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  1. #11
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    We got a smaller (and like, $100,00 cheaper than most houses) house for our first. We have been there 4 years now, and so glad we got this one instead of someone of the larger ones that we looked at. Hubby is able to single handedly pay the mortgage no problem (and did for 3 months while I was out of work at one point). We might eventually up-size when the nursery becomes too small in the future, but for now, paying off this mortgage incredibly quickly is the priority.

  2. #12
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    We moved regional so we could get a mortgage that we can comfortably pay with one income. In time, after we've made a dent in this mortgage we will upgrade to a bigger house.

  3. #13
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    We bought small a number of years ago. A nice house in a good area but nothing too fancy. It's been awesome - both of us have been able to go back and study, we've been overseas several times (once for 4 months), and have been able to go out and about as much as we like.

    We are by no means wealthy, but the small mortgage (which is now less on a weekly basis than what renters would pay) means we have had a huge amount of financial freedom to pursue our dreams and holiday together.

    Mat leave has been easy for me and if we stay in this place a while longer there is no pressure for me to go and work while raising young children.

    It's not a dream home, it's not that big but its been the best thing we've ever done. The next goal after we have had our kids is to buy our dream/family/long term home when I'm back in the workforce full time.

  4. #14
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    smaller house first.

    I would never, ever buy a house where i could only afford the minimum repayments. It leaves no room for contingencies, for emergencies, for the things that you dont know will happen.

    You need to buy a house you can afford. And that means being able to pay more than just the bare minimum each month

  5. #15
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    Never, ever, ever buy a house that you can only afford the minimum. It is a recipe for financial, emotional and health trouble.

  6. #16
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    My view is slightly jaded as I regret our 2nd purchase, we opted for a smaller property with smaller mortgage. Whilst I love that we only have a smaller mortgage ( that would cost the same if we rented it) we "lost" 10% value during gfc and still not at our purchase price ( now 5% off)
    We only have 5 years max in this place before we outgrow the space and I fear we are chasing the 8 ball with property prices rising ( and ours not as quickly)

    Huge mortgage is not good, however the costs of buying and selling can add up and the issue with property values.
    If you buy small, then upgrade later you potentially have two lots of mortgage insurance if you don't have enough equity.
    Aside from that you have two lots of stamp duty, selling costs ( advertising, agent fees etc)
    You could also be like us and playing catch up.
    Had we just purchased the bigger house to begin with we wouldn't have the stress ( plus the addition costs)

  7. #17
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    When we moved 4 yrs ago we faced a similar dilemma. We were tossing up a house (in adelaide btw) at $600,000 with a pool, great suburb and really lovely compared to an ok house at $365,000 10km away in an ok suburb. We went with the cheaper house and while I don't love the house I love the financial freedom we have and don't regret the decision. We've spent $50,000 on overseas holidays in the past 3 years and $40,000 indulging my husband's hobbies lol. And still paid $70k off the mortgage too. I'm about to take a year off on worry-free mat leave and could take longer if I really wanted. These are all things we could not do if we went for the other house. Everyone values different things but for me it is definitely lifestyle over a fancy house.

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  9. #18
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    I'm very similar to @gingermillie , all of my friends wanted brand new everything and got large houses but when they had kids hated that they could only take 6 months mat leave and had to return full time to work.
    Our mortgage was small, I took a year off with dd and will again with number 2. I work part time now which is great. DH also doesn't have the pressure of supporting us so has nice normal work hours.
    Our current mortgage after 5 years in this "small" house is $250k which is nothing for Sydney! My friends mostly have $450+ mortgages.
    Our area has seen substantial growth even though it's nothing special we are happy and plan to knock down rebuild in 3 years. (House is smallish but fibro and warn externally, needs about $100k to fix everything properly, although inside is renovated and has a nice layout. Have a big yard though so it's good.)
    Keep things simple and easy because you can't get those early years with your kids back and the house won't matter as long as you guys are happy.

  10. #19
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    Forgot to mention we too have taken 4 overseas trips since buying 5 years ago! Even taken our 2 year old

  11. #20
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    Dh and I are having the exact same debate at the moment! Downsize to a smaller house with a boat and a fun, care free lifestyle or the big home big block and even bigger mortgage than we have now.

    Sent from my GT-I9505 using The Bub Hub mobile app


 

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