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2010/08/09 19:48:50
whoppa

LIFE

what to do...
ive been approved for a 300k loan... i earn 52k plus overtime and repayments r like 460 a week...


1 buy a house

2 save for a lill while longer and get more of a deposit

or

3 haha.. spend my deposit on the escort and have a weapon of a car..


im only 21 but would love to get ahead and buy early.. but i dont wanna live like a jew for eva...

dunno guys lol help
chris

25 comments Leave a comment
Phil
Buy a townhouse and put tennants in it...you will still have a life
2010/08/09 20:10:06
whoppa
yeh i will be renting it out in a yr or so..after i live in it so i can still get the grant..

im lookin at a unit.. townhouses r a lill bit more expensive but if one comes up ill b on it...

buyin a place is a better option
2010/08/09 20:15:22
nimr0d17
I'm only a young guy myself but have heard from a few people that they wish they brought a house earlier rather then spend 20k on their car etc.

I can see the benefits that you will pay it off a lot earlier and will have it as collateral later on should you decide to buy a 2nd house (for renting purposes maybe, investment) or to do up your car then.

I'm looking to be buying a house before im 23 (probably unrealistic), but its worth a shot anyway.

The bigger deposit the better, either way i'll need to work hard and get as much cash into it as I can for the first 5-10 years.
2010/08/09 20:15:28
ossie cossie
my advise, i would buy the house first, live in it for a year as you said, this will give you a chance to see if you can afford to run the house as its not just the mortgage payments you have to make, then if and when decide to rent it out, you have to make the decision where are you going to live, if it is in the house and renting rooms out then out of the money you get for the rooms and bills etc. save that up and then buy yourself the new escort you want out of the spare money.
2010/08/09 20:37:24
whoppa
the plan is and always has been to move in for a yr or so... then rent it out and move back in with the old girl and forget about it neva live in there again and just take rent and pay the rest off each week... i neva plan on moving into it and staying there..
2010/08/09 20:40:19
KIZZA
I bought a house just before I turned 21. I recently moved into it (now 24). In my circumstances the tax benefits + rent far outweighed the grant for me financially.
2010/08/09 21:03:50
teeg
Buy a house, one of my mates waited to save more of a deposit, the problem was is that house prices went up by a lot more than the extra deposit he saved.
2010/09/09 09:42:37
John william Hadden
Buy now lock in a rate as I dont see them coming down live a bit tight in 2 years you will be the king a good tip is to have some one move in with you they will pay cash which is you Escort / toy money at 21 this will set you up for life be careful about having women in your life spend to much time in YOUR house this can lead to probs should the relationship fail if they do stay have a rental agrement that is my 2 bobs worth


John
2010/09/09 11:44:41
oldesky2lt
Buy something

Youngest daughter did it 18 months or so ago, copped the grants,struggled for the compulsory 6 months, moved back home and is
laughing now with the tenant paying most of the mortgage

She is building equity she will have for the rest of her life and
got a nice suprise from the tax man this year to boot

Buying off the plan is good idea as you save plenty on stamp duty and
i believe there is a 2.5% depreciation you can claim on the new building for the next 40 years

Chris


2010/09/09 16:40:29
escortinadriver
Definately buy the house....


The longer you leave it, the harder it'll become.



Shaun
2010/09/09 18:03:32
whoppa
house it is i think...


big step lol im scared

thanks fellas
chris
2010/09/09 18:09:30
muzza
Definitely a House! I bought my first at 24 now own many and they all pay for themselves now! I can now spend as much as I want on my esky without worrying!
2010/09/09 18:31:37
Smcka
Buy 2 units at $150,000 each. Rent them out and sit back and laugh.
You can do it; units in Batemans Bay are around that price and even where you are you will find something around that money. Talk to a financial advisor before you do but, it is imperative that you set it all up right from the start.
2010/09/09 18:38:33
David W
Stuff the property - stick with the depreciating assets instead. You know you can't take the unit for a cruise down the main drag when you've got nothing else to do on a Saturday night.

Changing the wheels to give you a different feel about how the car looks takes 20 minutes - it takes a week to change the colour of the walls.........

