hey everyone! Im 17 and have been saving hard for the past 3 years cause as soon as i turn 18 i wanna take advantage of the first home buyers grant and combine everythin to purchase my first place. I am planning to find a 3-4 beddy place to live in one room and lodge out the rest of the house to help with repaments for the first year then once the year is over ( i have to live there one year to use the grant) i am planning to move back with my parents and rent the place fully out. Any comments or ideas i would like to hear from yas!
Mate can I say you are pretty swicthed on for a 17 year old, congratulations on taking control of your life and taking a big step towards a prosperous and successful future. The only thing I was chucking my money into at your age was my car….if I could turn back time
[aacool]
Good plan.
You need to check out the FHOG a bit further.
You just need to live there for 6 months. Starting within the first 12 months.
All the best,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Good idea, but don’t go back home once you’ve made the jump. It’s fair enough to use the oldies as a safety buffer if things really go sour, but your learning will be exponential once you keep trying new things on your own 2 feet.
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
hi,
Your certainly on the ball…
Dont move back with your parents, after living away from them for 6 months you will understand why. Your life experiences from living with others will by far outweigh the benefits of Mum’s cooking.
Also you may find that renting out three of the four bedrooms you will get close to what you would per week on a long term rental, plus you have the added bonus of seeing the property everyday and making sure it is being treated well.
Living with people your own age is always a lot more fun, but be aware that others your age may not be as financially sound as you are, perhaps you could teach them how to budget???
Also when it comes to tax time you are not able to claim depreciation on the entire property as one of the bedrooms is being used solely by you, make sure you get a good accountant (not just a cheap one)
Good luck! Once you have all your flatmates in place you will be able to start saving towards your next investment property, but remember your 17, so dont forget to have some fun along the way.
Thanx everyone for all the positive feedback and to answer dohicky”s question i would try my best to teach other people my age how to budget however i think that to be able to budget or save any large amount of money you must first belive that you have a future and you should be able to visalise the type of lifestyle that you would like to lead in the comming years. I think that once someone has acompished this they will be able to save much easier. I am not sure at this stadge if i would like to stay in the place after 6 months is up, although i do enjoy mums cooking (not to mention the money i save by it considering the amount of food i eat) i just think it will be much easier to save for the second place if i move back home.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
