tag:blogger.com,1999:blog-5089828552519076506.post5304184538510291370..comments2024-03-29T16:34:01.380+10:00Comments on down to earth: Can we afford to buy a home?Unknownnoreply@blogger.comBlogger58125tag:blogger.com,1999:blog-5089828552519076506.post-4487475776601781502013-09-17T05:00:44.150+10:002013-09-17T05:00:44.150+10:00Can you tell uѕ more about this? I'd want to f...Can you tell uѕ more about this? I'd want to find out more details.<br /><br /><br />Feel free to νіsit mу site <a href="http://www.meublesallebain.com" rel="nofollow">meuble salle de bain</a>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-89503478648112310182011-02-05T14:53:19.183+10:002011-02-05T14:53:19.183+10:00We came into an inheritance of $180,000 at the end...We came into an inheritance of $180,000 at the end of 2009. We researched very hard on the internet for houses in our price range. We didn't have a car, so we looked for an inexpensive, yet brand new car that would fit the whole family into. <br /><br />We were prepared to move somewhere remote, in order to be able to buy the house outright. We moved 4 hours away, to the middle of nowhere (I'm not going to give the exact location for privacy reasons, but I will say it's near Cootamundra)<br /><br />We bought a 3 bedroom house with an old butcher's shop attached (it also had an office at the back of the shop) for $110,000. We have three kids, and the plan was for us, the parents, to use the office as a bedroom. Because it's an old house and needs work, the office isn't yet fit to be slept in. But we know we'll get it all how we want it one day. <br /><br />There's so much to do, that we're a little overwhelmed, but we are glad we did it. We are still trying to get repairs done, that has set us back with getting chickens, but we did put in a heap of fruit trees last year, which we feel is a good start, considering everything else we had to do as well.<br /><br />People always ask us about work out here. One thing: my partner had already had to stop working after getting paint poisoning at work, so it was an ideal time for us to move. Having arrived here, we see there are plenty of opportunities to work, and I do some work from home as well as being a stay at home mum.<br /><br />We don't want to live in this town forever, but as you've said, we want to work our way up, buying a better house when we can.Hear Mum Roarhttp://hearmumroar.comnoreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-79015637804688623772011-02-01T20:55:07.207+10:002011-02-01T20:55:07.207+10:00Hi Rebecca,
I think there is lots of good advice o...Hi Rebecca,<br />I think there is lots of good advice on here already.<br /><br />For background, I'm 28, also work in the environmental field, and live in the UK.<br /><br />It sounds as though you are currently happy with your life and situation - the smallholding you rent allows you to raise a lot of your food. Can you, as others have said, talk to your landlord so you feel more secure about your tenancy there?<br /><br />I do understand wanting to own as house - as you say, if nothing else so you don't have to be paying rent in your retirement. But I think you are a long way from that yet!<br /><br />I wouldn't take it upon myself to forecast what the property market in the UK will do - but I do think now is a good time to be hanging on. By that I mean, keep living as you do, keep saving as much as you can. If you want to keep looking for somewhere to buy, the 1st thing of course is to see how much you could borrow - but how much you could actually afford, not how much a bank would want to lend you!! Don't buy if it is going to be a massive stretch month to month, and you have to lie awake at night hoping interest rates stay stable. <br /><br />If you do want to buy I suspect it will be as others have said, a case of either moving to somewhere cheaper, or finding the cheapest property in an area you are happy with and doing it up. But I know even that can be out of your reach (it is out of mine). Plus, what if you are not good at the home DIY? You can end up making a property difficult to sell when you want to move on, or move up!<br /><br />If it was me, I would hang tight and keep saving for now. Who knows, in ten years time, what the house prices will be like, and what your life will be like?<br /><br />PS: Allotments! if you have to buy somewhere with less land, check if there are allotments nearby of course! and what their waiting list is like.<br /><br />(finally, I am actually an environmental worker currently unemployed after redundancy. I don't know if you are at any risk of this, but if you are, hold back on the house buying again, as it is stressful enough to lose your job without worrying about losing your house as well).<br /><br />I fear this comes across as very negative, which wasn't my intention. I wanted more to empathise as someone in the same country and similar job.Mariahttps://www.blogger.com/profile/01656390046187780127noreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-65082102231631654772011-01-31T07:59:33.507+10:002011-01-31T07:59:33.507+10:00If you have principles, which go against capitalis...If you have principles, which go against capitalism, then you have to be prepared to bridge an enormous gap. <br /><br />If your principles are not about making lots of money, then you won't be able to enter the property market with the prices that are currently going on extremely modest homes in the UK.