Home & Garden Buying a home.

[Perth gal]

How long did it take you to save for a house deposit? Did you Reno ? What’s your one piece of advice ?

 

[Gralin]

took me 7 years of working full time to get to the point where I could buy a unit

 

[And_ROOS]

Took a few years to save for a deposit and now I am priced out again so hoping for some reforms in Vic over the next 10 years.

 

[Hawk Dork]

First house at 23 a year or so to save the deposit ?

houses were cheaper then and interests rates were 17% so there wasnt much competition


If I was young enough to do it again get the deposit(hard part) buy a place and rent out the rooms to mates until it got paid

 

[Gralin]

I had that unit for 8 years, sold it with the intention of buying a house, things didn't work out and I ended up renting for a while again while looking

That time without a house really changed what we could afford when we did buy again because your savings dont grow as quick as the market

so we ended up with a really old place in really poor condition, something the invetstors weren't interested in, we did enough to it to be comfortable moving in and then lived in it for 7 years, in the end selling and buying again was a better option for us than trying to renovate and extend that place while living there

this time the investors were interested in it

with how much the market jumped in the last 2 years its just so impossible for people not in the market to get in just from saving at this point

the number of places on our street bought by builders to subdivide, reno and then sell both is crazy, its what happened with us. I thought it was bad back in 2014 but its worse now

 

[Shell]

Didnt really "save" for a house per say just saved in general. Was happily living with my flatmate for close to 12 years (paying incredibly cheap rent), before knowing "it was time".

In the end I had about a 30% deposit for a 1bdr apartment in a really good suburb. Very happy with what I ended up with, no regrets at all.

/38% to be exact

 

[Shell]

What’s your one piece of advice ?

I'd avoid auctions. They can gagf'd and quite stressful.

And dont get emotionally attached. As much as you love a property, just dont. Its not worth it.

 

[Orange Agent]

Don't get fixated on one location. Nearly 3 years ago I bought in a town where prices were very cheap as opposed to 10 mins drive away. Now it's the opposite, this town is thriving and the other has businesses closing. You could say it's pandemic related but natural landscape type things havent been effected and to me that's the key in the price changes between the 2 towns.

 

[74561347]

given the price of houses now and the fact i probably wont be able to buy one ive come up with a novel and price effective solution


barbie dreamhouse playset RRP $249

plus


whatever the science gun from this movie costs

solved

 

[Hawk Dork]

I know one friend who lived in a stealth camper for free 5 days a week and came to town on the weekends parking at a mates place.
She now owns a property around the corner from him and still does 5 days a week stealth camping on site at her job and has nearly paid off her place here

 

[Poetic Justice]

If you're in a position to buy a house and land package in a reasonable area (for you) I would do that.

You may have an option to get grants to assist you, some financiers will cop a higher LVR when it comes to house & land packages also which will reduce your deposit but increase your mortgage insurance (worth it IMO)

In turn, if it works to plan, live in it for 12-18 months, get the garden looking as respectable as you can and you ought to have built a decent amount of equity to sell for enough gain to get you in to something else if you so desire.

 

[Kram]

If I liquidated investments now along with cash even after a hit from the tax man I'd finally have enough now to buy a house in Perth. But it would still only be an ordinary place in not a nice area I'd say. It's easily enough for a good unit but would probably struggle to live in one now.

I'll keep trying to increase it until I can get enough for something better plus a bit extra to spare.

 

[ioppolo]

Given the price increase across Perth, now isn't a great time to buy.
Not that rentals are any better.

 

[radiojake]

Read somewhere recently that on average, first time home buyers are getting $170,000 from mum and dad towards deposit etc

Also told that more people in this country own multiple properties than those who own zero - this part seems hard to believe - I was told that and haven't seen the source but it does make you realise how small your bubble can be and also why the *ing Liberal party is perpetually voted in each election

It's all fcked

 

[Shell]

I got a big fat nothing from Mum and Dad.

(Not that its their job to do so)

 

[Perth gal]

Given the price increase across Perth, now isn't a great time to buy.
Not that rentals are any better.

No I can’t deal with renting anymore. Just no.

 

[Ok Boomer]

It is a catch 22 in Perth and also the South West at the moment. I'd avoid buying at the moment because I believe that there will be a price correction in 2022/23 as borders drop and COVID issues begin to move to the side however the rental market also sucks.

 

[DickieKnee]

If there is a price correction it won't be much. The govt will do everything in its power to prevent prices dropping. A lot of people are up to their eyeballs in mortgage debt, if interest rates go up and house prices go down the country will be in one hell of a mess..

 

[Caesar]

Will stick my hand up and say my parents paid for the majority of my deposit on my first place.

Dad always said it was a bit of a no-brainer given the way property prices go. Every year I stayed out of the market I was effectively losing money, so he wanted me to get on the ladder as soon as I could afford a mortgage. He was right - within a few years I was able to sell and pay him back with interest out of the growth in equity.

Massive respect for anyone who buys their first place with no help these days, especially in a major city. It's a huge achievement.

 

[Channels]

Best advice is to work out a repayment amount you're comfortable with each week/fortnight/ month and let that define the size of your mortgage.

Banks will offer you heaps but it can be stressful having a massive monthly payment hanging over your head.

 

[MatthewB]

took us about 6 months to save, had the 1st owners grant which was like $25k at the time and we brought cheap, just wanted to get into the market, still living here and will be for a while way the prices are climbing in the area we wanted to move to

 

[revo333]

Read somewhere recently that on average, first time home buyers are getting $170,000 from mum and dad towards deposit etc

Also told that more people in this country own multiple properties than those who own zero - this part seems hard to believe - I was told that and haven't seen the source but it does make you realise how small your bubble can be and also why the f*n Liberal party is perpetually voted in each election

It's all fcked

I think both are accurate.

 

[RU_]

Haven’t bought yet, my partner bought in her previous relationship which removes first home owner for me.

Parents are interested in getting a third house though and have floated the idea of going halves with us in a place for a few years and then one party can buy the other out or sell and split the profits, etc.

 

[Shell]

Haven’t bought yet, my partner bought in her previous relationship which removes first home owner for me.

Why can't you just "go it alone"... and then idk add her to the deed later on down the track?

 

[RU_]

Why can't you just "go it alone"... and then idk add her to the deed later on down the track?

We have spoken about it but we are on government documents as being in a relationship and living together for 12+ months and classed as de facto. Not worth the fraud charge if we get caught.