To Buy or not to Buy, that is the question...
Jul 14th 2006, 2:39 am
#16
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Joined: Mar 2006
Posts: 10,158
Re: To Buy or not to Buy, that is the question...
Originally Posted by kevinbloomfield
I've sent them an email. They run a B&B in Katoomba (Lurline House)
Jul 14th 2006, 2:47 am
#17
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Joined: Jun 2006
Location: Albany WA
Posts: 157
Re: To Buy or not to Buy, that is the question...
Originally Posted by iPom
Hi Sandra... Well, we're looking at a house in Leura in the BM's which is a lovely village, even if the tourists love it too (that's ok, cos I was a tourist once too) 
To find a big house like this, on this size of plot, at this price in Leura is cheap as... It's a bargain. I guess a developer might knock it down, because the land would probably cost $280 on it's own, so that really doesn't say much for the house! But the house is sound and it would be great to have somewhere to call our own for just a bit and it could enable us to continue saving and then buy land and plonk our dream house on it.
Hubby is earning about $100K right now, so the mortgage at worst case scenario would be $2K per month, hence $24K in a year... so less than a third of his salary... and I haven't even started earning yet!!!
Oh pants, it's all a bit confusing imo. I don't see the point of hanging on saving money when an interest rate rise will negate that saving anyway.
To find a big house like this, on this size of plot, at this price in Leura is cheap as... It's a bargain. I guess a developer might knock it down, because the land would probably cost $280 on it's own, so that really doesn't say much for the house! But the house is sound and it would be great to have somewhere to call our own for just a bit and it could enable us to continue saving and then buy land and plonk our dream house on it.
Hubby is earning about $100K right now, so the mortgage at worst case scenario would be $2K per month, hence $24K in a year... so less than a third of his salary... and I haven't even started earning yet!!!
Oh pants, it's all a bit confusing imo. I don't see the point of hanging on saving money when an interest rate rise will negate that saving anyway.
Jul 14th 2006, 8:42 am
#18
Forum Regular
Joined: Oct 2005
Posts: 39
Re: To Buy or not to Buy, that is the question...
If you decide to buy your house because your heart says so then that is all well and good. If however you let your head rule then the decision has to be to continue renting. Financially it has to make sense. It is far cheaper to rent than it is to buy and far from lining the landlords pockets he appears to be lining yours by subsidising you to live there. As for deads money, Geordie Down Under is right. Paying rent is no different than paying interest on a mortgage. At the moment for you it appears cheaper. The only difference is whether house prices are rising or falling in your area. If they are static or falling(I have that read Sydney has had some sharpish falls this year but dont know about your area) then financially the decision has to be to rent. If however you find you cant settle in a rented house then the decision probably has to be to buy.