<br /><br />The only way we got into the housing market in Australia, as under 30 year olds (early millenium) was before property prices took off. We bought a home for $60k and four years later, sold it for 170k. It was a very modest home.<br /><br />The money we got from that, to build our home on 5 acres, came from capitalism. We didn't make it happen through our principles, we were just in the right place at the right time and we profitted.<br /><br />Something strange happened after that however. I realised my home wasn't just a place to raise family, it was also a means of making money. For the first time, we took re-sale value into account when we decided to build our second home.<br /><br />That's what a lot of people have done in these comments too. It wasn't just about getting a foot in the door anymore, it was also about making enough money to get the house of their dreams.<br /><br />So a lot of fixer-uppers that would've been available 5 or 10 years ago, have been done up with a higher re-sale value now. I won't just blame the baby boomers here. I think everyone is guilty of turning their homes into a means of making money.<br /><br />Which makes it impossible for people with careers in the community, to buy houses in their community. They just cannot raise the funds to pay for the prices being asked.<br /><br />I believe Rebecca and her partner need to decide if they want to take the path into capital pursuits, if they don't want to live the kind of lifestyle that raises funds for capital.<br /><br />Once they decide what they want to do, then they either change jobs to buy more capital, or they look for alternative ways to find accommodation and security. <br /><br />What about mission work, where you work for an organisation who puts up the costs of living (frugal living) while you engage in a community project overseas? Or what about working as a husband and wife, running a property for someone else? You live on site and manage the farm, while the owners go away to do their business.<br /><br />What about looking into the incentives offered local council workers too? Is there a bank which offers government workers lower than normal interest rates on home loans?<br /><br />I think it would be wrong for Rebecca and her husband to look at buying their first home, under the pretence it's accessible to those without the means. There are other ways to find accommodation, which fits with your life principles.<br /><br />Rebecca you may find more in your pursuits with community ownership, than you will ever find in home ownership. <br /><br />Security doesn't always come through capital. In Australia (quite a wealthy country) there's been a lot of floods which has suddenly uprooted many peoples lives. Their homes which held all their secuirty, has either been destroyed or they don't feel safe in their homes any more. If you live near a creek or a river, re-sale value has just knocked $50k or more off the price of your home.<br /><br />So yes, security doesn't just come from owning your own home. I think what Rhonda tries to live is that owning your life is more important.<br /><br />Your biggest asset may come from the community you already live in. Maybe you need to ask around and let people know that you're looking for more home security. Someone may be living by themselves on a farm, and want the sound of a family around them again - and to help with the animals.<br /><br />A lot of advice given is good if you want to raise capital. But what are your other alternatives, if you want to live a different way?<br /><br />Maybe you're not asking yourselves the right question. Is it a home or security you're looking for? They don't always go hand in hand. Especially in these uncertain times.Chris https://www.blogger.com/profile/13715819899708384147noreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-31416728881029745392011-01-30T22:37:52.696+10:002011-01-30T22:37:52.696+10:00Hi Rebecca
Lots of good advice here, but this is ...Hi Rebecca<br /><br />Lots of good advice here, but this is my tuppence-worth. I was renting The Perfect Rural Farmhouse for years, had some savings and then inherited some money which enabled me to look at buying a house - however, house prices near Edinburgh were so high in the late 1990's that I even considered moving to France or Spain, after making offers on lots of properties which were 20+% lower than the successful price. If I wanted to stay here, I had to radically adjust my expectations, so instead of a detached stone cottage in a rural location away from other people, I now live in an ex-council house in a tiny village. But it suits me just fine - it's convenient for my work, very quiet, the neighbours are great and because it is within 10 miles of the city, it is increasing in value all the time. Keep looking and don't go over your budget - but don't discount any property, go and see them all. Good luck!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-14307361410330784942011-01-30T13:33:18.697+10:002011-01-30T13:33:18.697+10:00Hi Rebecca, I'm 32 years old and my husband an...Hi Rebecca, I'm 32 years old and my husband and I bought our first home less than a year ago. We really struggled to get a deposit with the high price of rent we were paying, but over a few years managed to save $15,000.