Renting with reptiles

[Rogue5861]

That's true.... I don't know how some people get buy in life without a decent income/career behind them. I'm just a sparky working as a design drafter, but I don't think I could ever rent. Bought a house when I was 24 and never looked back. Reading through this thread is very disheartening with the restrictions and non permanency that's comes with renting. We are pretty lucky in this country where home ownership is with in reach of the majority.

Yep renting really does suck. Got the landlord wanting to sell the house when our lease runs out (january 2014), planning on removing the shed while we are still in the house use it for storage.


Rick

 

[Snowman]

Yep renting really does suck. Got the landlord wanting to sell the house when our lease runs out (january 2014), planning on removing the shed while we are still in the house use it for storage.


Rick

That's so terrible! Renters should definitely have more rights IMO. I'm looking at getting an investment property soon. There's no way I'd do something like that. One of my brothers properties gets $1800 a week rent. I can't for the life of me work out why someone would pay that.

 

[Rogue5861]

That's so terrible! Renters should definitely have more rights IMO. I'm looking at getting an investment property soon. There's no way I'd do something like that. One of my brothers properties gets $1800 a week rent. I can't for the life of me work out why someone would pay that.

We pay $300 a week around 20mins out of adelaide cbd, small 3 bed old house that is falling apart. I have family in darwin that pay $700 a week.

Trying to break out of the renting but with average wage and a young family its not the easiest to do. Just need a couple 20-40k so i can get a half decent first home ($270-$360k).


Rick

 

[Snowman]

We pay $300 a week around 20mins out of adelaide cbd, small 3 bed old house that is falling apart. I have family in darwin that pay $700 a week.

Trying to break out of the renting but with average wage and a young family its not the easiest to do. Just need a couple 20-40k so i can get a half decent first home ($270-$360k).


Rick

I hear ya. I worked two jobs when I got my first house. Wasn't forever but I had to have enough money for mortgage and quality of life. Worked 45hrs a week as an A grade electrician and Friday night and Saturday all day at the local servo. I was just supporting myself with no dependents so it was a lot easier. In a perfect world it would be wise to do things in the order of school/trade, buy house and get married, have kids. But the world isn't perfect.

 

[bdav70]

Are most people renting out of necessity or is it a lifestyle choice? It seems like rent is almost equal to a mortgage these days.

I fear a lot of us are victims of the baby boomers and negative gearing. My friend had $55K in the bank which has been in there for about 8 years since his dad passed away and the first bank he enquired to said they would only lend he and his girlfriend $230K both working full time and have been at their jobs for 4 and 6 years respectively. It's getting mighty hard in this social climate.

... And need I say, $230K doesn't get you much in Melbourne

 

[Snowman]

I fear a lot of us are victims of the baby boomers and negative gearing. My friend had $55K in the bank which has been in there for about 8 years since his dad passed away and the first bank he enquired to said they would only lend he and his girlfriend $230K both working full time and have been at their jobs for 4 and 6 years respectively. It's getting mighty hard in this social climate.

... And need I say, $230K doesn't get you much in Melbourne

That doesn't sound right at all. My mate a firefighter just bought a place in frankston. He only had $30k and has been at his job 2 years. He borrowed like $400k. They need to find out why they were rejected. Unless you have a bad credit rating, getting a loan is easy. Perhaps a little too easy even. I don't buy the whole baby boomer thing. Just because I keep seeing very young friends and family buying houses.
On top of that we are having such low interest rates. Baby boomers coped it at 17% interest for awhile. I just got a letter saying mine has dropped to 4.1%.

 

[Senator358]

In NSW the State Government gives a first home owners grant which may cover the deposit. I imagine Queensland is the same. Dont forget that there are more costs in owning a home than in renting one such as rates, insurance and maintenance.Just because loan repayments are less than rent it doesn't mean you can afford to buy!

Only if you buy a new home now. Nothing for established. Doesn't really help someone trying to get into the housing market when most new builds in Newcastle will cost in excess of 400k.

 

[Snowman]

Only if you buy a new home now. Nothing for established. Doesn't really help someone trying to get into the housing market when most new builds in Newcastle will cost in excess of 400k.

What's an established house in Newcastle go for? The insentives are to help build new houses. It's more important to build new houses as the population grows, as there are not enough houses. Most of us have to move further out to buy a first house. Some people want everything now... But it's a case of move out to the new estates for first houses and once you have some equity you can sell and buy closer to the city with your second house.

 

[wokka]

What's an established house in Newcastle go for? The insentives are to help build new houses. It's more important to build new houses as the population grows, as there are not enough houses. Most of us have to move further out to buy a first house. Some people want everything now... But it's a case of move out to the new estates for first houses and once you have some equity you can sell and buy closer to the city with your second house.

Houses in Newcastle LGA start in the mid 3s but if you go to say Greta ( 30 minutes away) you can knock 100K plus off that. Like Snowman says most people cant afford a first home in the middle of town.

 

[Senator358]

The problem is most of the new estates are over the 400k mark for a new home unless you go around 50-60km out of Newcastle. There should still be a helping hand for first home buyers to buy established. Not everyone can move that distance out.

 

[Snowman]

The problem is most of the new estates are over the 400k mark for a new home unless you go around 50-60km out of Newcastle. There should still be a helping hand for first home buyers to buy established. Not everyone can move that distance out.

