Think My Where To Live Dilemma Is Solved!

[Nai]

I have friends in Fairfield and it is a great area - also not far from where you are now. Sending perfect house vibes your way

[Janie]

Sounds like a great plan Fiona, I'm sure Fairfield will be perfect for you guys

[Nelle]

Sounds promising Fiona!

[fionas]

Well, every silver lining has a cloud!

Thought I'd found a perfect solution. Thought I'd been pretty realistic about it having looked at actual selling prices over the last six months. Then spoke to RE agent and all the sorts of properties he's got coming up, well the owners want about $100K more than similar properties have sold for.

So could be back to the drawing board. Very disappointed. Between having a tight budget and not knowing how many bedrooms we'll need in two years time and whether I'll actually be able to walk (because of pelvic problems likely to recur if we have a second child), this is all a bit of a nightmare.

[Rivlas]

What about staying where you are and extending, maybe upwards?

[Mak]

Keep looking - just bc people want $100K more doesn't mean they will get it either (may seem hard to believe at the moment tho). Fairfield has a great shopping strip (as you prob already know) - great Japanese, Indian, Chinese restaurants and THE BEST charcoal chicken shop!
Don't lose heart - there should be more property on the market soon so perhaps more choice and hopefully less inflated prices (according to DH). Are Alphington/Thornbury/Preston any good? Good luck!

[AliB]

Hi Fionas

You've probably considered this already, but given budgetary constraints coupled with uncertainty about your needs within the next couple of years, I'd be renting a house and renting yours out. (In fact that's exactly what DP and I will be doing).

Why it makes sense for us (and may also for you):
- we've only owned our house for 2.5 years and don't want to lose out on buying and selling costs just because our needs have changed
- there's heaps less stress associated with finding a rental at the appropriate time, compared to buying and selling property.
- our existing home becomes a rental property and therefore interest, expenses etc are tax deductible - the anticipated tax refund can go toward renting a better place
- by spending a bit more than we're renting our place out for, we can afford a better / bigger house or a house in a better area
- we have ultimate flexibility depending on whether I end up working from home, or go back to work, or DP changes jobs etc... we can shift again if necessary and don't feel tied in for another 5-10 years.
- we don't lose our place on the property ladder!

Good luck with your decision.

[fionas]

We considered extending here and it may still be an option to build a self-contained double-storey out the back - not cheap though - $140 - 170K.

Extending up about $200K.

I think at this stage renting is probably our best bet - I'm all for it but DP still needs to be persuaded a bit.

But did all the sums the other day - not easy for an Excel neanderthal like me - so at least I've got it on paper now which kind of clears the head.

Still a bit miffed that we might not be able to buy in Fairfield.