Browse Forums Building A New House 1 Jun 18, 2017 11:34 am Ok so those renting and building how did you do it? I'm thinking of having to move back into my parents for the build period as being able to afford both would be pretty hard. What's everyone else done? Re: Renting and mortgage?? 2Jun 18, 2017 11:42 am I live with my parents, and I know a lot of people who do the same. I pay them rent, but its a lot less then when I was renting on my own. I think other people probably save a buffer to pay for rent, but that can be dicey if your build goes over like mine has Re: Renting and mortgage?? 3Jun 18, 2017 11:51 am We are paying interest only which isn't too bad at the start of the build but now we are nearing completion the monthly payment is getting up there. We budgeted for it though before we started building though. Our build thread with Smart Homes for Living in Wellard https://forum.homeone.com.au/viewtopic.php?f=31&t=86092 Re: Renting and mortgage?? 4Jun 18, 2017 11:52 am Rent something crumby. We have savings from the sale of our old house also. There will be some months later on in our build where our mortgage + rent will be more than our income. And we've stopped having fun. Re: Renting and mortgage?? 5Jun 18, 2017 1:19 pm It's certainly not easy! We are about a month or so out and it's getting very tight. If you can, move in with family even just for the last couple months, if not definitely make sure you have enough saved for when the mortgage starts to rise! And like Mrs_W said, there's no such thing as fun when you're paying both a mortgage and rent Building the simonds palisade in gippsland Re: Renting and mortgage?? 6Jun 18, 2017 2:19 pm That why we are staying put in this house that we are renting at the moment. Its cheap. However, I can't wait to move as its freezing here in winter and this house doesn't have much insulation. But my partner keeps telling me that by staying here is allowing us to not waste money or renting something nicer. I mumble under my breath yeah yeah okay. haha Re: Renting and mortgage?? 7Jun 18, 2017 2:33 pm I'd prefer to be renting. as where we were was just so cheap. but they decided to sell it mid build, and short term renal was too hard to find, so stuck at folks...200+km drive to work is fine right?(work in IT so lucky can work from home most days, but yeah being in the office sucks.) JG King Lexington 240 Acreage build https://forum.homeone.com.au/viewtopic.php?f=31&t=87762 Re: Renting and mortgage?? 8Jun 18, 2017 2:37 pm It's about what you can afford, with a mixture of savings and a good budget without over extending before embarking on this type of project. And like Mrs_W said - stop having fun or look at what you can sacrifice in order to get to your end goal. Pizza night, is now make your own pizza from scratch.... We are renting (god I hate it), as we are doing a knock down rebuild, have an investment property and the mortgage will soon start rolling in - at least I hope that is it is not to far away. We don't have a choice of moving in with parents We didn't want to move our tenants out of the investment property as that would mean that the kids would need to change High Schools, and we would need to find new tenants once we re-built. So savings, savings, savings, giving up luxuries and generally being a cheap arse for awhile. Or if there is only the two of u - shared housing may be an option. Good Luck Re: Renting and mortgage?? 10Jun 19, 2017 7:19 am Family of 5 living in a tiny rental designed for 3 lol 1 toilet (in the laundry), 1 shower, a sink the hallway. Being tight. No new clothes, no holidays, not much fun. You do what you have to do. majestic35.weebly.com Re: Renting and mortgage?? 11Jun 24, 2017 9:56 am We rented for 12 months then moved in with family, then moved in with friends. Rent was a huge financial strain and living with friends and family was a strain on our relationship with them. We lived off savings from our home we sold previously. I guess you've got to pick your poison. Good luck. My Homeone Thread - We've had the offer of a short term tenant whilst waiting for CDC/DA home approval and demolition for our knock down rebuild. It would achieve a pretty low rent as it's… 0 13752 I recently went through a similar renovation and move scenario when updating our family home. We also swapped some rooms around and tackled a major… 2 10032 Unless the room is for storage then it's non compliant BCA V2 2019 S3 P3.8 You have 2 options 1. The builder deconstructs the section and rebuilds as per plan /… 7 10684 |