<br /><br />Even then we were only able to get a mortgage by getting my husbands parents to go gaurentour for us on the mortgage. We also moved interstate for university (from QLD where house prices are ridiculous, to Tasmania where house prices are quite reasonable) so we were able to buy a solid, but tiny, little home in a small town 30 minutes from Launceston city.<br /><br />We didn't buy something run down that we would need to do a lot of work on because electricity prices here are prohibitive and we wanted to make sure we'd save $ on our bills in the long run (which so far has proven to be a very prudent decision).<br /><br />Also, with our mortgage, we made sure to get a loan that included a 10 year interest-only period, so that if for some reason we lost our source of income we could opt to just pay the interest part of our mortage until we were back on our feet.<br /><br />We'd also like to consider children in the future but realised we couldn't have both our first home and a family at the same time, the cost would simply be too much. Instead we're committing to wait another 4 years until my husband finishes uni and then see were we're at. <br /><br />I'll be 36 by then, and maybe that's too late to be having children, but I always wanted my own home and garden more than anything and if I miss out on having children because of that I can live with that. Your priorities may be different so of course keep that in mind with your decision making. Also it may be worth talking to a fertility specialist about your chances of having healthy children if you wait a few years, then you'd be able to make a more informed decision about whether to try and get a house now or start a family.<br /><br />Also another idea we looked at initially was buying a cheap piece of land and putting up a cheap kit home, just to get our foot in the door of the property market, or even a caravan with a lean-to. Hardly a house, and some areas won't let you do this because of the council regulations, but you'd at least be paying off your own land and in time could either sell it and move somewhere else, or upgrade your house.<br /><br />I hope that helps! I feel your pain. It's really really tough for people in our age group at the moment. Wishing you both all the very best!!<br /><br />Harmony<br />(Tasmania, Australia)Harmonynoreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-29777790293443583282011-01-29T19:59:20.608+10:002011-01-29T19:59:20.608+10:00It is interesting reading these comments but a bit...It is interesting reading these comments but a bit frustrating for those of us in the UK reading some of them :-) There are no tax breaks for first time buyers here and the high cost of housing in many parts of the country mean people would need to borrow at least 5 times average salary and have a 20% deposit to buy a small ordinary house.<br /><br />Many of us here would describe backyards I have seen described as 'an average suburban backyard of around 1/4 of an acre' on some US and Australian sites as a smallholding :) Our back garden is about 45 ft by 30 and would be average. My parents garden is 100 by 40 I would guess and would be considered a large suburban garden. There are bigger ones here in London but they are usually attached to large houses with a massive price tag. As far as I can see from online house selling sites this is not that different in other areas, even many country ones.<br /><br />We are lucky enough to have a couple of allotments as my husband has always been interested in growing things so had these before the current demand for allotments caused by the trend for grow your own. Apparently the waiting list in some areas is 50 years!<br /><br />The situation is some parts of the country is better but usually there is a shortage of jobs in those areas so moving to them is not an option for many people. The UK is a bit small for the number of people who live in it which is probably why there are several popular TV programmes about starting a new life 'down-under' :)<br /><br />We were lucky in that the situation was slightly better when we bought our first house but that was nearly 30 years ago and times change. Most of my friends still have their adult children living with then due to the high cost of housing to buy and rents are high too. Probably worse because we are in London though.<br /><br />We are hoping to move to a place in a more rural area with a large garden or even a smallholding when my husband retires in a few years time but even then we will still have to be looking for a house to do up (as we have for our present one and the first one) so that we can afford to get one with the outside space. Luckily we enjoy practical things and have a lot of the necessary skills. I do sometimes fantasise about having a house that is finished though.<br /><br />Susan (London, UK)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-62379575421523729802011-01-29T16:01:19.909+10:002011-01-29T16:01:19.909+10:00I think this young couple are in a difficult posit...I think this young couple are in a difficult position as they are changing from one stage of life to another (for example, if the first child turns out to be triplets, as it did to someone I know, your needs suddenly change a great deal!). But I think it's important to know yourselves. My hubby and I are not handy, so for us a fixer-upper would turn into a money pit. We therefore bought a house in good condition.