure. Re: Would you rent & save or stay & pay???? 6Sep 01, 2009 10:23 pm Bridging loans are expensive, plus you don't know how long it will take to sell your house you don't want to sell at a lower price than you have too because you are committed elsewhere. Cheers Lou http://take2-customdesigndownslope.blogspot.com 07-10-09 omg they have cut the block 14-05-10 we finally have the keys Re: Would you rent & save or stay & pay???? 7Sep 02, 2009 10:04 am upsydaisy We chose to rent, so have moved once into a rental and will again once we build. Our decision was based on: knowing our budget for building, not trying to finance two mortgages, not having to take out mortgage insurance, not being under financial stress, and selling in a "hot" market (who knows what the market will do in the next 12 months). We have 2 kids so it was a pain to pack up all their toys, knowing we will do it again in 12 months. However I looked at it as a great way to purge what we don't need before we move into our new place - if we don't take things out of boxes in the next 12 months they are going straight to St Vinnies before we move. I was worried about how the kids would cope with the move, 4 years old and 2... they haven't looked back! And we are enjoying not having any financial pressure. yep DH and I were talking more about it last night and realised its a great opportunity to get rid of half the kids crap - let them pack 1ox of toys each to play with while werent, the rest goes into 'storage' (meaning the garage or the salvo bin ) definitely leaning towards renting now, since mum will give me a good deal and i wont be locked into any long leases. Caz & Co ALL MOVED IN!! Now comes all the hard work-decorating.... [b]Blog: http://cazoraz.blogspot.com/ Settling in Thread: viewtopic.php?f=31&t=36993 Re: Would you rent & save or stay & pay???? 8Sep 02, 2009 10:44 am we chose to stay as we have 2 dogs and didnt want to hasstles involved with renting! rent is expensive in perth. I believe it will cost us more in the long run but its just more convient for us. we are now conisdering renting out our current place instead of selling it!! Building the Pegasus New Generation Bletchley Pk, Southern River Land purchased 03/2009 Contract 06/2009 Prestart 09/2009 Land cleared/sand Pad 10-12-09 Fittings done 17-12-09 SLAB!! 18-12-09 Brickies started 27-1-10 Roof Started 2-3-10 Lock Up 13-5-10 Re: Would you rent & save or stay & pay???? 10Sep 04, 2009 8:45 pm wendypollman If you have your own house right now, i would rather stay and pay coz you can savor and lavish on what you renovayed......and you can decide on what you want when it comes to renovation even though you spent a bigger amount but the span or time that you spent on your renovation takes much longer than rent and saved. Coz in rent and saved you have limited options of your renovation since its not your personal property that you wantd to renovate. The issue is not whether to renovate or not, its whether to move into a rental and sell our home quicker whilst we build to eleviate financial strain, or not. Which is what we are going to do I'm 90% sure. Caz & Co ALL MOVED IN!! Now comes all the hard work-decorating.... [b]Blog: http://cazoraz.blogspot.com/ Settling in Thread: viewtopic.php?f=31&t=36993 Re: Would you rent & save or stay & pay???? 11Sep 05, 2009 12:12 am Cazoraz, wendypollman is just a spammer, see her signature advertising payday loans in Canada - these spammers try to pose as a genuine poster so they dont get removed by the mods Re: Would you rent & save or stay & pay???? 12Sep 05, 2009 11:21 am Helyn Cazoraz, wendypollman is just a spammer, see her signature advertising payday loans in Canada - these spammers try to pose as a genuine poster so they dont get removed by the mods ah thought so once i replied, do they not have anything better to do?? Caz & Co ALL MOVED IN!! Now comes all the hard work-decorating.... [b]Blog: http://cazoraz.blogspot.com/ Settling in Thread: viewtopic.php?f=31&t=36993 Re: Would you rent & save or stay & pay???? 13Sep 05, 2009 11:46 am My 2c - I would sell the home sooner and rent. Think of all the interest you will earn from investing the excess money from the sale of the house. It will also give you more opportunity to downsize/de-clutter all of your goods. Given that you would be renting from family there is more flexibility. Also, you will probably get more money for your house before the interest rates rise which may affect prices. Who wants the stress of trying to sell with a deadline in mind cos you are having to move into the new house. Plus, as someone said, what a hassle (& cost) having to take out a bridging loan. Best of luck deciding. Re: Would you rent & save or stay & pay???? 14Sep 05, 2009 1:15 pm totally of the topic and not answering your question but: excess toys and stuff declutter garage sale lesson in income generation for the little ones (or at least your two older ones) progress viewtopic.php?f=31&t=20401 sculptures viewtopic.php?f=36&t=26607 pole trouble viewtopic.php?f=3&t=25988 Re: Would you rent & save or stay & pay???? 15Sep 07, 2009 4:59 pm Well our situation bit different, but we asked our current bank if they'd lend us enough to build and keep our property as a rental. They told us $12k mortgage insurance to which we just ran out the door! I had a few realestate agents over and were about to advertise to sell it, but the agents selling fees we were looking at $12k then renting for up to a year $15k (coming off someone elses mortgage!), and then the stress of moving and finding a place that allows our 2 big dogs. We going to refinance our current mortgage and then have a building mortgage and put them both on interest only repayments till we move into the new place. But we both working fulltime and cant get super cheap rent so thats why it was better for us to do it this way. I've just had a look at the website. The company are just building broker's. There are plenty of similar companies that basically draw your plans (they own them so you… 8 10943 Bought in Nov 21 at the height of the market (classic). Good area, atrocious floor plan. BUT has land out to the left-hand side that we can extend out on (see second… 0 8782 Thanks mate. Yeah good points! Leaning towards Option 3 to get a bit extra space in the cabinets but not going too crazy high (and expensive). Would require a mini… 13 39748 |