I can pay off my house in 4 years pretty much on poor blokes wage!

[Keepleft]

Originally Posted by buggerlugs

http://www.news.com.au/money/propert...-1226248472949

I must say, as much as I don't like it - I expect this prediction will bear out in a year or four.

Know a local mortgage fella, feels the same. Blames a lot on GovCo.

[302 XC]

Its great some had a win fall in recent times in real estate
But for every winner , theres thousands of losers
I bought first house new in 1991, sold 10 years later and didnt come out on top , shy of the payout by a touch , but the market was real flat
So 10 years of payments , usually more than renting the exact house , and i didnt go forward
But the second property i bought , i sold, i had only for a few years, sold and made over double
But that 2nd house , did go up more but is currently struggling to get any views for what i sold it way back when for
Its a fine line

[Ben73]

Property investing is the way to go. I'm gonna buy a house this year to live in. Then after paying it down for a while buy a block of land and possibly put a duplex on it if possible.

[HULK EF]

so many many variable's can affect a propertys value gain and rent rurn..

*that suburbs population growth
*rent vacancy's. 1.5% or less = good for landlord
*freeway and main road locations
*schools
*new planned shopping centre's
*future planned local council projects ie-Dog parks/kiddie parks/bike paths ect.
*industry booms -Hello!!! Maitland/Scone/Orange/Gladstone ect.

Win some and lose some as i have found. -although i have never done my research when buying into the 3 locations i have up until now.

[302 XC]

Originally Posted by HULK EF

so many many variable's can affect a propertys value gain and rent rurn..

*that suburbs population growth
*rent vacancy's. 1.5% or less = good for landlord
*freeway and main road locations
*schools
*new planned shopping centre's
*future planned local council projects ie-Dog parks/kiddie parks/bike paths ect.
*industry booms -Hello!!! Maitland/Scone/Orange/Gladstone ect.

Win some and lose some as i have found. -although i have never done my research when buying into the 3 locations i have up until now.

Good tips, but these are usually the locations outside of the reach of most low middle income earners
Pay extra every month, have the excess pressure to uphold your agreement,or buy further outta town pay less every month but pay more in running costs to travel the extra distances
Alot of the industrial areas that are the boom , when i was younger people couldnt get rid of them due to the isolation or even worse the swampy blocks

[EDManual]

Hi again.
I tried to sell a while back without an agent cos I think it's a rip what they charge. Had no luck over 10 months or so. Took it off for 6 months then went through an agent. Sold in a week... got 320000.

Now signing up for a new house with little mort gage :-)

Alls well!

[calais]

Well done

Im jumping into the buyers market this year! Feeling brave!

[zilo]

Originally Posted by EDManual

I am pretty wrapped with how things have turned out I must say!
Get this :

I am on a measly $35 grand a year, and am able to pay off my house after 4 years with a wife (doesn't work) and a kid, and we havn't had a budget or been careful with what we spend! Or tried to pay off the loan.(just paying interest only, with a bit more here and there when I can)

I bought a subdividable block in 2004 for $85000, build a house for $125000 on one side of it in 2006. Subdivided for about 10ish grand. (had a loan of 180,000ish at that point)
Now its 2010, have a loan of 165000ish, house is going on the market for 330,000. If I was to quickly sell it for say 310,000 I'll have $145000 cash to spend on another house on the block next door that would be fully owned! worth about $330-350000!

How about that! :-D!

And some people complain about low wages!... We go to France every 2 years too.

In 2010, in the original post you say it was worth $330k.
In 2014, you've just sold it for $320K


What happened in the last 4 years?

Wasn't it sposed to be worth at least $400k?

[ZA-289]

Originally Posted by EDManual

Hi again.
I tried to sell a while back without an agent cos I think it's a rip what they charge. Had no luck over 10 months or so. Took it off for 6 months then went through an agent. Sold in a week... got 320000.

Now signing up for a new house with little mort gage :-)

Alls well!