<br />While saving, get together a list of essential and desirable criteria for your future home. I knew I wanted a good-size garden and so mine was a block of at least 500 sq.m. (We got one of over 800 sq.m.) Perhaps a smallholding is more than you need. Would you settle for a suburban back yard with chickens, vegetables and fruit trees? What about the need to care for your parents in the future, or to be near good schools or to get to your workplaces on public transport? Everything's a trade-off, but one thing not to trade off is quality of life: there is no point in getting a mortgage if you both have to work long hours to pay it off.Chookiehttps://www.blogger.com/profile/07230973711859964063noreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-72358599383061894332011-01-28T15:30:16.695+10:002011-01-28T15:30:16.695+10:00We've just bought our first smallholding (10 a...We've just bought our first smallholding (10 acres). We moved away from our home town because prices there were ludicrous - a similar property the same commute from town as this house would probably be more than twice as expensive where we used to live. We bought a run-down place with good bones - the paddocks are full of weeds but the soil is very rich; the house was really really ugly but had hardwood floors and gorgeous architectural elements, and with paint and ripping out carpets it's already looking so much better. <br /><br />We made sure that we can pay more than our minimum payment off our mortgage each week on DH's wage, and we also decided to ask a friend (a single mama with 2 kids) to move in with us. Her rent goes straight off the principle. It's squishy and loud (we have 2 kids too) but it's great for me to have someone around rather than being at home all day with the kids while DH works. A boarder might be worth thinking about, especially if you buy a slightly larger house than the two of you need initially.Lizhttps://www.blogger.com/profile/06559993076944364627noreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-66640281999451617552011-01-28T08:43:54.155+10:002011-01-28T08:43:54.155+10:00The saying "location, location, location"...The saying "location, location, location" is the most important one I have ever heard. We bought the tiniest house on the block in a very good neighbourhood, and that got our foot in the door. I would suggest too that you take your time until you find the perfect place and then make a low offer. Negotiate a price that will allow you to pay off extra on the principal every month. Knowing that our house will be paid off before we retire is a very good feeling.africanaussiehttps://www.blogger.com/profile/16660727599623626163noreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-35147051419488654502011-01-28T06:52:38.247+10:002011-01-28T06:52:38.247+10:00I think the problem in the UK is a lack of land. ...I think the problem in the UK is a lack of land. If you want to be fairly self sufficient, even the most basic property is expensive if you need land. Development laws in Britain also severely restrict your ability to buy land and then build when you can afford to, as many people who want a smallholding know only too well. Even the option of buying a house with less land and then having an allotment is rather a pipe dream because waiting lists for an allotment in man areas are years long.<br /><br />However, if you are sufficiently handy so that you can repair and maintain your own property then buying will always be better than renting. In the end rent is dead money and rental costs always go up year on year, whereas if you stay put long enough a mortgage takes a smaller and smaller part of your income as the years pass. As we near the end of our mortgage our repayments cost around £200 a month if we rented then it would probably cost around £800 for this house, it does get easier as the years pass.<br /><br />I think the only real solution would be to temporarily reduce the amount of land you have in order to get on the housing ladder. Live as green a life as possible and save hard to buy a property with more land further on in your life.<br /><br />However, having seen the problems my daughter is currently having to find a house to renovate, I realise this is not the ideal option it seems. There are few houses for sale that are unrenovated. Those that are available are in areas that are really quite unpleasant to live, have no garden at all and parking problems are a nightmare even for one small car. She is rapidly concluding that to live in a reasonably safe neighbourhood will mean a larger mortgage and less profit to make on a property. Anyone trying to buy their first home home in the UK has my utmost sympathy.Karen Lizzienoreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-73938831347210448242011-01-28T06:21:46.204+10:002011-01-28T06:21:46.204+10:00HI RJ...
