I would buy cheap on the outskirts.
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30-07-2015 15:04 #11
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30-07-2015 15:13 #12
20 minutes seems very reasonable. I know it's longer than 5, but if you can save $70k, sounds worth it. Especially if it's a new development as you say...Could you buy off the plan? You would have quite a bit of equity in the house once built and you'd be closer to affording back where you live now.
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30-07-2015 15:19 #13
It's a no brainer for me, but we live out of town so it's 10 min to a tiny little town and 15 min to the outskirts of our closest regional centre. There's pretty much nowhere that we go to that isn't 20min+ travel time. Unless we are popping to the little foodworks for milk or the paper. So we would definitely live further out and have a bigger house for less money
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30-07-2015 16:59 #14
Okay. I think we're just going to try and go for a good-sized house when one comes up. There's nothing on the market currently.
30-07-2015 17:28 #15
Based on other info - keep saving.
I would only move out if I got a bigger block.
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30-07-2015 17:39 #16
Feeling a little disheartened I guess. Never ever thought we'd still be trying to buy. We've made numerous offers with some being over asking price but were outbid each time.
30-07-2015 17:56 #17
I was in a similar situation and opted to move further out for a larger and better home. It increased my daily commute from 1.5 hours to 2 hours, we can no longer walk into town to the cafes and shops, and we are further away from the city too. On the plus side we got a flat block with lots of extra space for veggies chooks etc, the house has a better floor plan and is larger and newer, and we are closer to farmland and wineries!
I think the biggest thing to think about is the extra costs of selling and buying, it really adds up and can really eat into any savings you make by getting a cheaper property. Think general moving costs, plus potential mortgage discharge fees, new home loan costs and LMI of that applies too. One thing I wish I'd done first is rent a place first in the new area before making any final decisions about selling and buying. Probably would have still ended up roughly where we are now but it would have given me good info about the area and I would have been better informed about property values and the good/not so good parts of town.
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30-07-2015 18:19 #18
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30-07-2015 18:40 #19
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30-07-2015 18:48 #20
30 mins isn't far at all. We drive that far to get petrol and go to Costco etc!
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