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Gardening / Landscaping

VS_Pete

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Didnt know if this was the right area to post - Its no mansion with on acres, but this its my little slice of heaven


I honestly had no idea what to look for in a home, I told my parents I wanted a home similar to my mates old home (old Victorian style I think its called) and they were honestly the 2 people that made it happen. Without their support I would have been lost.


Future plans: my main goal is to build a pitched pergola from the back of the garage (knock down the old 'thing') and have it end where the old one ends. I think the pitched roof will give it the illusion its a bigger area than a flat roof (hoping anyway) lay some new carpet, paint the walls, and grass out the back.



(NOTE: pictures are from the real estate ad - not my furniture)




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The story:

The house was Advertised for $349-$369k. My mum went and looked at it then called me saying it was the one, so we organised an inspection and I instantly fell in love with it too. My dad stepped in after this point (hes got alot of properties under his belt so he knew what was best) long story short, the sellers agree'd to $330k (yep)

everything was going smooth as hell, my loan was going through commonwealth bank, I had signed all the papers - at this point I had put down a 30k deposit on the home. Then the nightmare began...

I received a phone call from the bank manager I was dealing with saying theirs been a problem (even tho i was assured a million times everything is set in stone) Commonwealth bank has been my bank since I was a little kid (and only them) they had access to ALL my records. The issue he said was lack of sufficient savings. at the time - I had 20k that was in my goalsaver account, and he kept hounding me saying who gave you the money, was it a gift etc etc I kept saying what? Its money ive saved? not entirely sure what the problem was.. he ended the phone call by saying sorry, we are unable to support your loan.

now i purchased my house in January, we have to rewind to November the year before. that 20k was in a term deposit that had matured, I went in to the bank to discuss what months were paying high interests, she told me that no term deposits were paying well and opt to put in a goal saver. gave her the ok and went on with my day. what I didnt know, was instead of transferring the money across - she *pulled it out* and then deposited into the goal saver. believe it or not this some how wiped all proof of this money i had saved from many years. Even the evidence of monthly deposits into this account were not sufficient as the proof of this account had magically disappeared.

I began stressing, parents assured me it would work out. So they called and we had a meeting with the real estates broker. she was absolutely AWESOME! I was already saving 8k dealing with NAB over commonwealth. But the problem of this insufficient proof of savings got brought up with this 20k also. I went back to my local commo bank and this poor branch manager spent 30 mins trying to get me something that was proof. in the end she got me (I want you to picture this) a blank sheet of paper, commo bank logo, a small print that said my name, a date (3 months earlier) and a figure. thats it! lol

and with that.. it sealed the fate of that house, I got the keys and i was a damn happy boy!
Congrats
 

Heron SSV

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Buying a house is a crappy experience to go through unless you've just won Powerball and walk in with a suitcase of cash to buy a place. All banks and real estate agents seem to do is judge and look down on you.

Congrats Jecs, hold onto that home owner pie as long as you can.
 

Dayvo

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Well done mate . Just think in 25 - 30 years it will be all yours ha ha . My son just bought his house after 8 months of looking and stressing and moves in this weekend . Its amazing the speed at which the prices have risen in those 8 months . He was looking at a few properties in Ferntree gully to start with and 6 months later that suburb is out of his price range . Again congrats
 

EYY

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Prices are getting scary for any area half desirable. Even buying a shack anywhere near melbourne's impossible.

Overseas buyers will pay $1 million for a tiny piece of land and a rooted house just to knock it down and build their multi level mansions.

It's looking like we'll need to be looking at houses further out or apartments/units closer to the city. Not much half decent out there for under 500k within a 60-70km radius of the city
 

Reaper

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Prices are getting scary for any area half desirable. Even buying a shack anywhere near melbourne's impossible.

Overseas buyers will pay $1 million for a tiny piece of land and a rooted house just to knock it down and build their multi level mansions.

It's looking like we'll need to be looking at houses further out or apartments/units closer to the city. Not much half decent out there for under 500k within a 60-70km radius of the city

TBH Jecs has been very smart - it's cash positive so the purchase price really doesn't mean ****. It's been pretty universally accepted that interest rates are far more likely to head up rather than down however after a year or 2 even a significant rise (unlikely to happen most would think but possible) is more than going to be covered by rental growth.
 

edals

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I might add to this too. The mrs and I have our deposit, and pre approved from the bank. So we went and looked at some houses suited to our price range. And the properties that were the "good" ones needed another 30k spent to get them up to scratch again, such as fencing, trees, kitchens, roofing and bathrooms all being problems at different properties, they all needed some sort of work that would go over our budget, So we thought we would go have a look at the sales office in the new estate to see if we could build for the same price. 40mins later we decided and put a deposit down on a block.
Too many pros for building, being new etc and not have to worry about it for a while, first building grant of 20k. Amd all for the same price of a 20 year old property.

Its a tiny block in a new estate being developed still. Can't even see what we bought since its still being cleared etc, but we got the last lot in that stage. Investors are grabbing these fast !
Big enough though to build a 3 bedroom basic home with in the land requirements, Thats all we need since its just us and our daughter.
Just organised the building and contracts, just waiting on the final approval for finance. Its definitely been a interesting few weeks with planning with changes and extras added to make it our home, Cannot wait for it to start. We all have to start somewhere.

Wait wait, being Generation Y i was suppose to buy a 800,000$ home and then figure out how to pay it off right ?
 

Drawnnite

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Wait wait, being Generation Y i was suppose to buy a 800,000$ home and then figure out how to pay it off right ?

And this is the biggest problem, too many people which unfortunately I am a part of that generation, want it now and don't want to be patient and over time earn it.
What I really cannot wait to see is, when interest rates do eventually go back up and see how many people get absolutely bent over by it by not looking ahead and preparing for the worst. I know in my scenario I always keyed in a rate of 8-12% interest when looking at loans and similar. I was lucky with work and managed to have a very nice house deposit, this is after buying the toys/tools/bikes and setting out a few other goals, yet always wanted to be reasonable with the value of a house while also making plans for a worst case scenario (ie being out of work for an extended period of time like now).

But as you have said, it is better to start somewhere and go from there. Sure its nice to have the latest and greatest, but in my mind, it is better to have something small that you can build from then to go too big too quick and cause no end of headaches. So congrats Edals in that regard :p
 

VS 5.0

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Our first place was a 2 bed + sleepout 50's fibro shack on 354m2.

And when I say 2 bed, I really mean one as we used one of them as the dining room coz it didn't have one, just a small area in the kitchen for a small table.

No a/c and a shitty built in gas heater.

Freezing in winter and a sweat box in summer.

But it was ours and got us on the property ladder.

20 years later, and another place in between, we now have (hopefully) our forever place.

It can be a hard road but well worth it imho. It also makes us appreciate what we have now so much more.

And Drawn, totally agree with working out proposed repayments on a much higher amount than current interest rates. It might mean that you can't necessarily purchase the home of your dreams today, but it does mean that you are more likely to keep your home when (i.e. not if) interest rates increase.
 
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