As always the comments are a good read al...HI RJ...<br />As always the comments are a good read alongwith the blogpost....they unknowingly are forming a part of the post....<br /><br />We moved into a home.. a townhouse as it is called in US in year 2006 when I was 3 mnth old in my job and had a 3 yr old kid....we were planning for a second child and with daycare expenses.. our main focus was on only one income to be used for expenses and mortgage....my income was for daycare and kids stuff... so if I lost my job, at least the home and that budget will not suffer....<br />Also the house we got was a fixer upper as the top notch houses came with a price tag which was way beyond our limits....what we did was, we fixed the most imp things in the hosue like carpeting and kitchen for hygiene purposes and whatever was not our choice we decorated the rooms, the way we liked it.. with pictures.. I cut from old calenders and put in frames which we got in a $$ store....if u find, you find treasures there....after 4 yrs , we recently re-financed the mortgage.. and customized it to our current income...banks do work with you if you are honest about the payments.. <br /><br />making a house a HOME is in our hands...we are planning on renovating the bathrooms when we have saved some money.. till now, no one sees the master bathroom .. to know what and how old it is.....the wall paper bothers me.. so I have put the fake flowers in there...the ones which were the few purchases I did as the newly married girl setting up the home.....helps me see through the wall paper....and value what I have which many dont get...I know I am singing self praises.. but we all find a way out..as we are never given a problem which we are not capable of finding solutions...<br />Hope things turn out fine with R.. and she gets a home she wishes for....<br />Love Ash.Anonymoushttps://www.blogger.com/profile/11926168857944333545noreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-21174145309861294512011-01-28T04:27:10.728+10:002011-01-28T04:27:10.728+10:00My husband and I purchased a home 20 years ago off...My husband and I purchased a home 20 years ago off of the reposessed list. It is a very small house but it was affordable at the time. We worked hard and added extra principle to our mortgage payment each month. We got our house paid for with the last 20 years. Now all we have to do is pay the taxes and insurance on a yearly basis. Now what I do is take the monthly mortgage and put it into a savings account to help with the tax and insurance and to also allow us to have a little put back for repairs. <br /><br />With the economy here in the U.S. we are very happy to be here with our extra small house and being able to live on only 1 income.LynneFtWorthhttps://www.blogger.com/profile/00266589506682171698noreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-74743003735316674652011-01-28T04:22:26.721+10:002011-01-28T04:22:26.721+10:00p.s. Another method that people have always used h...p.s. Another method that people have always used here is to acquire a piece of land and as you earn you build. So that there is no 'loan shark' on your back. Eventually you have a basic structure you can inhabit and you just add on as you need. Nowadays you have to be sure to keep within the building codes.<br />Usually family and friends of the family provide the manual labor. Someone always knows someone who knows a thing or two.<br />We took out a mortgage because we had a time frame we were working within.<br /><br />Vicki<br />Trinidad & TobagoAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-72764888744710432312011-01-28T03:52:38.924+10:002011-01-28T03:52:38.924+10:00Housing in Trinidad and Tobago, when I got married...Housing in Trinidad and Tobago, when I got married in 1998, was very expensive even in the rural areas. It is even more so now and everyone is asking $1million and up for the simplest of houses.<br />My husband was renting a small flat when we got married. I was still living at home (so that I could pay off my car) but had sporadically rented throughout the years. Both of us had been working for a while and had already bought our own cars and put aside some savings. He was 32 and I was 29. I moved in with him and we had our first child. When she was one we decided to start a plan of action since the flat could not accommodate a growing family. We renovated one floor of his parents' house whilst we invested in a piece of land (coincidently next door to theirs). This helped us to save and also would give his parents a renting income when we moved out.<br />We spent months designing and redesigning our house ourselves after careful consideration as to how we would live in it and how weather would affect it. Because of this, added costs like air-conditioning are not necessary.<br />We got an architect to draw up the plans and to verify that the structure would be sound, so that it could be passed by the Housing Authority. <br />We hired a contractor, an electrician and a plumber to lay the bare bones (they get a discount off of construction material). When the basics were down we would come home from work every single day and build cupboards, install sinks, tile counters, you name it, we learnt to do it ourselves. It was hard work but because we put a lot into it ourselves we appreciate it and love it even more. It is our dream house where we intend to grow old together. As we built we started the garden, an ongoing project. We found more and more ways to make the most of what we had as we went along. It took us a year to complete the house. Weather delayed us several times but we worked like hell so that we could move in by Christmas Day. We were in by 2a.m. Christmas 2002.