We then made do with our little old house, rented it out while hubby got posted up north, had crap tenants in the meantime which cost us lots of money. We had to renovate to move back into our house that we had trusted others to care for. By this time we had both been working and studying hard to get higher paying jobs. My hubby had a work accident and we very nearly lost our house due to difficult times financially but we got through. We bought our second house and rented it to mining. The suburb we lived in boomed, we sold up and made a fortune which set us up to buy another property. We now own 2 properties and still paying for our third. People can do it!
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13-12-2012 12:31 #21
13-12-2012 12:33 #22Senior Member
- Join Date
- Mar 2008
This is an interesting discussion!
Thanks for contributing everyone
13-12-2012 12:36 #23
There are many reasons for buying property - it may be so that you can downsize when you retire, have a unit for your kids near a uni etc etc
I don't see that having investment property is being mean spirited at all.
13-12-2012 14:14 #24
I think the key thing people overlook is that those who bought property prior to about 2009 are laughing all the way to the bank, and those of us who only managed to get in in the last couple of years are in negative equity.
I did just what others did - bought a cheap house a looong way away from everything. I commute 1+ hour each way to work, live 30+ minutes away from all my family and friends, poor DD is in the car a LOT. However, as I bought my house in March 2010, I have absolutely no equity. When you consider the costs of upgrading or buying an investment property - stamp duty, selling fees etc. I would need something like $100,000 equity to upgrade - assuming the market doesn't boom again, if my income was average then it would take 10-15 so years to get that sort of equity in my current house.
13-12-2012 17:17 #25
13-12-2012 17:39 #26Senior Member
- Join Date
- Dec 2009
For anyone who says you can't get a house these days. I bought a house as a nursing student- I had saved since I was 15 in part time jobs and then finally had enough to buy a crappy house in a crap area backing the train tracks (literally if you sat on my back fence you could touch the trains going past- it was so peaceful). That area boomed, so I bought another house- in order to get finance I worked night shift 6 nights a week- in 2 years I didn't have a weekend or public holiday off. It can be done on average wages or for people working in average occupations. And no of you are prepared to work hard why should someone cap the wealth you can accumulate. I had no handouts from family or anyone else. Both my houses have come from pure hard work, lack of social life and frugal living.
13-12-2012 18:00 #27
No, but I think things like negative gearing and tax breaks should be somehow abolished.
13-12-2012 18:30 #28
Hey KimberleyGal, I was wondering if any WA people were going to contribute! You wanna talk about housing affordability, come to WA and check out what we are paying (and not just in Kim/Pilbara)!
Having said that, neither me or DH work in the mining industry, yet we are now comfortably in the market with two properties. We made massive sacrifices on lifestyle to get where we are (lived in undesirable suburb, fibro place with no aircon through 5 WA summers), but we chipped away at the mortgage and now have a second.
Yeah, it was hard when all our friends had spiffy 4x2s with landscaped gardens, but now we are light years ahead of them financially. Short term sacrifice for long term gain. Most people could do it, but choose not to, to their own detriment IMO.
I do however agree that the tax breaks on investment properties will eventually be abolished, and rightly so (and that's coming from one who benefits from them)
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13-12-2012 19:05 #29Senior Member
- Join Date
- Sep 2005
I don't mind if Australian citizens have more than one property but I don't like too much foreign ownership. It annoys me.
13-12-2012 19:19 #30
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