Stay - Buy - Rent (Poll)

[StoneChucker]

Life can offer up some rather frustrating situations (funny that, who would've thought!)

After having a rather bad accident, I find myself living at home with my folks, who are great for support while I recover. However, it's not exactly "cool" to live at home. I know that for the moment it's for a reason, but in 6 or however many months time it is when I should move out, I really am struggling with finding the best path to take.

Living where I am now is great, it's practically rent free (I insist on paying for certain things). Staying put for a while could be an option, but I'm getting near, err past the age where it's kinda weird to be at home (by societies standards). I don't see the point of moving out into a rental situation, as before you know it, it's been 5 years of paying rent, and you have nothing to show for it.

The other option is getting a mortgage & buying a house, which is my preference. However, that is most practical if you were to do it with a partner, which at the moment I do not have. I would be able to do it on my own, but would have very little spare cash each month (and at the moment, my working hours are not set permanently, I'm going through a very long process with ACC). I can at least say that I'll have at least between part-time and full-time hours.

The last option is similar, get a mortgage & buy a house, and get 1 or 2 flatmates in to help with the mortgage repayments. But again, that would mean buying a more expensive house, nearer to the CBD or another suitable location where people would want accomodation. No point buying in Upper Hutt, when most flat seekers need to be closer to work, uni, etc... Not to mention the headache of researching the legal aspects of it (what my and their rights are), interviewing people for it and hoping you don't get a psycho who destroys your house!

I need some panadeine!

[enigma51]

Find a area you want to live in rent for a few months to see if you like the area and then buy. To buy is never a bad idea assest etc but renting gives you a bit more freedom. So no dont have the answer.

[Colapop]

It depends on your plans for the future. Do you want to travel? Do you think you'll want to live in another city? Do you feel the need to breed?

Put your money aside and buy a house. There is still some security in owning your own home. Yes, there are other investment options that return different yeilds, but in the long term house owning is a pretty good investment. It's only a building as long as you don't get too attached to it then it's easy enough to sell if you absolutely need to.

As far as living at home goes - I'd still be there if my parents would've let me! Life is tougher having to do grown up shoit!

[StoneChucker]

(Enigma)no no no... You don't get it do you. You are supposed to give me the perfect answer, then everything will work out fine!:shifty:

(Cola)Yeah that's true, someone gave me some advice that buying a house isn't as "scary" as you'd think. Also, I see it as a HUGE savings account. Even after 5 years, you should get out at least what you put in, if not more. That option as I said, is looking more and more attractive to me.

No urges to move, or breed. I definitely want to travel though. I've briefly done Europe, but have many more destinations in mind. Maybe I'll do that for a few years, then buy. Also, after a while, I can say my folks are "living with ME" har har har

:spudwhat:

[Colapop]

I've found out (a little sooner than expected) that you only end up looking after them sooner or later... Anyone want my mother's husband? Free.

[DemonWolf]

Other than renting.. even though it doesn't seem you haven't got anything to show for it.. your've had a roof over your head.. more money in your pocket to do the stuff you wanted to do.. Getting a mortgage will mean less money in your pocket for quite a few years.. which can be very tough (argh dont I know it!)... it all depends on your long term goals. etc.

Good luck dude on choosing!

[Cajun]

Dave - paying rent all you are doing is paying someone elses mortage. and pretty much pissing your money down the drain, and only should be done if you have no other opinions

Best opinion i could say is to buy a house, get a flatmate or two.

Buy a house where you want to live, cause 9/10 there be people wanting to live in same area. Cause at least with a house, you have not wasting your money, and have something to call your own, and do what you want.

[Mrs Busa Pete]

Buy a house that is in a rentable area and stay at home you have the investment you want and still got the cheap living at home and tennat paying morgage.I had a lady out looking at houses on the weekend that wanted a home with granny flat for her 30 year old son to live in and when the time comes that you meet someone special you can both move into the house and live happily ever after.

[Maha]

Buy a house that is in a rentable area and stay at home you have the investment you want and still got the cheap living at home and tennat paying morgage.I had a lady out looking at houses on the weekend that wanted a home with granny flat for her 30 year old son to live in and when the time comes that you meet someone special you can both move into the house and live happily ever after.
AMEN.........:spudbooge

[Colapop]

My sister's boyfriend still lives at home with his Ma and Pa. His Ma still makes his bed for him and irons his undies.... (ok I can't substantiate the undies claim...)

[skelstar]

Dave: renting means that you can live where you want when you want with who you want. Less cash flow? rent a cheaper place, heaps of money? upscale!!! Toilet overflowing and theres a funny smell coming from the walls? Landlord's problem not yours!!!

[Maha]

My sister's boyfriend still lives at home with his Ma and Pa. His Ma still makes his bed for him and irons his undies.... (ok I can't substantiate the undies claim...)
Irons undies...............:laugh:
If a hot iron went near my superman skids i would get most upset.....:rofl:

[Mrs Busa Pete]

Irons undies...............:laugh:
If a hot iron went near my superman skids i would get most upset.....:rofl:

:killingme :killingme :killingme :killingme :killingme

[enigma51]

My sister's boyfriend still lives at home with his Ma and Pa. His Ma still makes his bed for him and irons his undies.... (ok I can't substantiate the undies claim...)
Your sister should get rid of him! He sounds like a lazy fucker!

[Mrs Busa Pete]

shit forgot to say what i was going to.You know if you me meet someone she will probley be flating so you can go to her place for a shag so no worrys

[enigma51]

shit forgot to say what i was going to.You know if you me meet someone she will probley be flating so you can go to her place for a shag so no worrys

Yip was waiting for someone to say that

[Maha]

:killingme :killingme :killingme :killingme :killingme
Thought you might enjoy that..............:cool:
Might look on trade me for that elusive blue spandex suit so i can do away with undies all together......................:banana:
Could either rent or buy................