<br />Doing it the way that we did means we are one step closer to completing payments to our mortgage. <br /><br />Vicki<br />Trinidad & TobagoAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-85139074678447937912011-01-28T02:04:10.325+10:002011-01-28T02:04:10.325+10:00I also 29 yrs old and just bought my unit in weste...I also 29 yrs old and just bought my unit in western sydney for 166 thousand in november 2008! It has two bed rooms and 40 years old! My first impression of it was awful and want to run away! It was for rent and not on any renovation for long time; except for the kitchen which look good enough! I was lucky that i got a friend who is a builder and he bought stuff at cheaper prices! It save me a lots on the renovation! We ripe off carpet and replace with titles; paint the whole house ! With the bathroom; i dont have moneys to do anything with it so i try to clean ; bought white paint and paint over title line to cover up all the dirt line and cenment then paint over the bath floor! When i move it ; my house was empty! My friends come over they and the kid happily lay on the title floor on living room and we had a house warming party with all of us on the floor cheering with soup and coke! I sleep on the matress! Gradually; i bought other stuff! Now i have all sofa and bed suit but it take a almost 2 years and lots of sacrifies! I have to say; this blog inspires me so much and teach me a lots of thing! I sometime want to give up and spend but ur blog save me! I have some friends who like to spend and say that i m too tight with moneys! But i think i am proud of the fact that i use my money in the right way and the sacrifies bring me my dream place where i can sit and relax with my dog after work! just pray that i have a good health so i can work ; i work for a supermarket and earn 600 week! And i m hearing impaired person! I now trying to save 40000 so i can get my mom who still in my origin country to come to australia as she getting older and have me as her only child! So from my experience ; i believe a little luck; sacrifies and saving hard wil got you have your dream home!! I wish you luck with that housing dreamAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-17470403744267520062011-01-28T01:09:03.030+10:002011-01-28T01:09:03.030+10:00Hi. I'm in the UK, age 55, and this is what w...Hi. I'm in the UK, age 55, and this is what we did, and what I would do now if I were you. <br />When I was around 24 we bought our first house, a sorry-looking little bungalow all on its own, outside a village. We put in central heating, decorated it nicely, painted it outside, even grew roses around the front door. Four years later we traded up to a near-wreck which needed 3 months of building work (we lived with the in-laws very happily for that time!). When we moved back, we only decorated one room at a time, as we could afford to. This meant bare concrete floors in the rooms that were not essential, no carpets on the stairs for about 2 years, nothing fancy at all. Nor any spare cash for anything else. When I had money for a carpet, the room would get decorated. It took 8 years to finish that house, but, as with the first, we had been working on the garden, first taking it back to bare bones, then making it truly lovely. Everything takes time! The TV make-over programmes are completely false in that the only way most people can work up to the level of finish shown is to go into a lot of debt!<br />If I had to start again now, I would buy an ex-local authority/council house, ideally one on the edge of a village. I know of several that are end-of-row houses with lovely gardens, and they are often quite easy to extend if/when you had some extra money. It would also mean that you would continue to grow veg/keep hens etc. These houses are usually very well built and reasonably priced. The size of mortgage required would be more likely to let you sleep at night! <br />It might take you a while to find such a house, but they are around. Decide what is important to you, such as needing a second car when you have children, or being able to walk into town. Calculate your post-baby budget. Buy anything you might need now, while you are still working (e.g. I love Le Creuset, so I would ask for a pot for my birthday present!).<br />As other people have said, we didn't buy our "forever" home first time. Few people do. We lived through some periods of very high inflation when mortgage rates rocketed. I was 48 by the time I was mortgage-free. <br />It will be your decision, but very good luck!!Lindanoreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-5241396110196451912011-01-28T00:43:51.520+10:002011-01-28T00:43:51.520+10:00My DH and I are very young, and we bought a house ...My DH and I are very young, and we bought a house about a year and a half after we married.