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  1. #221
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    lambjam is offline Nitwit! Blubber! Oddment! Tweak!
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    Default pets and renting

    Buying a home is great, sure. But economically renting isn't the disaster people like to make it out to be.

    Most economists agree that renting can actually be more lucrative than buying if you ensure that you save and invest any leftover savings wisely (the overly inflated properly booms we've seen in recent years are an anomaly and are an exception to this). The problem is that many people who rent don't (or can't) leave themselves enough slack to have money left over to play with, whereas people who buy are forced to by the nature of their mortgages.

    Economically speaking, rent money is no more "dead money" than paying interest to a bank. The perceived difference is emotional, not financial

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    At the end of the day we need people to own homes and we need people to rent. It's pointless telling renters they should be buying. It's just not a lifestyle everyone aspires to. I knew plenty of people back in Melbourne on very good incomes who didn't aspire to home ownership.

  4. #223
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    lambjam I have to agree! About 10 years ago one of my mother's older friends who owned her own home and was making a good living went to see a financial adviser. He said that if she didn't sell her home and start renting within 6 years she would be bankrupt even with her well paying job. She had the same outlook confirmed by a few different advisers.

    She did as he said, and is now 10 years later living very comfortably because she moved to renting instead of paying rates etc. And that was in a rather inexpensive country town.
    She balked at first because she didn't want to loose the security of her home, but instead she has the security of a tenancy that basically will never end because she's a reliable tenant, takes care of everything and doesn't cause the owners problems. She can save heaps of cash compared to before and isn't stressed at all. I think it's all in perspective.
    DH and I are debating the idea of even buying a home in the next 10 years because at the moment we're paying rock bottom rent. Owning our own home is the dream but looking at many of our friends who're on similar money and paying off their own homes and they're often barely getting by. And sometimes not even achieving that .

    We're in the enviable position of always being able to get animal friendly and family friendly homes though. I know perfectly well from years and years of renting how difficult it can be to even get a look in .

    Edit to add: Woops, sorry about the derail OP! I wouldn't have a pet in a house that I didn't have permission. If you really want one, offer to pay a 'pet bond'. But the simple fact of the matter is that they have the right to say no and if you don't comply and they find out you have to get rid of the dog or find a new home. Simple as that.
    Last edited by Eko; 08-01-2013 at 19:44.

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    Default pets and renting

    Quote Originally Posted by Kimberleygal1 View Post
    We will have to agree to disagree then. I believe anyone that's renting can buy particularly with the first home owners grant.
    Sorry, but this would have to be one of the most insensitive and 'out of touch' comments I've read on BH. And I personally have my own home, so not speaking from emotion.

    In many instances, it's not actually the servicing of the loan thats too hard because you're right, often rent is similar in cost. But even with the FHOG, a $350k townhouse in a cheap area still requires a $35k deposit with stamp duty, legal costs etc That is simply unrealistic for many, many people to save who live month to month on minimum wages.

    Then there are those that have deposits and good wages, but simply can't secure a loan for many reasons. Your comment is way off the mark.

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    Default Re: pets and renting

    It's also not just about saving a deposit, my sister and her boyfriend live in a house that belongs to my parents, and they are pretty much paying the mortgage off for them.

    They were approved for a loan to buy out the house, but unfortunately due to the current economic climate the valuers didn't value the house at the price they were going to pay for it, so the loan was knocked back.

    Working in real estate I've seen this a bit recently.

    I was also told a few years ago, that if you can save your money without spending it, then you should rent, however if you can't save your money then you're better off buying. Makes sense to me!

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    Unfortunately I'm in the age group that just missed the boom. Also, the part of Australia I happen to live in is extremely popular. Guess what that means? Yep, over priced properties.

    Buying a home just isn't a possibility for us now or in the near future. Great that others have been able to do it, but please don't try and make out it is ABSOLUTELY possible for everyone.

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    Default pets and renting

    Can't believe the people here saying if you rent you can buy. No, not everyone can. And here in QLD the FHOG doesn't exist for anyone wanting to buy an established home, so a big blow. Totally off topic on this thread!

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    Default pets and renting

    Not intending to be smart arsy so if you take it that way thats not my intent. On domain right now there are numerous results that came up for me in post codes 4152 and 4122( and surrounding suburbs) in qld for minimum 3 bed 1 bath unit, townhouse/ villa or house under 350k. These are good suburbs not in the sticks. Some of you may actually be surprised by what's out there, and yes deposits can be an issue but some banks will still lend on less than 10% you never know unless you look

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    Default pets and renting

    Quote Originally Posted by Plan2bamummy View Post
    Not intending to be smart arsy so if you take it that way thats not my intent. On domain right now there are numerous results that came up for me in post codes 4152 and 4122( and surrounding suburbs) in qld for minimum 3 bed 1 bath unit, townhouse/ villa or house under 350k. These are good suburbs not in the sticks. Some of you may actually be surprised by what's out there, and yes deposits can be an issue but some banks will still lend on less than 10% you never know unless you look
    I don't know whether it's the same in Queensland, but here in Melb, check the auction results in a few weeks and they may well have gone for $50 - 100k above the advertised price.

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    Quote Originally Posted by shelle65 View Post
    I don't know whether it's the same in Queensland, but here in Melb, check the auction results in a few weeks and they may well have gone for $50 - 100k above the advertised price.
    They generally don't sell by auction in Qld.


 

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