Sometimes its not worth being a tightass. I know I would steer away from a private sale.

[Syndrome]

Originally Posted by zilo

In 2010, in the original post you say it was worth $330k.
In 2014, you've just sold it for $320K


What happened in the last 4 years?

Wasn't it sposed to be worth at least $400k?

Property market has been flat in a lot of places these last few years.

[EDManual]

No movement in prices. Happy with the price though with how geelong is going at the moment!

[TheZHLANE]

you must not live in perth then LOL @ OP

[MercurySilver]

And here I was thinking from the thread title u paid off a 400 grand house in 4 years.


I could pay mine off too afterbeing in it a year and still walk out with 200.
Pay 300 grand off in ten years.......that would be impressive

[Ben73]

Buying an average house in an average market you are not going to make money on a the house.
Sure it might be worth an extra $100,000 when you finish paying it off, but you have probably paid just as much in interest and all the other fees involved in buying and selling houses.

Your house isn't the only one that is going to increase in value.

[zilo]

Originally Posted by EDManual

No movement in prices. Happy with the price though with how geelong is going at the moment!

Hell yes....Geelong prices will tumble when Ford shuts shop.

Good move getting rid of it mate.

[EDManual]

Theres only 600 or so people at Ford in geelong, thats not many when theres 250,000 in the geelong area. I dont think it will make any difference to house prices TBH.

[nuthin' fancy]

Originally Posted by zilo

Hell yes....Geelong prices will tumble when Ford shuts shop.

Good move getting rid of it mate.

Sorry Zilo, can't agree.

500 people lose their jobs when Ford closes, not much influence on the market here. Would have been different when 5,000 worked there.

If there is a downward adjustment, it creates a buying opportunity in any case.

[zilo]

Originally Posted by nuthin' fancy

Sorry Zilo, can't agree.

500 people lose their jobs when Ford closes, not much influence on the market here. Would have been different when 5,000 worked there.

If there is a downward adjustment, it creates a buying opportunity in any case.

I hope you are right mate....

[vevapower]

35k p.a or 135k p.a. you'll most are in the same sort of position diff being the 135k person just has more expensive version of your toys and lifestyle!

[ebxr8240]

Well done.. People said I was crazy when I bought two investment properties to rent back in 92 for 130k each ..Have you checked the real estate in Sydney ???
Have some capital gains when I sell.. to be negative.. The good part is when any overtime came up I worked it knowing I would get a fare share of the extra tax back..Trying to make the money work FOR ME !!!
Which I was told very very young to achieve. They didn't say HOW though !!!
Keep doing what you know and works for YOU.. Don't get too big though in case a depression in the industry comes along .. You have enough $$ to get you though..
Seems after every down turn there's a big upturn which seems to come every 7 to 10 years..Finances are are thing not talked about..But listening to successful people helps ..
Half the reason why parents want their children to go to certain schools .. Its not just the education .. Its hoping some of the good attitude rubs off..

[vevapower]

I bought a Block in Sydney Feb 2012 375k, same block size just released around the corner 465K!

Good return for 2 years!

[ebxr8240]

Those who say it cost money to buy a house ?? Remembr you have to live somewhere ..
The thing is to do opposite of what everyone else is doing..NO point buying at the top of boom.. I know some who bought gold at $1800 an once ..Because people who [said] bought at $290 made money ...SHEESH !!

[gtfpv]

Originally Posted by vevapower

I bought a Block in Sydney Feb 2012 375k, same block size just released around the corner 465K!

Good return for 2 years!

how much interest did you pay over 2 years . assuming 5.5%=$41250 interest +loan fees , survey fees, council fees,+ your stamp duty you paid on the land .

now if you were to sell it , @ $465k less agents fees and pay off mortgage inc discharge fees . then pay capital gains tax .
what would your return over that 2 years be . and what did you go without over that 2 years to pay the mortgage ?

