| Author |
 Topic Search  Topic Options
|
fattartsrock 
Senior Member
Joined: 01 January 1900
Points: 6441
|
 Post Options
 Thanks(0)
 Quote  Reply
 Topic: Home ownership
Posted: 19 April 2007 at 2:43pm |
Just wanted to chat about this, see what others think about the current situation with prices etc.
We do own our own place, have had it for about 5 years? Well, Rod bought it, and I bought in when I moved in, but anyway, I keep getting to thinking, If I hadn't met him, I probably would never be in a situation to get into the property market. A "starter home" here is priced around the $250k mark, and not many of them come along.
How many of you have their own place? If not, looking at the current market and interest rates etc, do you think you will ever get into your own home? Does it make you feel sad that you may have to take out a 95 or 100% mortgage over 30 plus years to get into a home? Or do you think we live in a society of wanting it all now? You know, the flash car, furniature, tv etc.
Just wanted to chat about a "hot topic". 
|
|
The Honest Un PC Parent of 2, usually stuck in the naughty corner! :P
|
 |
|
Sponsored Links
|
|
|
nuttymama
Senior Member
Joined: 01 January 1900
Location: christchurch
Points: 1090
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 2:54pm |
|
We have thought long and hard about this very topic. Our current rental was up for sale (now sold) and we did consider buying it but as we could only envisage ourselves being in here for a maximum of two years decided it wasn't worth the hassle.
We like the stability of owning our own home versus renting, but with one wage it's just not practical. The mortgage payments themselves would cripple us, and with Abby only being two will be at least another three years before I go back to work. Plus it's just so dam expensive to buy now we really missed the boat.
So for now at least we will be at the mercy of landlords and keep dreaming of our own home.
|
|
Abigail 06/01/2005
Jayden 21/11/2001
Micheal 03/04/1997
|
|
Roksana
Senior Member
Joined: 01 January 1900
Location: Manurewa, Auckland
Points: 6137
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 2:57pm |
|
We own out home and have for the last two years. And wwe paid way more that $250K for a 3 Bedroom, 2 year old brick and Tile home.
Yes its hard to pay mortgage and still have a great life. Atish and I dont earn bad money but it seems that we are always short of it! Mind you Day care cost, rates, insurance and bills all do mount up.
Mind you we pay more than what we need to as we are trying to get rid of the mortgage faster. Here is hoping.
However we do plan to put this house on rent and buy a bigger place in another few years. Will depend on the interest rates tho.
|
|
|
|
pepsi
Senior Member
Joined: 01 January 1900
Points: 2699
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 3:04pm |
Yeah, I think it's sad that a lot of young families probably won't be able to buy their own home these days - particularly here in Auckland. Mainly because I'm sure it will be harder for our children to do the same when they are older too. I know not everyone wants the responsibility of a mortgage, but I personally feel happier and secure knowing I'm not at the mercy of a landlord. Just the bank! haha
Lucky for me, I am in a very decent paying industry so I bought my first house by myself when I was 25 (5 years ago) and DH moved in with me when we got together. He had a property which he was renting out so things were "even" financially for us from the very beginning. After DH and I got married, we sold my place, bought a house together and are still renting out the other place - although we plan to sell at the end of the year (see, our tenants are at the mercy of us!)
|
|
Glow
Senior Member
Joined: 19 February 2007
Location: Waikato
Points: 2259
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 3:05pm |
|
We brought last year. 5% deposit over 30yrs. Our 1 wage covers mortgage, and love owning our own home.
So glad we brought when we did as prices in or area have gone through the roof, not to mention the 2 new subdivisions close by.
|
|
Mummy of Two Boys
B: 2004
K: 2007
|
|
Roksana
Senior Member
Joined: 01 January 1900
Location: Manurewa, Auckland
Points: 6137
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 3:25pm |
|
Tell me about it Gloria.....After the forst year of our purchase the price of our house went up by $30K and After two years the valuation came $61K more. That is just plain crazy!!
|
|
|
|
Guests
Guest
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 3:30pm |
I own a property in CHC that I brought when I lived there when I was 23. It is currently looking after itself...touch wood.
We are now in Akl and I just seem to be stuck in the renting game. We could sell CHC but it would only give us a small deposit to buy here so just doesn't make sense right now.
I would love to have the security of our own roof over our head....but for now it is the landlords. (the amount we pay in rent would probably cover a decent mortage!)
|
|
Glow
Senior Member
Joined: 19 February 2007
Location: Waikato
Points: 2259
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 3:34pm |
|
I think Oto was top in country, up 33% from last year. Our house is up 100k, not sh*t!! in our first year YAY.
