But their investment properties are not worth a lot. They had one on the market for 4 years before it finally sold at a fire sale price. It was rural and no one wanted to live there.
My point is like everything this isn't a black and white issue. Ok if there are pensioners living with millions of dollars in investments then that isn't right. But that's no different to that's really no different to working age people claiming pensions when they have other means of income.
My parents have worked all their lives in industries that didn't earn them millions yet as self refunded retirees they live with rules that are a minefield to negotiate.
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18-10-2016 07:49 #41
18-10-2016 15:03 #42Senior Member
- Join Date
- Sep 2009
And yes, from land can be worth less than the mortgage. Farm land can fluxuate in value the same as other property and it is not unknown for people to borrow 100% of the value.
As for saying that if you can't afford the mortgage on farmland it must be a bad investment I actually feel quite offended. We have farmland that we can barely afford to pay the interest on, not because we are bad farmers but because of years of drought. Drought that has led to massive devaluing of property in northern Australia, so much so that it's easier for people up walk off and declare bankruptcy. In addition mining and fracking of the land has also devalued it.
18-10-2016 16:35 #43
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18-10-2016 17:00 #44
18-10-2016 19:16 #45Senior Member
- Join Date
- Mar 2014
Like any other investment - your principle place of residence is an investment - in your future. Just like any other asset you might own, when times get tough a decision about what to do with it needs to be made. If that means downsizing so you can afford the rates or a more comfortable life then there is a 'choice' to be made, a luxury many people don't have.
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