Hey Allan,
I have no real advice here, but a word of inspiration.
Nobody ever really fails, they just stop trying. Your situation doesn’t define your possibilities, your minds beliefs do. NEVER give up (I know you won’t), and you’ll make it.
OK, that was like 12 words or something, but who’s counting.[
]Karl.
The future belongs to those who believe in the beauty of their dreams. – Eleanor Roosevelt
Build the deposit.Yeah… We bought a camcorder, laptop and some other things, else that $3700 would be well above that by now.
Say, can we “cheat” this, say by selling off some items, and simply not withdrawing money for a couple of months? Or would they whine about the rapid balance increase and there being no withdrawals for several weeks?
every single defect to the valuer! Make it seem a terrible place to live!Heh – actually, we haven’t mowed the lawn for months, just for this purpose! The entire front of the house has cracked the bricks at both sides, and sunk down so far (including the front concrete steps) that the rain now doesn’t feed around to the side downpipe. Instead, rain fills up the gutter and spills out over the top. (Would have to be an expensive repair.)
I think you can only buy the one you are in.I’ll check.
I emailed you the prices in the surrounding streets for the past 12 months.Thanks! Have been waiting, but it hasn’t arrived yet…
Also ask a real estate agent for a market appraisal – even over the phone they will give you an idea of value.Yep, did this and got a very rough guestimate of $130K – but that was a private market guess. Since housing sell cheaper to tenants, who knows what it would be. I guess we’ll have to line up a willing lender/deposit first and then have it valued. Actually, I’ve just remembered that Housing will allow to buy a percentage of the home. Oooh – all this is giving me a headache!
[xx(]
Allan.
Allan,You are getting some fantasic advice and help here!
And it’s appreciated, believe me!
One note of caution. We’re nearing the end of the property boom, so don’t feel “rushed” into buying.Well, this is me to a “T”. I’ve been in panic mode. Housing increasing in price daily – already priced way beyond our borrowing power – talk about interest rate rises, which would wipe out opportunities for us completely – and the fact our rent is going down the gurgler every week…
So what do people think for us? Should we sell off all we can and jump in asap, or put it off?
cheers,
Darren.Thank you!
Allan.
Nobody ever really fails, they just stop trying. Your situation doesn’t define your possibilities, your minds beliefs do. NEVER give up (I know you won’t), and you’ll make it.Appreciated! During the years of being sick, I’ve been trying to use my brain to secure our future, rather than physical effort. I’m certain now, this is the way to go…
>So what do people think for us? Should we sell off all we can and jump in asap, or put it off?
It seems to me that house prices wont actually ‘fall’ a significant amount if any, they will just be harder to sell and agents will not be fielding ‘hundreds’ of calls every day from desperate investors.
So for what its worth I would advise you to buy as soon as you are able, simply because the sooner you buy it the sooner you start to own it and build further equity and credibility with lending institutions.
BC
Alan,
I’m no expert, but I would think the best answer as to when to buy, is “when you’re ready” – i.e. you’ve done your research, found a good deal at a price you can afford, you’re happy with the purchase and feel comfortable making the commitment.
That was part of my point about not feeling pressured to buy. There are plenty of experts making contradictory predictions. Some say the market is going to keep going for a while, others say prices are already 30% over inflated.
I like to keep things simple. We’ve had a long strong market- one of, if not the longest housing boom in history. All booms end, even this one.
We also have the lowest interest rates for 30 years. This will change too, next week, next month, next year – who knows when?
So if you can comfortably buy now and get a good deal from the housing commission, you could lock in a great interest rate and start building equity. If that’s what you want to do – great!
If it happened that all the pieces didn’t quite align and you need to build some more deposit for example, then there’s a good chance of a great opportunity coming up.
I have no idea whether house prices will retrace or not. I would guess they might a little, because they have tended to after previous booms. But even if they don’t, when the market cools, houses take longer to sell. The longer a house is on the market, generally the less it sells for.
Looking at either option as a positive event takes the “pressure” out of it, so you can weigh up the here and now calmly – and then go for whatever you decide.
Best of luck,
Darren.
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