I dont pay any attention to interest rates etc. I wouldnt have a clue, dont think i want to know either.
|
|
Mummy of Two Boys
B: 2004
K: 2007
|
|
Roksana
Senior Member
Joined: 01 January 1900
Location: Manurewa, Auckland
Points: 6137
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 3:39pm |
Wow that good Gloria!
I had a agent come and tell me she can sell my house for $90 -$100K more than what I paid. I laughed and told her Yah right!! You never know huh?? LOL.
My friend built his house, moved in and with in two month sold it with $122500 profit! Crazy crazy....I tell you! What is NZ coming too? And people are buying...where are they getting thier money?? TELL ME TELL ME!!! 
|
|
|
|
Sarah Beth
Senior Member
Joined: 01 January 1900
Points: 2405
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 3:41pm |
|
we own our own home, we bought about 5 years ago, so really we got in before the prices went crazy and have nearly doubled our investment. We love having a home that is ours, but it does suck when something goes wrong (like the hot water cylinder breaking) that you can't call the land lord to take care of it!
|
|
|
|
Glow
Senior Member
Joined: 19 February 2007
Location: Waikato
Points: 2259
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 3:46pm |
|
Id belive it,
I went to a property investing seminar once lol
They explained how to use the equity in your home to make more $, but id sat in the back and didnt pay any attention(like at school) Will ask dp when he gets home, hes right into it.
|
|
Mummy of Two Boys
B: 2004
K: 2007
|
|
peachy
Senior Member
Joined: 01 January 1900
Location: Auckland
Points: 3923
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 3:46pm |
|
We have owned our own property for about 4 years now. We paid alot more than $250k, but we are in Auckland, and we specifically wanted to live in the particlar area we are in. Its semi-rural and is a quarter acre section, so for something like that in Auckland, you are looking at quite alot of money. Luckily when I was younger (and with the pressure of my parents - I thank them for this now) they encouraged me to buy a "first home" in an average area of West Auckland. I did this and just had flatmates and lived there myself. I sold it last year and came out with $100k which was a fantastic chunk to come off the mortgage of our current home. Boy was I thankful to my parents for sharing their advice on what to do with my money other than drinking it away in the pubs and clubs in town when I was a little less sensible!
Our problem is now, how do we maintain a bit of a lifestyle and pay the mortgage when we go down to one income? We are both quite stressed about this, especically considering I am such an independant person. I just cannot get my head around not having an income that I can say "I worked hard for this money". We should be fine, and everyone says "you will cope just fine" it still just seems like we won't be getting ahead anymore?
Edited by peachy
|
|
|
|
newmum
Senior Member
Joined: 01 January 1900
Location: New Zealand
Points: 3546
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 3:53pm |
You know about our probs buying a place in Blenheim Annie!! I can't believe how crazy the market is all over NZ and how hard it is to get a foot in the door.
We have finally found a place (the one in Renwick) and have some probs but if all goes well we will still be paying 430$ a week mortgage which makes me feel sick as we are only a one income family and were only payin 310$ a week rent in Welly GULP 
|
|
|
|
Roksana
Senior Member
Joined: 01 January 1900
Location: Manurewa, Auckland
Points: 6137
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 3:53pm |
Well Nicole...do you plan to be a SAHM? if so may be you can look in to home business. If not and you are only staying away for few months then Save like crazy now....pay more on mortgage and get a 3 month Mortgage holiday. That will be a big help....I know that what I planning to do for my Second baby (I plan to stay home for 6 months, unlike with Zaara I was home 3 months).
I earn more than hubby so going down to one lesser salary does hurt the pocket! 
|
|
|
|
Roksana
Senior Member
Joined: 01 January 1900
Location: Manurewa, Auckland
Points: 6137
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 3:55pm |
I wish I was paying $430 a week!!
