Buying 1st Home

[bangers]

I am finally in the process of buying my first home. It is the most nerve racking and stressful thing. I got knocked back for a mortgage from one bank because of the interest hikes they didn't want to take a risk especially considering the POSTCODE! Then i had to wait for assessment from another bank and i just got approved, only to find out the house is in the guys dead wifes name so the bank won't hand over the money until that's sorted out.

Anyone else have bad experiences?

Also to anyone thinking they can't afford to buy a home...... Be willing to move. I sacrificed some good friends to provide for my family and i don't regret it one bit. You make new friends.

I'm currently renting a house 2 minutes walk from my depot but the new house is 30 minutes drive. Sacrifices have to be made.

Considering i'll be paying less repayments than i am rent. The house is a doer-upper. 2 storey house with a verandah on the top floor looking out over mountains. A self contained flat downstairs. Needs paint on every ceiling and wall (inside and out). Needs new tiles in the entry foyer and on the verandah and more modern railings on the verandah too. But apart from that we can move straight in. It has a new kitchen and a really good bathroom. A huge laundry. New hot water system. Lock-up garage under the house. Ceiling fans, aircon. Decent size backyard. School up the road.

I am just waiting for the builders and pest report but my father and i couldn't find anything major that is wrong with it.

The best part is the price......................... $100,000. :w00t::dance:

 

[minux]

Congrats mate, feels better knowing you are not paying for someone elses dream eh?

Best of all you can now spend your own money on making it how you want.

All the best in the future!!

 

[MasterOfReality]

Good stuff.

I myself don't subscribe to the over capitalising that most people do, hence the reason I can afford up to 13% interest rates.

I could have had a $500k house, but chose a $355k house instead. It needs paint and a general tidy up but will be well worth it. Large 3 bedroom house on a 787m2 block of land, with a 9 x 5 m new shed with power in the back, 25km from Brisbane CBD and still in a good area. Reason why it was 50k cheaper than the rest of the houses in the suburb is that it needs new paint, a new kitchen and a few issues like some drainage and repointing the roof sorted out. Big deal. Its a $10-$15k repair bill to increase the value by at least 40k. Worth it in my opinion!!

Think of it this way, you won't lose out. The value of it will rise, unlike those poor sods that overcapitalised in Kellyville! And its always better paying off your own house than someone elses.

I also prefer to sink my cash into brick and mortar than anything else.

 

[minux]

Good stuff.

I myself don't subscribe to the over capitalising that most people do, hence the reason I can afford up to 13% interest rates.

I could have had a $500k house, but chose a $355k house instead. It needs paint and a general tidy up but will be well worth it. Large 3 bedroom house on a 787m2 block of land, with a 9 x 5 m new shed with power in the back, 25km from Brisbane CBD and still in a good area. Reason why it was 50k cheaper than the rest of the houses in the suburb is that it needs new paint, a new kitchen and a few issues like some drainage and repointing the roof sorted out. Big deal. Its a $10-$15k repair bill to increase the value by at least 40k. Worth it in my opinion!!

Think of it this way, you won't lose out. The value of it will rise, unlike those poor sods that overcapitalised in Kellyville! And its always better paying off your own house than someone elses.

I also prefer to sink my cash into brick and mortar than anything else.

I believe Mark twain said it first when it was said "Buy land, their not making it any more"

 

[Not_An_Abba_Fan]

Can that be said for the 380 too?

Buying a house is a big deal, especially if you are young. $100k, that is a good price. Very unusual for a bank to knock back that small a loan though. (In todays terms, it is a small mortgage). Start small and work your way up, if you're that way inclined. Spend some time doing it up and you will be miles ahead.

 

[ProphetVX]

$100,000 for a house in NSW. You must be many a mile away from Sydney...


I'm planning to buy a house in the next 3 years, holding out to see how the interest rates pan out as there is a good chance that it will see a large decline in the value market, but even then cheapest I'd be looking at would be at least $250k for a small ass unit.

 

[Troy711]

im in the process at the moment. or rather, have been for the last 18 months. my girlfriend and i bought a unit off the plan. i got a call yesterday to tell me that is only about a month to 6 weeks away!

the intention is to live in it for a year or 2 then rent it out and buy a house.

 

[vlv8vic]

I believe Mark twain said it first when it was said "Buy land, their not making it any more"

almost.

Good theory though. Buying a house to tidy up is a good thing. that's how we entered and it was well worth it. 100k sounds pretty good!

 

[Troy711]

i would build before i renovated. its personal preference

 

[Lumps of cheese]

i would build before i renovated. its personal preference

Your right, i'd never build again.