Im so confused and would love some help deciding which house would be better..
I always wanted a big yard and house .. So we can get a big loan which we can repay with us both working as we are.. Or
Get a smaller house and yard that we can easily pay off even if one of us was out of work.
But the thing is the bigger house is the dream house.. Smaller one isnt but means we would never worry about money..
What would you do?? I just don't want to regret it in future.. Hind sight and all..
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09-06-2015 15:27 #1Senior Member
- Join Date
- Jul 2010
What would u pick re buying house
09-06-2015 15:35 #2
Smaller house for sure!
09-06-2015 15:38 #3
I've had a huge house and a small house, currently in a smaller house but on acerage, and I've never been happier!
You can't put a price on financial freedom, and being smaller we have more family time as there's nowhere to hide!
If you decide in 10 years you want the bigger house then your smaller house will be a stepping stone
09-06-2015 15:43 #4
This ia what we are planning to do in the next year or so. Buy something realy small, pay off as much as we can then in 5 years time or so when I have finished uni and we have better jobs (hopefully!) will plan to buy something more suitable and rent the other house out. We will likely have to move to get a job so there is a big chance the second house won't be worth much more than the first house as we are hoping to find jobs further out from the city.
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09-06-2015 15:46 #5
Is there any reason you both might be out of a job in the near future? If no then I'd go the bigger house now while you can afford it , many times I've seen people settle for less than ideal homes and regret it (if its budget related then that's just what you do) but if you can afford it now then I would just make sure you try pay extra in the first year or so , so you have some equity /repayments up your sleeve in case of emergencies
this market is so crazy ( sydney especially) I've seen many people be out priced of their ideal homes and suburbs because they waited too long - but be realistic - or even settle on half way between both , as long as you can comfortably repay as much as you can off your mortgage in the next few years the reward will be worth it
09-06-2015 15:48 #6
What would u pick re buying house
We started off in a 3x1 'fixer upper' because that we all we could afford at the time, renovated the whole house & yard and have now just moved into a 6x3 that we plan to raise our family in and stay for at least the next 20 years. So we started small & waited a long time to get this house, but I feel like it was worth it.
Having said that, if we could have afforded our dream house back when we were both working, we would have gone for it & paid off as much as we could until I stopped working. If it really is the perfect dream house, I think the financial sacrifice would be worth it.
Last edited by TaylorMade; 09-06-2015 at 15:50.
09-06-2015 15:54 #7Senior Member
- Join Date
- Jul 2010
Thanks.. I guess the only reason I would be out of work would be mat leave but just would mean I wouldn't get a year off I would take much less.. Also we could pay off the small mortgage by paying over what we are meant to but the bigger one we would only be able to do what is the minimum.
Thats what im afraid of.. In 5 years time not being able to afford the area.. U never know whats going to happen which is the part holding us back
09-06-2015 15:56 #8
We bought from an investment perspective when buying all of our houses as we weren't living in them right away. We are living in one of them now in which we have renovated. When we move in a few years we will be buying our dream home not intending to move for a very long time so are prepared to spend the big bucks. If buying your dream home is going to be too much of a struggle financially my advise is buy cheaper. Also look at how stable your current employment is.
09-06-2015 15:57 #9
Smaller house, pay it off faster, and then upgrade to the bigger one. Not having financial stress is huge. Plus bigger houses equal bigger bills, and more housework, maintenance, yard work. We went the bigger house and garden and struggle to keep on top of it all. We're now looking at downgrading. We underestimated how much it would cost to maintain.
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09-06-2015 16:28 #10
What state are you in? Stamp duty in some states is a killer. In Vic it's horrible but I think ACT isn't too bad.
I watched a real estate show that said you want to take the minimum steps possible to get to your dream home. You lose money every time you buy and sell.
That being said if you can only afford the minimum repayment it is probably a bit tight.
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