Own or rent??

[ManDownUnder]

So how many of you homo-ners actually purchased your house on one income?

Purchased - no.

Paid off - yes. And now we're (I'm) paying off the 2nd one. I owe more than I own, my debt is 5 x income and I have tenants we needs to carefully manage to make sure things don;t turn to kak too fast.

We have contingencies in place (like a revolving credit line available for use if/when things go bad as they do from time to time.... and a fall back plan in case it really goes completely tits up.

Risky - yes... too risky... no.

[cheese]

I was lucky I got a lump sum pay out from the Navy and got a house just before the massive price boom. To buy now is almost not possible for most people in Auckland. What is point of saving 30k + to have a $2000+ a month repayment for your own piece on NZ?

[ManDownUnder]

I was lucky I got a lump sum pay out from the Navy and got a house just before the massive price boom. To buy now is almost not possible for most people in Auckland. What is point of saving 30k + to have a $2000+ a month repayment for your own piece on NZ?

I agree. But then you don;t start at the top... or in property - you don't start by dropping 7 figures on the house of your dreams. Buy further out, buy smaller, buy something with potential, worst house, best street.. etc etc etc. Just start... that's the thing. Start.

Too many sit and whinge can't do this, can't do that. And they're right.

Check the responses to the poll... how many regret buying a house? 1 in 68 (at the time of posting...). Housing does go up. It might take time, it might ebb and flow... but unless NZ adopts a one child policy, closes our borders to immigration etc... houses will go up.

[judecatmad]

So how many of you homo-ners actually purchased your house on one income?

I bought my first house in the UK on one income - does that count?

A lot easier over there to get a mortgage - although house prices are now just as out of reach as in Auckland, from what my friends and family tell me.

Govt should definitely give tax breaks to first home buyers - and the home buyer incentive scheme that they've got at the moment is about as much use as tits on a bull. Maximum you can borrow is not even enough to buy you a garden shed in most areas!!! And there really shouldn't be a salary cap on your eligibility for the scheme - a first time buyer is a first time buyer, full stop. The only criteria should be that you live in the house that you buy through the scheme.

Don't get me started on middle income New Zealanders having to pay full whack for everything and getting no assistance in any way, shape or form.......

[_Gina_]

Don't get me started on middle income New Zealanders having to pay full whack for everything and getting no assistance in any way, shape or form.......

Oh come on!! You know you want to.....

says a fellow middle income earner...

[RantyDave]

or get a map, plot out:
Where the expensive areas are, and which way they are growing

This would have worked a treat, had you tried it in Wellington two or three years ago. The "filmies" fuelled property bubble merged into Seatoun and started to spread like wildfire into Strathmore (over the hill), along Breaker Bay and into Island Bay with avengence.

Same thing happened in London when I left in the 90's - Clapham became trendy and people doubled/trebled their money. Ditto Battersea. I swear, it's on the edge between expensive neighbourhoods and cheap ones where the big gains are made and in NZ we appear to be lucky enough that they spread reasonably geographically.

Dave

[Kornholio]

Screw you Dover, you don't deserve to live in a tent

[Shadows]

Buy if you can, gives you plenty of leverage to buy toys with!

[Deano]

Ok, another question.

How many of you could actually afford, on a single income, a decent house in a decent area of Auckland in today's market?

I wouldn't want to even if I could. But I'm impatient and hate commuting in traffic. (I don't ride to work)

Apart from that living with a landlord just blows arse. Property inspections, having to ask before scratching your nuts, the whole real estate agent deal.

And, trying to find a dog friendly flat.

I'm lucky in that my wife had a big deposit already saved. I was recently out of Polytech so was used to living meagerly, and didn't go silly when I started earning 'decent' money. By decent I mean better than average.

A revolving credit mortgage has worked well for us, but we have delayed having kids in order to cull off a lot of it. We also bought 3 and 1/2 years ago before the prices went mad.

[judecatmad]

Oh come on!! You know you want to.....

says a fellow middle income earner...

LOL, yeah, you're right, I do.....but I don't think I know how to spell most of the words I need in order to get it all out of my system! And it's not through lack of trawling the dictionary either!

[Big Dave]

Ok, another question.

How many of you could actually afford, on a single income, a decent house in a decent area of Auckland in today's market?

And she's worked fuckin' hard to get it.

[The_Dover]

And she's worked fuckin' hard to get it.

eh? which post were you referring to Dave?

[JimO]

i bought my first house aged 20 for $20000 sold 10 years later for $126000 bought current house for $118000 gv now $298000 have had a couple of renters and sold one making $40000 profit in 2 1/2 years other has doubled in value in last two years. renting will never give you any return as when you pay it its gone but with a mortgage you still have the house. my 2 cents for what its worth

[Big Dave]

eh? which post were you referring to Dave?

The one about one income to buy a house - yes, hers, she's studied and worked hard for it.
I dick around with motorcycles and sponge.
They don't give these gigs to schmucks you know.

[ManDownUnder]

This would have worked a treat, had you tried it in Wellington two or three years ago. The "filmies" fuelled property bubble merged into Seatoun and started to spread like wildfire into Strathmore (over the hill), along Breaker Bay and into Island Bay with avengence.

Same thing happened in London when I left in the 90's - Clapham became trendy and people doubled/trebled their money. Ditto Battersea. I swear, it's on the edge between expensive neighbourhoods and cheap ones where the big gains are made and in NZ we appear to be lucky enough that they spread reasonably geographically.

Dave

Mate it worked then and it works now...