<br />One thing we did was get into contact with a good real estate agent we knew. We told him we wanted a cheap house with a good enough sized property. We didn't care too much about what the house was like as long as we could afford it. We gave him a price range. We didn't have to pay him to do this, he just kept an eye out, and when he saw our current house come up, he let us know right away. He had the inspiration of being our agent (so he got a bit of money out of it), and we got one of the best deals on the market. <br />Before we bought a house, we lived in a bachelor apartment, meaning: everything was in one teeny, tiny room. That's it. It was the cheapest possible apartment we could find. It was pretty run down, but it kept us warm and dry. We didn't buy anything that wasn't a need, and worked crazy hours, but it was worth it. That whole time living there, we constantly looked at properties and saved every penny we could. <br />Granted, we live in Canada, and land here is cheap, but it was still a struggle because the bank was a hassle since we didn't have "credit" aka- credit cards galore. We had only one, and for some reason, they didn't like that too much. <br />So I don't know what else to say but that if you contact a good agent, they will help you find a cheap property because they'll want the commission. You'll be the first to hear about it.<br />The Girl in the Pink DressThe Girl in the Pink Dresshttps://www.blogger.com/profile/00250837836714463827noreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-29732102325977565562011-01-28T00:43:27.811+10:002011-01-28T00:43:27.811+10:00If I was Rebecca, I'd keep renting for now.
T...If I was Rebecca, I'd keep renting for now.<br /><br />The UK property market is still quite insane at the moment -- average property price over the last quarter was £250k, AUD400k - and from what I've seen, except for the wildernesses of Scotland and Wales, smallholdings tend to start at that figure. (And that's not just big detached houses pulling up the figure - terraces and flats are still averaging around £200k across the country.)<br /><br />Also, while I very much see the appeal of wanting to settle down before babies start arriving, their needs might change considerably once those babies do arrive -- both wants/needs and the financial situation.<br /><br />Since they seem happy where they are, I'd do what I could to make that more secure - talk to the landlord about getting a longer term lease. They might have to agree to do certain repairs themselves or that the landlord can still raise the rent periodically - but it might make them feel more secure in their home until they're ready to buy their own.louisa @ TheReallyGoodLifehttp://www.thereallygoodlife.comnoreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-86296537372556053392011-01-28T00:00:31.838+10:002011-01-28T00:00:31.838+10:00Rhonda - thanks for your beautiful blog - your lif...Rhonda - thanks for your beautiful blog - your lifestyle is inspirational, environmentally respectful and purely joyful. <br />Getting a house - I love your suggestions and reader's clever thoughts and ideas. I can add that discipline, persistence, creativity and resourcefulness will get a person to that 'home of one's own' place sooner. Being focussed on home ownership from teen years & saving money (from part time jobs) proved valuable & got me into the savings habit early. No car till early 30's - public transport, walking & cycling were the go. A second job helped deposit building and extra loan repayments. All money expenditure must be scrutinised - get the best deal on utilities, telephone, car & health insurance etc - absolutely everything, if driving to work consider car pooling or other options (above), if growing one's own food - swap excess with neighbours, or sell at local, community market stall, can one cook or craft & turn hobby into a supplementary income stream? Can one live rent free somewhere with older person or person with disability in exchange for home help & small maintenance tasks? (may need legal agreement in place re rights and obligations & for both parties' protection.) Remember to make the savings process fun & reward savings milestones. Also, swapping frugal living tips with like minded folk helps with even more new ideas.. <br />Go well - I know you can do it!!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-56345297275850589762011-01-27T22:43:09.460+10:002011-01-27T22:43:09.460+10:00Don't forget tax breaks you may be eligible fo...Don't forget tax breaks you may be eligible for, especially a first home buyer. I'm in the US and in the past few years with the stock market drop and recession and even before all that it was cheaper to buy than rent. We can also deduct interest from our taxable income. Do the math. Find what total monthly payment you can afford, then take 75% of that and see what amount you can borrow at the going rate. That way you can pay the loan off early by adding the extra 25% toward the principal. If the UK is like the US property values are low in most places and the interest rates are at the lowest rates since the 70's.<br /><br />Once you know how much you can comfortably borrow you can start looking for that fixer upper on the low end of prices in the neighborhood.