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  1. #21
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    Definitely smaller! Do you really 'need' a big house? Obviously we all work hard & want to see results for that, but i think you'd be surprised at how comfortably you can live in a smaller house. Your kids won't know the difference, as long as they are safe and loved they will be happy anywhere. DP & I have a small 3x1 with a big yard which we plan to pay off within the next 5 years (mortgage under $250k). It's not perfect, there are things I don't like about it but it's in a great area, we really don't need that much space between the three of us, and most importantly it's OURS! We fix up little things whenever we can, and once it's paid off we'll either do the big reno and extend, or sell and buy the dream home. Either way we're still living comfortably with much less financial strain, and as far as DD is concerned she knows no different, this is her home and her safe place. Owning a home is great and all but it's important to live within your means and have that 'wiggle room' for if your circumstances (or interest rates!) change.

  2. #22
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    A compromise might be to get a cheaper smaller house on a decent size block that could be extended / renovated at a later date to become your dream home. That way you're not under the financial pressure now and won't lose money down the track through stamp duty and agent selling fees.

  3. #23
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    Quote Originally Posted by babyno1onboard View Post
    A compromise might be to get a cheaper smaller house on a decent size block that could be extended / renovated at a later date to become your dream home. That way you're not under the financial pressure now and won't lose money down the track through stamp duty and agent selling fees.
    This is what I wish we did, particularly if you're talking a location difference between the two. Worst house best street rule wins everytime

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  5. #24
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    Hi OP, the dream/forever house sounds great, but only if you can service the mortgage, with a buffer to spare if one of you is off work. Also consider that if you have children, even if you take a shorter mat leave, childcare is expensive. when we had 2 children in care so I could work full time, the cost was bigger than our mortgage payment once the rebate ran out after 6mths. I would focus on location, block size, and do research for an area that will have growth in property prices. All the best.

  6. #25
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    We went for our dream home. It costs approximately $50k to move in WA with estate agent fres, stamp duty and moving costs. That said we could 'just' afford it without dh working his 18 hours per week.

  7. #26
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    I think it depends on where you are buying. Have a look at house prices in
    your area over the last 5 years and look at what the prediction is. We bought a house where we can only afford the mortgage repayments, but we can't lose. Our house value has gone up over $100 000 since we bought it and house prices are still rising. So we decided to buy at our max to get in to the area we wanted to live, knowing that we could easily sell and move to a cheaper suburb if we needed. We don't go overseas or anything like that but we love our lifestyle and our house and it's the best thing we ever did...we could not afford to buy in our suburb now and had we bought elsewhere we would have been upset now that we lost our chance.
    Although...if I had the option of big house and yard or small house and yard in the area we live I'd go the smaller house. Big houses and yards just don't interest me. Too much work to maintain them.
    Last edited by Full House; 10-06-2015 at 08:34.

  8. #27
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    I'd buy the smaller house. Pay it off, (or as much as possible) as quick as possible. That can then become your 'deposit' for the eventually house. Big house/mortgage = 100's of 1000's in interest over the long term.

    We owe less than 200k on a 3yr old nice 4b2b (nothing flash) and are financially able to enjoy our lives a bit = nice with kids to be able to do things (concerts/camping/OS holidays and road trips!)

  9. #28
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    We were in a similar predicament but at the end of the day it's more financially viable to have the smaller mortgage now and upgrade later when we have two much better incomes to prepay the mortgage.

    The only problem we will have down the track is that the area we would like to eventually live is booming (inner Brisbane) and there's a chance we will never be able to afford it unless we buy a fixer upper in that suburb now. It's a risk we're going to have to take for financial freedom though.

  10. #29
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    Thanks everyone.. I guess your all right about needing to be able to pay more than bare minimum on mortgage.. And about ds not knowing different. Its like we are so so close to being able to get the dream home now but its still a bit out of reach which is depressing. I dont think the area will boom too much but def go up. About 30min from city.
    I think we will end up with the smaller one so we have no money stress and hope prices dont go up too much in next 5 years. Im in WA too..


 

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