[BHDOGS]

And they wonder why people cant afford houses these days

[pottery beige]

lol

i've gone out of my way not to pay mortages off.. fun cars, fun wimmens, fun times..

drop dead tomorrow

everyone will get a bill

hth

[DJM83]

Originally Posted by pottery beige

lol

i've gone out of my way not to pay mortages off.. fun cars, fun wimmens, fun times..

drop dead tomorrow

everyone will get a bill

hth

No mortage here, agreed on your sentiments PB. That said im lucky though, my old man has transferred his owned house down south into my name already so for me I dont really need to buy a house.
And I have enjoyed my life so far amd will continue to do so.
Good on the folks that buy houses. Its just not for me atm.

[BENT_8]

Been there, done that, lol.

My situation was different to many in that I rented the house I bought prior and so when I signed up and rolled in the driveway with my mortgage papers for the first time, I didn't get all excited as nothing had really changed.
I just woke up the next morning, looked around me at the work I had just put my hand up for and went about life.
The problem with me is that I swear I have gypsy ancestry in that, I couldn't hang around long enough to pay a mortgage off, so the only people benefitting from me would be the tax man and the agents.

Homeownership only lasted 4 years for me. In that time I fully renovated, landscaped the gardens and got bored.
I wont say I didn't profit from it, and the rewards are still being reaped, if only for my offspring's benefit.

Would I own again, maybe, its not something I aspire too. Im happy to be a renter.
In fact, it could be argued that for the right tenant, it is a renters market.

I say that because so many mum and dad investors are reliant on a steady stream of income from their investment property to remain viable.
For the right tenant this can be a bargaining tool as investors try to retain good renters and avoid the endless cycle of 1yr tenancies and 'empty periods'.

In the 3 years weve been here, every other house within sight bar one has been tenanted and vacated at least twice, some even more.
The people we rent from were so worried about us leaving they cancelled the property manager who accused us of failing to pay our excess water bill because I said I would leave if I had to deal with them again.
They then offered us a 2 yr lease at the current rent rate if we would stay.
For the record, 3 years ago we moved in paying $280pw for a 4 bdrm, 2 bthrm, double c/p umr, it has only gone up $10 in that time and will still be $290 in 2 years.
All that on top of the 6 outlet ducted system they installed 2 yrs ago on request from us.

I live a comfortable life, I move when I want at little expense, change my cars on a whim and enjoy sports and a social drink on the w/e.
I could do with some regular work, the casual stuff im doing isn't making me rich, but as my overheads are low, we manage quite easily with my wifes fulltime work.
The guy across the road, the only mortgage holder in the vicinity, lost his job late last year.
His house is a modest 3 bedder on a postage stamp of land, he certainly didn't bite off more then he could chew.
He was telling me that he had to go and see the bank and file for hardship to freeze his payments until he could get work or they'd take it.
He told me he had sat around the corner and cried in his car at the thought of telling his wife what he had needed to do.

Bugger that.

[ebxr8240]

My issue with renting is what's the go when you can't work anymore ??
May be ok when you're young but it catches up at the other end !!

[usernametaken]

I couldn't sleep at night if I had the repayments some of the blokes at work have...

Buy what you can afford then work your way up.

[neptune blue]

It has been proven time and time again that property is one of the safest long term purchases you can make

Whether investing or buying to occupy, the vast majority of people make money not only here but all over the world

I'm in my early 50's and in my 3rd house

I have a mortgage which is bigger than I would like it to be but if I sold my house tomorrow I would walk away with around $750k

I have 200k in my under performing super fund which I'm taking out to buy an investment property

The plan is that the rent and my 9% employer super contribution will pay off the rental by the time I retire

I will sell the one that I'm living in and move into the rental

They say property value doubles every 7 years. I don't know if thats right but hopefully i will walk away with $1.3 million , based on historical property pricing in the area and no mortgage

Then maybe I can finally do all the things I want to do to my car !

I'm not a smart business man, a captain of industry, account or CEO but this is the only way I think I can provide some security for my self after i stop working