Like others I add 10% to the high-end of the quoted range to get an idea of realistic price.
Mootsy, my rudimentary understanding led me to believe that the place you might be saving to buy is most likely appreciating faster than the interest on your savings?
Mootsy. Not trying to sound patronising here pal but I assume that you pay rent right?
Good luck all.
Decided I want to buy a property outright, with 100% deposit. A big ask, and you have to save the majority of your income. It means I have to buy a home later than sooner though.
But that way you bypass the interest which doubles, sometimes triples the amount you would pay using a loan on a mortgage over decades.
This means you only pay for basic bills and house insurance, maintenance.
Then again, I want a home, not an investment.
Everyone's situation is different, but the Mrs & I saved up 20% of a 350k loan to buy our unit which we moved into straight away. 6 years later after paying off a fair chunk (say half) and our monthly interest repayments (as opposed to rent) is about $800, and we hope to get about 450-480k when we sell it... Essentially we plan to do it again but with a bigger place, higher stakes.
Admittedly what helped was:
There are two of us
Interest rates have come down continuously since we bought the unit
I'm REALLY GOOD at budgeting and tracking our money (I could quickly tell you how much EXACTLY what we have ever spent on either of our cats for vet fees, how much I have spent on haircuts, or what we have spent on doctors/medical etc...if money comes out of our account/credit card, it gets allocated to/deducted from our monthly budget the next day so we know what we've got left, there's no guessing)
We have both had decent pay increases which makes things easier, and probably won't happen again.
Anyway, I'm only a mug in the real estate game, and I've heard there's even valid arguments for renting perpetually, I just can't quite grasp it.
Hey Wannabe... My mother recently sold her 3 bedroom unit on Voltri street to a "lovely young couple". It wasn't you was it?Yeah auctions can be really unpredictable. I mentioned in another thread how we won an auction where our winning bid was 15k over the quoted range maximum, but we didn't meet the reserve and it was passed in, we got "first right to treat" but the vendor wanted another 35k.... We walked.
Fair enough he didn't have to take it (as Reboot pointed out) but if we had of known what he wanted we wouldn't have bothered showing up to the auction, I guess we got played... Some random buyer bought it a week later for 5k less than what he wanted...
Also regarding advertised ranges, Hodges around Cheltenham/Bentleigh/Mentone are a disgrace. It's a bit of a joke once you've watched the market for a while, but they are listing places way lower than recent comparable sales. Lets just say, unless you want to spend 800k+, don't even bother looking at anything listed as 600-660k. We never got sucked in, we'd just go to these nice places and think there must be something really wrong with it too be that cheap... Buxton aren't too bad and Greg Hocking are quite realising from what we have seen.
One thing I've noticed is that because we were looking to buy a house and then sell our unit, they were in a hurry to help us buy, even if it was from another agent. For example they would give free property/data reports on rival agent's properties, just so we would keep them in mind when we go to sell... No idea if they kept our interest confidential or not but the info was helpful. They would also tell you where they expected it to sell (or rather what the vendor would be realistically) expecting...
I guess what I got out of the experience is that its a very open market when you're buying in a metropolitan area, its basically an auction every time, a private sale is just an auction where you can't see each other. And it doesn't matter what you think it's really worth, its worth whatever idiot offers the most, and if you aren't that idiot, don't be surprised if you're still house hunting in 12 months when prices are even higher...
Hodges was the agent...
Haha! No it wasn't us, I remember seeing that place though.
We bought first...Sold in Clifton Hill late last year. Currently renting with cash in the bank waiting for the right house to come up. Again in Clifton Hill or Westgarth at a pinch.
The question (to which there is no correct answer) is:
Buy first then sell?
Or sell first then buy?
Damned if you do / don't.
Since we are upsizing, the sooner we bought the better, and the longer until we sell, the better (assuming the market is rising)
Also, because we could afford to... Often people need to sell first to get a deposit, fortunately we could redraw enough from our loan an combined with the equity on our unit that was enough...
And we REALLY didn't want to have to move twice... Or rent in between... Or sell our unit and then be rushed to buy something we didn't really want seeing we might be stuck there for a loooong time. Or move out and in the same day.