May be I should move down to blenheim?? LOL 
|
|
|
|
mummy_becks
Senior Member
Joined: 01 January 1900
Points: 14931
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 4:00pm |
We own our home thanks to the help of DH's parents. They loaned us the deposit and we pay that back to them (to which both parties are happy with) when our bank mortgage goes out. We got our house at a steal in Palmy $174k and so close to the arena and town I walk most places if I know i'm not going to be buying much. I know that when we sell we will make a tidy profit (over 100K at least), however we have had to put a lot of time and effort into the place including a new bathroom, bedroom, lounge and hopefully at the end of the year a new kitchen. We are quite lucky and that the money we get from IRD each week covers 2/3 of the mortgage so we are coping. Hopefully when I go back to work we will be able to use IRD money for what we want to use it for (renovation ). And as my parents are leaving NZ and everyone is sure we are going to follow them we would be looking at getting our house fixed up ready for sale next year.
|
|
I was a puree feeder, forward facing, cot sleeping, pram pushing kind of Mum... and my kids survived!
|
|
Bombshell
Senior Member
Joined: 01 January 1900
Points: 6665
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 4:06pm |
|
well i decided when on a much lower income than now to buy in on a BIG house with mum, and we bought very well - it has now more than doubled in value (in 5 years) and we bought teh house with an income unit attached which we rent out for ($360 a week) meaning someone helps pay our mortgage.
then we went to a prop seminar and realised that rentals were a great investment. We also decided to buy a better class of rental so bought a brand new house in a brand new area close by and rent that out. some friends were very upset when they saw it that the rental is better than their homes...and it is lovely, we will possibly live there if we decide to build later on! so that tenant pays mortgage on that...and there are shortfalls but nothing like a whole nother mortgage. That rental has gained about $160000 in 2 years that we have had it.
I wouldnt have been able to afford to do this before but timing was right, and we bought very well. DH (who didnt own a home) then moved in and now we are looking at options of buying rentals as do ups etc for profits to buy other stuff (like upgrading our property, new boat etc) in future.
I am pleased I stepped into the property market but could have very easily have missed out too. Pure Timing!
|
|
peachy
Senior Member
Joined: 01 January 1900
Location: Auckland
Points: 3923
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 4:09pm |
Roksana, I do plan to be a SAHM for atleast one year. We already are in business, DH runs our business from Parnell, so we are hoping that I can pull a wage from that as I do his accounts at the moment from home in the evenings, but at the moment its for love not money!
So there is an opportunity for me to earn some money and work part time for our business, but it wont be nearly what I am used to earning!
I am also looking into a small business for myself, I am quite a skilled person and like to think outside the square, I just haven't quite stumbled on my million dollar bright idea just yet  I am still working on that one!
I think its more the thought of loosing one income that scares us more than actually not coping!
Edited by peachy
|
|
|
|
.Mel
Senior Member
Joined: 14 January 2007
Location: Orewa
Points: 9078
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 4:09pm |
|
We sold our house about two years ago, and discovered rather rudely that we couldn't afford to buy in the Auckland market (we looked from Pukekohe up to Orewa). So made the decision to invest the difference and go renting. Two years ago rents were pretty good (especially in the Royal Oak/Onehunga area) so we signed up to rent this villa in Onehunga for a year; thinking that after a year we would look at buying.
Again rather rudely we again discovered that with our deposit and mortgage we were actually better off renting, eg: we pay $360 a week, and our mortgage was going to be $555 a week! I only work 25hrs a week and with our incomes we just can't do it.
I'll admit it's gut wrenching when all of our friends are buying and we aren't, but we'd rather be comfortable than be struggling to find the money each week/month. SOOOO at this moment there is no way in heckens that we will be buying a house, we will stay renting where we are, as we have an awesome landlord who we never see or hear from, don't have to pay any rates; only have to pay the Utilities and our contents/car insurance, and we've got a nice nest egg earning decent interest and I have no idea what we will use it for.
|
Mr Mellow (16)
Miss Attitude (8)
Destructa Kid (3)
|
|
sparkle
Senior Member
Joined: 01 January 1900
Location: Auckland
Points: 1267
|
Post Options
Thanks(0)
Quote Reply
Posted: 19 April 2007 at 4:35pm |
|
We've had our home in Auckland for about 3 years now. We bought in the middle of the boom, but it was a case of "if we don't do it now.........." That said, we've just had to have our house re-valued to buy our rental property (using the equity in our house) and it's gone up $100K in those 3 years.
When we bought the house I couldn't believe how much money the bank was willing to lend us. We had a good deposit and earn decent salaries, but the figures they were giving us were making me feel sick!
After watching a tv programme early last year about famlies and how much they earn/live on etc I made an appointment with the bank manager to discuss our mortgage. Now we make an additional payment of $350 a fortnight on a fixed amount so our mortgage comes down a lot faster. It was surprising how even an extra $50 a week can cut a few years off!
|
|
|
|
Home ownership