Seriously - buy the property. Rent out spare rooms (for cash) if you can & don't ever you do sell the cars. You can park them up and come back when money is available - gee if I followed this advise and didn't get married I'd be a millionaire with 2 GT Falcons........
2010/09/09 19:00:16
grant
quote:
Originally posted by David W

Stuff the property - stick with the depreciating assets instead. You know you can't take the unit for a cruise down the main drag when you've got nothing else to do on a Saturday night.



You can sit in the unit and have a beer after you blow the diff though... beats the side of the road

buy the house
2010/10/09 14:10:57
tybrown
Been there done that hey Grant [(#)]

whoppa buy a house/unit land etc... if your do your homework you cant go wrong!
2010/10/09 17:31:21
whoppa
yeh house it is...
done lol..
just gotta find the right 1
2010/10/09 20:56:19
ossie cossie
i see you have to live in it to get the grant? Buy a house while you can.
2010/10/09 21:06:05
whoppa
well good news...
they have just accepted my offer of $310,000
so i now am a house owner... well soon...
say goodbye to the cosworth project lol

im 21 and im 310000 bux dwn lol.. my lifes awesome right now
2010/10/28 20:34:33
cosworthfreak
quote:
im 21 and im 310000 bux dwn lol..


Better than being 40+ with the same situation. I wish I'd had the foresight and common sense at 21 to buy a block of land at least, but that was early 90's and it was hard to get a good job without a trade behind you (if you were lucky enough to get an apprenticeship that is). Sorry to sound a bit "Back in my day...", but if I've learen't one thing in life it is to recognise and take your opportunities when they present themselves. Make hay when the sun shines!

Cheers
Jamie
2010/10/28 22:54:19
Chippa666
Just saw this thread, but glad everyone was on the same page. Congratulations on the new purchase though. I just sold my house and bought another one. Fun stuff. House prices always go up. I started looking for a house in the area I wanted at the start of this year when I put my house on the market. I was told by the estate agent we should get a good price and it should go quickly. So I started looking, found my dream house, held out till the auction on mine and got no bids! 9 months later, house finally sold for alot less than I wanted ( but still made a packet on it) and bought a house in another area. The first area I was looking at, house prices have gone up $50-80,000 in that time, so if my dream house was back on the market now I wouldn't be able to afford it!!

At least at 21 you have the forsight, guts and the money to do it and get your foot in the door in the property market. If you play your cards right, you can make a decent amount of money with property. Wish I had the money at your age and the guts to do what you've done. Good luck with the new investment.

Chippa
2010/10/28 23:21:39
maxrs
Being a builder in the trade. expect the market to slow down, and when they hit us with another rate rise early next year, expect house prices to lower 10-20g each 1/4%.
The market is now inflated with the first home owners grant, and if you work it out, we are paying more than when we were back in a banana republic.

Australia currently has the highest marginal rate in the world.
That's the difference between the rate the treasury charges the bank and what we all get charged.

Don't touch Bluestone mortgages. they are crooks.
Aussie and Rams are great to deal with.

Good luck with it.
2010/10/28 23:29:12
ratta tat tat
My advice would be to sit down for an hour and fill out this Australian government budget planner.

http://www.understandingmoney.gov.au/documents/budgetplanner.pdf

If your repayments alone are $450pw, and you add living costs ontop of that it's gonna be struggle town brother.
quote:
Originally posted by whoppa

im only 21 but would love to get ahead and buy early.. but i dont wanna live like a jew for eva...


Better to live within your means than be bankrupt.

quote:
Originally posted by teeg

Buy a house, one of my mates waited to save more of a deposit, the problem was is that house prices went up by a lot more than the extra deposit he saved.



Teeg, you must be talking prior 2009 because prices in general have hardly increased in the last 18 months. Australia will not see growth like that for at least 8 years according to media reports.
2010/02/11 23:10:49
ratta tat tat
In saying all that, I'm still in favour of you buying a house. Just buy one you know you can afford, in a half decent area ie: close to schools, shops, transport, cities.

And definitley take advantage of being able to live back home with your mum. It's a luxury some of us were never afforded.
2010/02/11 23:15:55
Andrew
quote:
Originally posted by ratta tat tat

Teeg, you must be talking prior 2009 because prices in general have hardly increased in the last 18 months. Australia will not see growth like that for at least 8 years according to media reports.



They're saying 20% by 2013 here..
2010/03/11 13:25:10

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