This way the only down side for us is that there will be a time where we will be paying off two loans at once maybe 2 months? But we figured the 5k that might cost us pales when compared to what we would spend on rent, or how much the place we bought could appreciate in 6 months time...
I definitely spent a lot of time thinking about it...
Not sure if this is the thread but I’ve been looking to install solar panels and I‘ve been told that my power board that has porcelain plugs is not only out of date but dangerous and needs to be replaced with a modern set up, irrespective of solar panel installation. Anyone know if this is an exaggerated risk or not?
Doubt they wouldWhy would someone seller it cheaper just because you have money upfront?
Mootsy you do realise the price is most likely going to go up by a fair bit by the time you've saved the cash?
Not sure if this is the thread but I've been looking to install solar panels and I‘ve been told that my power board that has porcelain plugs is not only out of date but dangerous and needs to be replaced with a modern set up, irrespective of solar panel installation. Anyone know if this is an exaggerated risk or not?
Purely on the ceramic, not as far as I know.
But on the likelihood the wiring in there is 50+ years old, and old wiring likely being hacked at a number of times by a number of people - hells yes.
I’ve got a mate who does the permanently renting thing. Ex-house mate of Ms.
He’s had to move three times in the last two years.
I don’t miss that.
Not sure if this is the thread but I've been looking to install solar panels and I‘ve been told that my power board that has porcelain plugs is not only out of date but dangerous and needs to be replaced with a modern set up, irrespective of solar panel installation. Anyone know if this is an exaggerated risk or not?
Purely on the ceramic, not as far as I know.
But on the likelihood the wiring in there is 50+ years old, and old wiring likely being hacked at a number of times by a number of people - hells yes.
Have to agree with this.
sal would know better, but I don't think ceramic has been routinely used for a *long* time. Not to say it's inherently bad, but there's just a higher possibility it's old.
But I'm admittedly biased on this, having had a ceramic cicruit board spontaneously catch fire at my old rental place (late at night, when my and my gf would normally have been asleep...). And then after getting a late-night electrician in to do a temporary patch-job (at my own expense), it took me three months to convince the ■■■■■■ landlord to replace the thing, even though it was half carbonised....
I'm house hunting for a 2 bathroom, 3 bedroom place. Plenty.
And what does that have to do with this thread?
I thought it was about buying. Finding a rental property is in no way like trying to buy one.
Doubt they wouldWhy would someone seller it cheaper just because you have money upfront?
Mootsy you do realise the price is most likely going to go up by a fair bit by the time you've saved the cash?
Yeah i'll probably be priced out of the market by then.
May end up moving to another state, maybe Perth, depending on prices there.
Melbourne is becoming too expensive anyway.
Perth is much more expensive than Melbourne.
that's it. I give up. what about Europe?
I hear the Ukraine is nice
then the Ukraine it is!
I just realised I wrote seller instead of sell. Hopeless.
Houses are still reasonably priced over here, you just need to find a job.
I'm house hunting for a 2 bathroom, 3 bedroom place. Plenty.And what does that have to do with this thread?
I thought it was about buying. Finding a rental property is in no way like trying to buy one.
Fair point.
I just realised I wrote seller instead of sell. Hopeless.
Houses are still reasonably priced over here, you just need to find a job.
This. Wherever high paying jobs are plentiful, house prices will be high, and the opposite also applies.
Currently working on 2 builds in South Melbourne. Raglan St close to the rising sun hotel and 93 Cobden St round the cnr. Very nice areas....can't imagine renting their though. I'm not sure how to load photos but anyone interested or close come by and say G'day..
I am about to list a house for sale in Brisbane. 5kms north of the city centre in Windsor. 4 bed 2 bath fully renovated upstairs. If anyone knows someone who may be interested, PM me. Am hoping to go private sale as it should "sell itself" due to location, condition, etc but will list with an agent if it doesn't sell in a timely manner.
Have moved to our new house earlier this year so I could finish some work on the old house. Much easier to buy first then sell the old house if you can do it. Financially it is very difficult though so budgeting is highly important (obviously)