My DH wanted me to post this to the wise women of BB
Out of these two scenarios, which do you think you would be more in favour of doing:-
Scenario 1
? Buy a more expensive house (but not really expensive, just more expensive than scenario 2),
? maybe one that needs a revamped kitchen or bathroom etc,
? located in a good area
? most probably 10-20 minutes from work
? live in it for 5 years, until we can have 2 wages in the household again
? then sell to basically buy/build the house we want to live in long term, hopefully making some profit in the sale to assist in the new house.
? Although said profit would be marginal due to not being able to pay off a lot on the house due to the fact mortgage would be higher
Scenario 2
? buy a cheaper house than scenario 1
? either one that needs some revamped kitchen or bathroom etc, but ideally one that has already had this work done.
? Located in what is deemed to locals as a ?dodgier? area (but really just not as good as scenario 1)
? most probably 5 mins from work, so save money with fuel,
? potential to ride pushbike to work and save more fuel/money
? due to the fact that mortgage will be lower than scenario 1, should be able to make much larger payments
? therefore pay off loan quicker.
? live in it for 5 years, until we can have 2 wages in the household again
? then buy/build ?dream? house so to speak, and keep other house as a investment property.
? Due to lower mortgage repayments, rental received should cover mortgage and running costs of property, therefore paying for itself
? Then in future either keep investment property
? Or sell it, and most of the monies will be ours to pay off on our ?dream? house mortgage because hopefully we would have paid off the investment house mortgage.
If the reason option 2 is in a dodgier area is just because of a local snobby thing then I'd go with option 2. But if it is because of quality of life/safety for you and family I'd go with option 1.
Its not as "dodgy" as some other places in Launceston - but its certainly not the best place to live - it has a reserve at the end of the road that probably has a tendency to attract druggos and dealers and stuff, but I figure you keep your head down and get on with life, people are less likely to annoy you
And yes I have insisted on a security system and crim mesh stuff on the windows if we get this place. And we do have a dog, although perhaps we need a bigger dog than a beagle.. LOL
And to give an idea - the more expensive house would be around $260,000 - and the cheaper one around $215,000 - so not a huge amount of difference, but it would be in weekly repayments for us - we could nearly pay double on the cheaper one, plus still go up to Queensland to visit family a few times a year.
Hey mate my sister lives in one of the most expensive suburbs in Brissy and there are still weirdos lurking about IYKWIM.
That's a tough one, the cheaper house means you can visit family which is a huge bonus but you have to feel safe. I guess only you and DH know if you'll feel safe.
Here's an idea, ring your insurance company and ask for an insurance quote for your contents for both suburbs. If the break in / crime rate is higher there will be a big difference in the quotes. Just an idea.
I'd go option 2. That's similar to the scenario we are living in right now - we bought our first home in a slightly dodgy area, but it is a really nice house and was much cheaper. We've been here 3 years, and have made great friends who all live locally (awesome mum's group!), because more and more young families are buying here as its affordable. Apart from the bogan hoons doing donuts in the street at night on the odd weekend, we don't have any complaints...
What would your immediate neighbours be like?? Can you get a sense of that by just looking at their house/yard? Or could you just go and ask them what its like and see if you like them??! We have great neighbours on one side, and dodgy ones on the other, but its mostly ok...
A question from my DH
Reply With Quote
Bookmarks