Everyone can move that distance out. Some people just don't want too. And then get stuck in the rent cycle and never own a home or investment property. Life is all about choices. And the choices we make dictate the lives we lead.
PS. You can get a house and land package at Bonnells bay under $400k. That's only an hour away from Newcastle (45km)... Most people travel at least an hour to get to work. I used to travel an hour an a half to two hours when I lived in Melbourne depending on traffic. Like I said though, it's all choice. I'd love to live closer to work. And I have to decide now to buy near the city or stay where I am and buy an investment property. I'm leaning more towards investment, as I'd like to retire resonably comfortable one day.

 

[Rogue5861]

I fear a lot of us are victims of the baby boomers and negative gearing. My friend had $55K in the bank which has been in there for about 8 years since his dad passed away and the first bank he enquired to said they would only lend he and his girlfriend $230K both working full time and have been at their jobs for 4 and 6 years respectively. It's getting mighty hard in this social climate.

... And need I say, $230K doesn't get you much in Melbourne

Yep pretty sure that's all we were pre-approved for. Full time and have been with the same company for 6-12 years and we get offered a figure a lot lower then new or existing houses are even selling for. Don't really feel like living 1hr+ from work is really living the dream of being a new home owner.


Rick

 

[OldestMagician]

I suppose it depends what sort of debt you're comfortable with too. Really, every $1000 extra you can put into your deposit is at least $2000 less you have to pay off in the long run. I'm only 22 so I'm not feeling like a failure for renting. I'm from the UK too where house prices are insane compared to wages, so if I can buy a house before 30 I'm doing better than 90% of my friends in England.
On a side note, a guy at work is 21 and has 3 houses but has borrowed a total of $1.2m, which I would be terrified of doing.

 

[Snowman]

Yep pretty sure that's all we were pre-approved for. Full time and have been with the same company for 6-12 years and we get offered a figure a lot lower then new or existing houses are even selling for. Don't really feel like living 1hr+ from work is really living the dream of being a new home owner.


Rick

It's just a stepping stone living further out. I live 25min train ride from the city now, in my second house. Goes back to my original question. Seems like most renters aren't willing to sacrifice lifestyle. There's no right or wrong. My personal preference is the security of owning my own place. I don't want to be paying off someone else's home. But I get why people rent. And glad there are renters out there too.

 

[Rogue5861]

It's just a stepping stone living further out. I live 25min train ride from the city now, in my second house. Goes back to my original question. Seems like most renters aren't willing to sacrifice lifestyle. There's no right or wrong. My personal preference is the security of owning my own place. I don't want to be paying off someone else's home. But I get why people rent. And glad there are renters out there too.

Lifestyle isn't the problem, low income and young children make driving a hr to work not a viable option. Guess I just need to buy a few lotto tickets and hope I get lucky. I would love to buy my first and last home first but as you said this isn't normally the case, and finding a suitable house is another major problem. 3-4 beds, double carport/garage, small grassed area and a decent sized shed (6x10m).

 

[Lawra]

Come to Mackay house and land packages up here are starting at $150k because of the "mining downturn". Builders are basically giving houses away in a bid to try and make some money.

I'm in the process of saving a deposit but it's still difficult with $300/week rent in the middle of cane fields nowhere near town.

I know people who lived with their parents until they saved for their first home. In an ideal world I would have loved to do that but at 23 I don't think I'm doing too bad in the grand scheme of things only one dependant named Steve, and he doesn't eat too much lol

 

[Senator358]

Everyone can move that distance out. Some people just don't want too. And then get stuck in the rent cycle and never own a home or investment property. Life is all about choices. And the choices we make dictate the lives we lead.
PS. You can get a house and land package at Bonnells bay under $400k. That's only an hour away from Newcastle (45km)... Most people travel at least an hour to get to work. I used to travel an hour an a half to two hours when I lived in Melbourne depending on traffic. Like I said though, it's all choice. I'd love to live closer to work. And I have to decide now to buy near the city or stay where I am and buy an investment property. I'm leaning more towards investment, as I'd like to retire resonably comfortable one day.

If traveling that far works for you that's fine but when working 60+ hours a week, having 2 kids and wanting to spend time with them adding 10 hours a week plus petrol doesn't work for me. I spent a bit more to live closer and my rentals are also closer and therefore make a better return.
I just don't understand why the government in NSW decided to get rid of the grant for established. The building industry had years of boom time and now that it has slowed down they expect the government to prop them up. Don't know of too many other industries that get helped like that.

 

[Snowman]

If traveling that far works for you that's fine but when working 60+ hours a week, having 2 kids and wanting to spend time with them adding 10 hours a week plus petrol doesn't work for me. I spent a bit more to live closer and my rentals are also closer and therefore make a better return.
I just don't understand why the government in NSW decided to get rid of the grant for established. The building industry had years of boom time and now that it has slowed down they expect the government to prop them up. Don't know of too many other industries that get helped like that.

I don't think there should be any grants. And I also don't think there should be any tax and stamp duty on homes either. But the laws are the way they are and it's clear they won't change anytime soon.
I agree. Having kids before getting a house really puts people on the back foot. However there is nothing wrong with renting. The benifits are you get to live closer to the city and often in a house you could never afford.

 

[Vixen]

Come to Gladstone. :lol: For a decent rental house you are looking at least $450-550 a week, and even that is after the prices have lowered a bit, a year ago it was averaging $550 - $650 - with 'nice' houses going for upwards of $800-1000 a week.

They seem to forget not everyone is on ridiculous 'island' wages (i'm sure you all know what's been happening here), and alot of people are left struggling to put a roof over their heads let alone feed themselves and pay the bills.