I am a single mother working as a teacher and want to purchase a home. But don't think I can afford a home. I am tired of paying rent. Is there a way I can become a homeowner and not pay an outrageous mortgage? Your advice will be greatly appreciated!
It's going to cost you to live, wherever you go. Do you want to own primarily because of the financial side, eg you want the capital growth on a home, or because you want a stable home? Can you afford to pay any more than you're currently paying in rent?
meakin, if there was ever to be help, you have come to the correct forum.. a few gurus here that might be able to assist you..good luck!
Have you got a deposit of any sort saved yet?
Hi Meakin. Good on you for making a start. Teachers income is highly regarded (ie stability/security etc) and unless you have a lot of personal debt, or live in an expensive area, I'm sure you will be able to make a start. Are you familiar with the first home owners grant? This will make a huge difference if you have never lived in an owned home before.
Depends how high you are aiming? Are you prepared to move or transfer to an area with housing in a lower price bracket?
Some mortgages are not that much more than rent, but of course you have rates, maintnence etc. Check out some of the bank websites and you will find easy to use buying and selling, and loan repayment cost calculators – have a play and let us know wha you do/think. All the best.Why not consider a shared equity loan where you make your repayments on 75% of the purchase price and 20% is interest and repayment free. Unfortunately you need to cover the 5% difference plus your costs.
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1st thing to do is talk to your bank mortgage specialist. Explain your situation and needs. He will assess you then give you an estimate on what sort of price range you should be looking for.
With that information go browse http://www.domain.com.au/ http://www.realestate.com.au for the location of your choice. See if the one you looking for suits the price range given by the bank.
As a single mom working as a teacher I would imagine your dream home would exceed your price range. That is normal. Then you can come back here explain your findings and I'm sure some of us could assist you to find an alternate for your dream home which however may ultimately help you getting it in near future.
Buy a highset home that you can wack in a cheap granny flat downstairs and get a boarder in. Thats what I do. I hardly see him.
He pays $150/wk adn for that he gets free electricity and internet and we share bathroom. He is actually an investor himself but being single it's cheaper to rent. Of course I had some duds before I got this gem.
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