<br /><br />Good Luck!Maryhttps://www.blogger.com/profile/15032479084775154076noreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-37955576026060450712011-01-27T20:47:40.884+10:002011-01-27T20:47:40.884+10:00We find ourselves in a similar position here in th...We find ourselves in a similar position here in the UK. We would like to move outside of the city to a more rural location but can't find enough money to do it. My husband's asthma is so much better outside of the city. We have been saving every penny for more than 10 years since the children started leaving home. We shop at charity shops, grow as much food as we can and don't go out on social occasions where we would have to spend money. I can stretch a £ until it cries for mercy because I've had so much practice :) <br /><br />The economic climate means that we would not get very much on selling the house that we have but at the same time, would have problems getting a mortgage at our nearing retirement age. Everything we go without is not enough to help buy a property outside of the city but within a couple of hours of where we live. Our children and grandchildren live in this area and we want to stay within a "there and back in one day" visit range. If we move farther away where property is cheaper, we would not see our grandchildren grow up - maybe just a couple of visits in a year. We are a close family and I'd hate that. <br /><br />I know how difficult we find this situation so my heart goes out to the young folk who emailed Rhonda Jean. I think that the advice of looking for the cheapest property in the best area is sound. However, follow your heart too. Has the landlord indicated that they will want the property back? Can you talk to them about this? Is there any way that you could earn a few extra £ selling something that you produce on the smallholding? Or on ebay? I do hope that things work out for you.Johttps://www.blogger.com/profile/16855403299773356566noreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-28008664937783056252011-01-27T20:22:04.566+10:002011-01-27T20:22:04.566+10:00I live in a small village in the UK and we bought ...I live in a small village in the UK and we bought the ugliest, most run down house that no one else wants to live in. It was barely habitable and some of the locals think it is an eyesore and should be knocked down! But over the past 5 years we have slowly turned it into our home. We live on one income (my husband's) with one child and our mortgage plus household bills make up more than half his take home pay. We live on an overdraft and live in fear of something breaking or going wrong in the house as there is no spare money. Sometimes we think of selling up and renting as it does seem a much cheaper option, especially looking at the next few years where interest rates may rise horribly. We are barely coping financially now, and our current interest rate is low. Scary stuff. If I were you I'd carry on renting for a while until we know what interest rates are going to do. We love having our own home but face the scary prospect that if we can't afford the mortage we could lose everything. Meanwhile we continue to try to live as frugally as possible. I think the reality in the UK is that many people 'own' their own house but in fact are living off credit cards and overdrafts and are a couple of missed mortgage payments away from repossession. I wouldn't be in a rush to own, keep saving and when the time is right and you feel you can afford it - even if that is ten years from now - do it then. Good luck xKayjayhttps://www.blogger.com/profile/00525513989407522330noreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-70892971840728721272011-01-27T20:10:10.474+10:002011-01-27T20:10:10.474+10:00Hey Rhonda and co :) Well, we live in Sydney and b...Hey Rhonda and co :) Well, we live in Sydney and bought our house in the outer south west about 7 years ago. It was always a priority for me to be home with the kiddies, so we bought in an older area that we could afford and do all the renovations ourselves. One thing i would recommend young couple utilise...is Ebay. We never pay full price for pretty much anything and have decked out our home with lovely things for hardly any money...you just have to be patient. Also...learn to live on once income and be content, i realise that the home we live in now housed a family back in the 70s although now most would say 'too small!' but if it was good enough for families back then, it's good enough for us! :)lauren hnoreply@blogger.comtag:blogger.com,1999:blog-5089828552519076506.post-20319902705390820902011-01-27T17:19:19.586+10:002011-01-27T17:19:19.586+10:00There is some very excellent advice here.
We bo...There is some very excellent advice here. <br /><br />We bought our house 17 years ago and it is now worth 2.5 times the price we paid for it. We have gradually renovated it (it is a 1970s house and needs TLC) and, due to the equity in our home, we have been able to invest in two other properties for rental purposes. <br /><br />WRT where you want to live and also mortgages, you need to do your research (what can you realistically afford, who is offering the best mortgage rates, what are you prepared to compromise on [location/size of mortgage/type of property], etc. etc.). Re mortgages (deals, comparisons, etc.), I've found an interesting UK website, which is worth a look. http://www.yourmortgage.co.uk/mortgage_best_buys<br /><br />I wish you all the best. Take your time during this process. Don't rush - you will regret a decision made in haste.Bevhttps://www.blogger.com/profile/04315751945668772995noreply@blogger.com