Re: Is Rent "Dead Money"?
Originally Posted by commonwealth
(Post 10650836)
ok would you buy a newly built studio apartment approx 45sqm
close to train station, 15 mins to Sydney CBD with fitouts eg washer dryer dishwasher bed aircon strata etc approx $1K per qtr no stamp duty plus get $15K govt grant for $450K? |
Re: Is Rent "Dead Money"?
Originally Posted by bingobob777
(Post 10662752)
crap
all depends on what your rent is vs mortgage costs and the rate at which house prices rise vs interest made on savings on a 95% mortgage over 25 years you'll typically pay the mortgage again in interest, that's equally as dead as renting. Why don't you all just save up for 12 years and buy outright? The old chestnuts of a place of your own are always a good one, especially when you have a family. I bought a flat in London and I disliked it immensely. |
Re: Is Rent "Dead Money"?
Originally Posted by paddyo
(Post 10663354)
THAT is the bit that gets me....you already pay a Mortgage plus also paying $1000 pq, which in my opinion is very high for a 1 bed apartment buuilding.
as anything in money matters, rewards are propprtional with risks. it's important to take calculated risks and be prepared for them. |
Re: Is Rent "Dead Money"?
Oh I get all that, in your position I would do the same thing.
I rent here but have a house in UK (halfway through 25 yr mortgage), what I am struggling with is to find a decent house in a decent suburb here to buy which won't leave me in debt for my final working years (I am 51 next month) with another mortgage. I refuse to buy a property which has strata as its just increasing the outlay for me and I just could not at my age live in a flat for years. |
Re: Is Rent "Dead Money"?
Originally Posted by commonwealth
(Post 10663472)
based on my forecasts and budgets, net present value calcs and sensitivity analysis spreadsheets, im better off buying than renting. as an accountant i would be silly no to do the maths. i of course included allowances such as high interest rates etc. so there.
as anything in money matters, rewards are propprtional with risks. it's important to take calculated risks and be prepared for them. |
Re: Is Rent "Dead Money"?
Originally Posted by commonwealth
(Post 10663341)
yeah. it's not too bad as i'm single and spend a lot outdoors. its a forced saving plan so to speak. i have approx 15 months to save a additional 10% deposit plus buffer to avoid the lenders mortgage insurance.
I thought it was 20% to avoid mortgage insurance? |
Re: Is Rent "Dead Money"?
yeah i have to pay 10% upfront deposit and in late 2014 when its all complete (hopefully) need to pay the rest 10% which i already have. then i get 15k from the govt as grant and now my goal is to save a comfortable buffer between now and late 2014.
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Re: Is Rent "Dead Money"?
Originally Posted by commonwealth
(Post 10663540)
yeah i have to pay 10% upfront deposit and in late 2014 when its all complete (hopefully) need to pay the rest 10% which i already have. then i get 15k from the govt as grant and now my goal is to save a comfortable buffer between now and late 2014.
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Re: Is Rent "Dead Money"?
Originally Posted by commonwealth
(Post 10663540)
yeah i have to pay 10% upfront deposit and in late 2014 when its all complete (hopefully) need to pay the rest 10% which i already have. then i get 15k from the govt as grant and now my goal is to save a comfortable buffer between now and late 2014.
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Re: Is Rent "Dead Money"?
yea its exempt. gotta use all govt help u cam get! after all the taxes uve paid!
i think i save approx $30k |
Re: Is Rent "Dead Money"?
Originally Posted by commonwealth
(Post 10665439)
yea its exempt. gotta use all govt help u cam get! after all the taxes uve paid!
i think i save approx $30k Australian Capital Territory: $750,000 Queensland: $750,000 New South Wales: $650,000 Northern Territory: $600,000 South Australia: $575,000 Tasmania: No limit Victoria: $750,000 Western Australia: $750,000 or $1,000,000 for property north of the 26th parallel |
Re: Is Rent "Dead Money"?
hmm i'm not sure i can relate to most people as i'm single and unavailable :eek:
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Re: Is Rent "Dead Money"?
Originally Posted by commonwealth
(Post 10661967)
OMG I just signed the contract. Deposit taken. I have 5 business days to change my mind. :eek:
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