Any thoughts?
I have been thinking about this for ages. Maybe someone else has a perspective or something I have yet to consider that will help.
The conundrum:
I have enough to build mortgage free in a cheap suburb or 90% of what I need for a really nice suburb but no way to get a loan for at least another year.
Factors:
Land is scarce and more so in the nice suburb
The nice suburb is closer to facilities we use all the time
Kids will need to be driven around more in the cheap suburb - no public transport except school bus
I am currently paying rent
My current housing situation is 'difficult' for all of us
I may have to move cities in next 3-4 years but would probably want to move back here later
There isn't any work around at present and I'm not sure when there will be or if I will be employable
Throw some ideas at me. I can only confuse myself more. LOL.
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Browse Forums Home Finance Re: Go cheap now or better later? 2Feb 19, 2018 4:25 pm The one thing you cant change is suburb... well you can, but it will cost you around 2-3% of your current (new) home value to sell in agents fees and up to around 4% of your new home value in stamp duty So in the short term it makes no sense to buy something you know isn't suitable. That said - sometimes in is better than perfect. Can you - with cash - buy a smaller property in the good suburb that can be done up down the track? Or Bulldozed? Can you buy an investment for the future in that suburb and move rental accomodation? Can you weigh up the ugly of the bad suburb vs the value in being where you really want to be, especially if you are moving away Unfortunately there's no right answer here but hopefully doing the math on changeover costs helps make your mind up. For example in Sydney it costs $60k upwards to move if you buy something you don't love and have to move in a few years. Good luck with your conundrum... wish I had a magic wand for you Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building  19 Feb 2018 5 Junior Member Re: Go cheap now or better later? 3Feb 19, 2018 6:03 pm Thanks. Yes, I am living the conundrum 24/7 at present. I am driving myself nuts. I can't buy a cheaper place than I can build in either suburb. I would literally have the worst house in the best suburb if I built in the good suburb. I have already tried borrowing to build in the better area but no job = no loan in spite being able to cover the mortgage from my existing income and the rent being about 6 times the payment. Re: Go cheap now or better later? 4Feb 19, 2018 6:06 pm Got it. That’s lending criteria....tough isn’t it. So you can’t even buy a fixer upper? Potential future knockdown? Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Bigger the better for storage for me IMO. But I guess it's harder to tell the cost/benefit in your example - mainly the 'cost'? If you go 700mm, what are you doing extra… 2 13083  Canopy and Undermount are best, and need to be ducted externally. Which one you go with will be largely determined by your design and joinery choices. What you should be… 1 9382 |
