Browse Forums Real Estate 1 May 20, 2008 4:20 pm i wonder if i could get some opinions on options at this point?
lemme give you a quick run down of where we are at. we bought in 1998 for $90,000. we paid that out in 3 yrs, bought up furniture and things young couples do. We sold the house in 2006 for $300,000. We upsized to start a family and bought a home worth $430,000 and an additional $30,000 for new car with baby # 2 coming along. Now we are on one income and discussing the possibility of being out of debt again, but wanting to make a smart decision for the future. Our property is on the market now for feedback on value since our home was brand new when bought, and 2 yrs old now, there arent many in this area. The figture would be in the vacinity of $600,000. If we downsize (this home is 4 bed, study, 3 bath) we could move a few more kms from city. Tell me , whats your opinion- would it be too hard to get back into the market later on should we press thru the interest rate rises and one income, or downsize now and upgrade later on? What other costs are involved in buying/selling ? Re: advice please 2May 20, 2008 6:40 pm It's very hard to outsmart interest rates, that's why there are only a few very wealthy bankers. Problem with selling and buying is all the associated transaction costs in particular stamp duty. I would ride out the pain, but having said that, the peanuts at the RBA are about to jack rates up again so in the end , its all about your budget. The most beautiful doors and furniture in the World Re: advice please 3Jul 26, 2008 6:33 pm It's a wide subject. I suggest you to Google it, read and learn from there.
Make sure to make your profit when you buy, not when you sell... Good luck.. Re: advice please 4Jul 26, 2008 7:34 pm jules Tell me , whats your opinion- would it be too hard to get back into the market later on should we press thru the interest rate rises and one income, or downsize now and upgrade later on? What other costs are involved in buying/selling ? Govt fees & stamp duty - you pay a significant chunk each time. After 4 years - we're in! Re: advice please 5Jul 27, 2008 12:05 am Stay where you are - - inner city land will become more valuable as the years go on and fuel costs rise.
Yes it wil be touhger - but I ;d hang in there if I was you. Maybe make some lifestyle compromises to stay where you are - versus many if you move and then try to get back there. Steve Re: advice please 6Aug 25, 2008 12:09 am magma Make sure to make your profit when you buy, not when you sell... Good luck.. That's exactly right, hoping to sell for more is speculating - and speculations are risky. Re: advice please 7Aug 25, 2008 8:04 am remember - position, position, position !! Ride it out. Tighten the purse strings now & reap the benefits later.
Plus, with fuel prices only getting higher........properties near city centres & GOOD transport will be in even greater demand. Built the Eden Brae Cambridge 34 Family with Boston Corner Facade Re: advice please 8Aug 25, 2008 10:24 am Its a different story here in Perth, the only way we were able to get ahead was to move away from the city and slowly work our way back. Over here it is a case of alot of people wanting there homes to be bigger as families decide they want more land, therefore the price of the outer suburbs with nice pieces of land for the kids to run around is slowly increasing.
The blocks closer to the city are getting more expensive to purchase but they are also smaller blocks and mostly they are old big blocks that have been subdivided and therefore essentally you are living out the back of someone elses house. Don't get me wrong this is pretty much what we are doing as we have gone from a townhouse close to the city...to 610m2 further out.....620m2 further out again and now we have are building on 343m2.......only 8km from the city. It really does depend on your ability to make your repayments and what you are prepared to sacrifice to get where you want to get. I just wanted to get back closer to friends and family and this was the only way we could do it, and reduce the mortgage at the same time. All in all it has been 8 years and 6 houses and alot of sacrifice and alot of "oh my god your selling again" from said family and friends. It doesn't matter how much the market slows or how much interest rates go up, if you wait you are only going to get 1 more year down the track and you will look back and say I wish we had of done it then. Sorry to ramble but you have to do whats right for you at the time,can you afford it now, can you afford it if things go bad. Yes then go for it. No then sit tight and enjoy what you have. Good luck with your decision................... Re: advice please 9Oct 13, 2008 8:55 pm jules i We upsized to start a family and bought a home worth $430,000 and an additional $30,000 for new car with baby # 2 coming along. Now we are on one income and discussing the possibility of being out of debt again, but wanting to make a smart decision for the future. Our property is on the market now for feedback on value since our home was brand new when bought, and 2 yrs old now, there arent many in this area. The figture would be in the vacinity of $600,000. Sounds like you have a lot of equity in your home. I'd stay put for the position, and maybe reduce your repayments (its OK not to be debt free ASAP) and enjoy your time with the bub. When you go back to work you can get back to paying off the house, and you will still have a great size home for a family (remember why you bought it in the first place ) Paula Re: advice please 10Oct 18, 2008 3:52 pm I can't comment of real estate agent commissions and state tax and duties, but I can help with costs associated with buying a new home setting up a new home loan.
http://www.homeloanoffice.com.au/needhelp/costs.htm If I can give you 1 good tip, try to port your existing loan to your new property. A lot of lenders will offer you a security substitution service for $300, so you don't have to pay new loan set up or lender's discharge fees. Stamp Duty Calculator for the new purchase below http://www.essentialsofborrowing.com.au ... p?artID=53 Versaloc is a mortarless besser block system that still needs a properly engineered footing. If you just do a 400x200 footing it will fail in time. At 17m long you need it… 1 18378 A question. Im in Queensland and building a new home. We managed to reach practical completion 6 weeks ago but we haven't heard any date for handover yet. Who should we… 0 5827 I was being kind to the builder. With the amount charged for the upgrade the builder is probably charging closer to 100% margin. There are a few variables as I… 5 14337 |