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    Default Long term renters?

    I rented for about 15 years before we bought our house. Was quite happy renting. But now I’m facing an almost inevitable separation the idea of long term renting is quite scary. I mean I know I couldn’t afford Sydney rents, but I guess I’ll have to spend a lot of whatever I get in settlement and hope my study plans pay off and can find a job. I’m 46 so maybe other renters on here are younger and not thinking about retirement but that’s probably the scariest thought to me. Being on meagre pension and having to pay rent!! I guess I just wonder if any long term renters have a plan or is everyone so busy just trying to get by they don’t think too much about the future?

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    I'm a long term renter.

    We are finally in a good position to save money for our first home. We're late bloomers in that respect I guess (I'm almost 39 and my DH is older than me). There were a few years there after we had DS where we couldn't save a dime, so it feels promising that we are on target to enter the market in 2-3 years time.

    My IL's are pensioners and they rent a small home. They do not own property. I see how they struggle and I just really don't want that to be us when we're older.

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    Freyamum (02-10-2018)

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    I'm a long term renter but it's not by choice. The prospect of renting in retirement is terrifying. I'm hoping to get a good job once I finish my degree so we can afford to buy. Currently our income is too low to get a mortgage though we have managed to save some money.

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    Freyamum (02-10-2018)

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    Never cared to own until we had DD a year ago. We recently asked our parents to do “parental guarantee” against their homes (DF & I are both very stable in terms of employment but we were both flippant with money until we met a few years ago). Both sides said no.

    So we’re renting for another year or 2 while we try to save the rest. It’s the deposit that’s the problem! Our mortgage broker has ways to get us a loan quicker, but we’ve decided we still want a quality of life... even if that means renting forever... or until an inheritance comes through unfortunately.

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    Are you working full time? part time? the amount of money you are getting in would change my response.

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    My grandparents rented their whole lives. They used my grandfather’s super to buy their first home, outright. And then they had no life in retirement, because all their money went on the house and they were living pension to pension. At that stage of life, they probably would’ve been better renting and having super fund income and pension income - they could have then at least travelled.

    Personally I’ve been very lucky - I managed to buy my first place at 21 with no deposit, back pre-GFC when they’d give 100% loans and the first home buyers grants applied to existing homes too. We sold that place and moved into a larger place - aside from 6 months in a share house I’ve never rented. The thought of it terrifies me, I hate instability and knowing that I could get kicked out etc.

    For you OP I would be looking at what your financial settlement would be if you were to seperate - could you get a mortgage to buy your ex out of their share? Or would you walk away with enough to use as a deposit on a house? I hated watching my grandparents struggle, and when they moved to the country they could have comfortably rented and lived on the super and pension. There would be a certain point where it would be smarter to keep renting - if you won’t have the mortgage paid off or mostly paid off by the time you plan on retiring I would lean towards long term renting personally...

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    Long term renters here. We would love to buy but it's not happening for another 10 years at least, until I have finished study and have a job. By then dd1 will be (hopefully) out of home (she will be 21 by then), dd2 will be almost finished high school and the others all in high school and late primary. We had an amazing opportunity when my grandparents gave us a significant amount for a deposit but after speaking to a broker and weighing up our options, we decided to use the money to pay off debts and relocate closer to family. Things kind of took a nose dive for a while financially so now we are back at square one digging ourselves out of debt and trying to get ourselves into a position to be able to buy, which won't happen while on our single income. Our goal is that once I've graduated and started working, we can use the income that is lower as savings for a deposit and live off the higher income.

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    Freyamum (03-10-2018)

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    Quote Originally Posted by delirium View Post
    Are you working full time? part time? the amount of money you are getting in would change my response.
    Neither! I’m a sahm!! Stuck in a relationship with a controlling man. There’s no relationship. We’ve not spoken a word to each other in weeks I’m not exaggerating. I’m seeing a lawyer after school break but I don’t know what I’m likely to get in settlement as he put in quite a bit of money when we bought. But he’s been growing his income and career while I’ve been home with kids and now no job prospects. But I’ve applied to uni if I get in good job prospects but 4 years of study. Best case scenario is I could afford a 1 bedder to rent out and for my retirement. Worst case he drags us through long court cases / hides money or some other way weasels out of responsibility and I end up homeless!! Or he totally flips and turns violent. God I’ve no idea. He says nothing. 13 years and I feel like I’m living with a stranger who knows everything about me as I’m really open and honest. How the eff I ended up with him I don’t know must’ve been brain washed! I’m trying to do my homework and be prepared but it’s so bloody hard I just want to leave.

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    Ahhh ok. I thought you were applying for work at the beginning of the year that's why I thought you were working. Bottom line is you need to get some income. Look at something like Home Care where you can do school hours and get together some cash as soon as you can. It's actually reasonable money considering you don't need any quals. That way you can afford to rent something very simple or service a loan alongside your settlement.

    That's my advice. Get your income in order straight away. What's the repayments like on the house? could you manage them on your own?


 

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