December 11th, 2009 by admin
We have $80,000 as a deposit. But my husband & I have 3 boys & my dad lives with us too. We currently rent in Bondi Junction & can afford to pay $4,000 a month to a mortgage. We are disheartned to find even out at Botany where we are looking, places are very, very small. We are all first home buyers but most properties we look at would be over $600,000. Would it be wiser to buy a unit in a good area, put my dad in it for 6mths making sure our rent and the mortgage for the unit are not over $4,000 a month, do it up quickly, sell it and try to make some more money for a bigger place whilst also taking full advantage of the first home buyers and no stamp duty? Or is this too risky & we should just squeeze in a small house?
Thank you!
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Do not live above your means , Murphy will be knocking at your door if you do so , move to an area you can afford and never give up space , a note for any length of time is a cross that one can loose a grip on threw a mishap etc. consider a duplex and renovate it .
Don’t bank on a house appreciating so much in 6 months. It typically costs 8-10% to sell a home, so it has to appreciate ABOVE that in order to make it worth even trying.
Get the most that you can afford and wait it out a year or two and then sell and move up.