[Grahameeboy]

I don't have any undies to Iron.....:violin:

[Maha]

I don't have any undies to Iron.....:violin:
You look like boxer man.......... thoses fuckers would melt........:shifty:

[SpeedyGirl]

Depending on your relationship with your parents, stay there and save. Most women love that guys have 'family' ties and as long as you are independant (and don't call your mother 5 times a day) then she should have no problem with you living at home, actually she should encourage it (more money to spend on her and the RING:laugh: )

Coming from renting since I was 16 and having a load of flatmates, Stay where you are till you can put more into a house and have the option of NO flatmates :Punk: (and more space for those bikes :ride: )

Just my 2c

[Colapop]

Your sister should get rid of him! He sounds like a lazy fucker!
IMHO he he is.... but then I don't f*ck him!

[NC]

I reckon buy a house and get flatmates. If you get someone that's an arse and wrecks it... (I'm sure you'll be a good judge of what they are like.) There is always myself to do most of the work. I am semi quailfied to do that :) And I'm always keen to do the renivations, if it needs it :ar15:

[Motu]

If you can get any sort of mortgage go for it - the only mortgage I've ever had I had to lie and cheat for....the times I didn't lie and cheat I was turned down.

[madboy]

Stonechucker - how you doing?!

I don't like other people, so I'd buy and suffer poverty. But I'd still buy at least a 3-bedroom as 1) IMHO they're easier to sell, and 2) you can get a flatmate or 2 in if the going gets really tough.

I bought 3 years ago. My mate went to china 3 years ago. He has a job that pays living allowances etc, so he gets to save HEAPS. He's saved NZD$100k in 3 years. My house value has gone up by $100k in 3 years. I have a house. He has a healthy bank balance. Neither of us are unhappy about our situations.

When I first bought I had NO spare money, I used to buy/sell shit cars on the side to get a spare few hundred here and there for the goodies like daughters birthday, xmas, car blowing up etc. I bought in a lower class suburb than what I woulda liked, but at the time I bought I was a solo-parent so couldn't afford another $100k+ debt to live in a flasher area. My partner and I have now been together for over two years. Between her moving in, and me having over $16k in payrises, the mortgage payments are nothing now.

The equity in the house is more than enough to finance any new bike/car even flasher house in flasher suburb now. But I've gotten used to where we are so don't see any point in taking or more debt for the sake of it.

In hindsight I now wish I hadn't drank/drove/f***ed all that money away for all those years and bought a house 10 years ago. I'd be friggin loaded now, probably driving/riding the cars/bikes I still dream about now. But I know that in ten years time - I will be there.

Sorry to dribble on about me. I'm just sharing my experience so you know can understand my point which is short term pain for long term gain. Buy the house. If you like people, get flatmates. If you don't, don't. If you run out of money, move back home and tenant the house. If you go overseas, tenant the house. It's an asset that will only appreciate.

[Skunk]

I bought 3 years ago. My mate went to china 3 years ago. He has a job that pays living allowances etc, so he gets to save HEAPS. He's saved NZD$100k in 3 years. My house value has gone up by $100k in 3 years. I have a house. He has a healthy bank balance.
My view exactly. I brought up the hill a bit from you 14 years ago. Never regretted it. Rent to me is a waste - paying someone elses mortgage.

If you want a house Dave - go get one. Someone will always want to rent (to subsidise the mortgage costs) where you are, whether it be because of the cost of the rent or it's close to where they work, whatever.

Or buy a house and rent it out completely and stay at home. Nearly did that myself but didn't want renters like some I've seen in *MY* house. :killingme

[StoneChucker]

Thanks everyone, I appreciate all the suggestions. It seems the thing to do is buy a house, and THEN choose what to do. Either live at home and rent it out completely, or live in it and rent out spare rooms, and even a great idea I got from someone wise is to live/rent in it for 5 years, then use the now bigger equity in the house to buy 1 or 2 more houses, and rent those out... Assuming all goes well there (that includes using a rental management agency), after 5, 10 or 15 years you should be well set up:apumpin:

Now my only problem is, thats a great long term solution (and what I've decided I'm going to do), but what happens if I get "hit by a bus" next year. It would've been a better idea to blow my money on fast cars, good alcohol and cheap hookers, no wait, cheap alcohol and good hookers, agh whatever:drinknsin :yeah:

[geoffm]

You have to be pretty settled to buy a house - renting you can up and move with 3 weeks notice.
OTOH, owning a house means you can do what you want with it - want to set up a workshop in the basement, or add on another room, or build shed? No worries (apart from $$$). This is a big advantage of owning - there is no way a landlord would let me do the workshop thing like I have set up at home.
If you know you want to stay for a while, and can afford the mortgage, rates and insurance, then do it.
Geoff

[Shadows]

Buy as sooon as you can. Don't get flatmates. You'll only want to bury them in the back yard.

[madboy]

Well Stonechucker, if you want to start talking about using equity to start a property empire... that's a whole different ballgame. Certainly one I don't discourage attendence at. An easy way of making serious long term financial gain. But "what if I get run over by a bus?"... don't worry about it. Life is full of what if's. Why do I come to work when I could sit at home, lie to WINZ and get the DPB. At least then if I got hit by a bus I would have spent all that time with my kid instead of at work?! And I'd never get on a bike cos it increases the risk of getting hit by the proverbial bus.