open topic, for anything cycling related.
13 posts • Page 1 of 1
So the landlord gives us a call and says he wants to sell the place we're in, and is giving us first right of refusal. Have sort of been thinking about buying for a bit, but were waiting for the cheese and kisses to finish her studies and get a job.
So now I'm selling shares (never had to do that before) and call in loans and put in tax returns (yeah I'm slack) to scrape the deposit together, first home buyers grant is taken into consideration - I'm pretty sure we'll make it - just. But I'm still extremely nervous - Have never bought a house before.
It's just me and the landlord, no estate agents involved. I'm talking to mortgage brokers and looking for a solicitor. My head is swimming, so much to take in.
The good thing is, the bikes will have paid for storage versus rented storage now, and I'll be able to put some proper brackets on the garage wall. The bad thing is, I'll always be riding up this bloody hill to get home!
Good luck !!!
Pying rent or playing a mortgage isn't much different I don't reckon. Make sure you get a good settlement agent (or maybe hte solicitor can do that?) to ensure all the right things happen. You will want to make sure that things like pools, bores, retic, lights etc work - these are usually the sellers responsibily...but would that make them yours as you are renting?! Maybe his responsibility but he would take the money out of your bond?! So hard to get your head around. Don't forget about your bond money too...
Good luck - I'm sure it will all go great. Then you can post something about how unfair stamp duty is!!
We've bought and sold more than the average number of properties both as a home and investment and my best piece of advice is don't use a solicitor, just go to a conveyancing business. Sure, they have solicitors but since they specialise in conveyancing they have been efficient and cheap.
Ask for they fees before hand and if that is the total price or are there hidden extras.
I strongly agree with Tuco on this, solicitors can charge 1% of the total contract for conveyancing , plenty of reputable conveyancing firms online you can check out. Our last conveyancing was just a tad over $300 vs the $4000 a local solicitor would have charged.
Buying a home is rated as one of the most stressful experiences!! keeping that in mind will help during the moments when your pulling your hair out
Paying rent or mortgage is roughly the same at first but after the first 5 years as inflation bites , house prices go up, rents go up and money is worth less , your investment will increase, your equity will increase and the repayments will be cheaper in proportion to your take home wage.
All the best, good luck and grats on taking the big step!!
Thanks for the responses and well wishes! Whoever said that buying a house was one of the more stressful times in ones life was right!
Luckily from the law side of things, Mrs. Pugsly is a lawyer in training, so she's talking to her lawyery friends about getting good (cheap) service. We're shopping around - thanks for the tip on hidden costs.
I would expect (and I'll be chatting with the LL this weekend) that the house will stay exactly as it is. I give him money, he gives me the deeds - done deal.
As for the mortgage repayments - they're a little over twice what I'm paying in rent, but the rent hasn't gone up in the last three years either. It'll be doable. I'm looking forward to stupid things like just being able to put a nail in the wall if I want to hang a picture.
House warming - you betcha! Will be a tad weird for a place we've lived in for 3+ years though
Well done. By all economic forcasts, we are coming out of the slump. House prices should start rising strongly and be truely up by 2008...
Be glad that you're no longer playing the rental game. You might see some capital gains come this time next year from you new investment.
Save the congratulations - there's still a lot left in the game. The LL was supposed to call today and didn't.
The whole process is driving me nuts. Should be able to just hand over the credit card and say "yup, I'll take one" and that's it - that's what happened with my bike - how can a house be any more complicated?
I'll feel better when the deal is done, and then I'll feel better still when the loan is approved, but I'll feel best when the deeds are in my hands.
And when it's all said and done, you have the deeds in your hands, you own your house and land, you are still paying money out to the government.
I paid cash for my last house and owned it outright. But I was still getting bills for rates, garbage collection (there was none), Telstra wanting to dig up my land for cables and the list goes on and on.
Sell the house live in a cardboard box. Better yet, live on a touring bike.
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