accomodation

[car10002]

hi everyone

was just wondering what people experience to know that its time to think about moving out of parents house or move out of a shared house and into your own

(you know how people have house mates or people live with parents and then eventually start to think about moving into your own place and what they want to do after school).

if you dont want to rent and be limited to what you can do without asking the owners permission and pay as much to rent as to buy and possibly have to move to another place at anytime, what could you do to try hang on until you can afford to buy if youre showing clues that it might be time.

you probably know that it is hard to explain the usual clues as everyone is different and they have experiences to know that its time but youll know when its time.

for me am wanting own independent space further from the house with its own kitchen and bathroom and lounge area for following reasons.

1. just have your own independence and space and not have to bother about anyone else in the house.

2. isolate seperate if being a close contact without having to re-start the time.

3. not be affected because of a household member.

4. live with someone who works at a supermarket who has regular 5-6 am starts and share the same kitchen and bathroom facilities as they do and got to fit on with that supermarket member for the kitchen and shower.

5. have your own time when youve been working and just got home and want to do your own thing.

6. having your own space to do your own things.

not in any hurry to move out the current home just want to get the above sorted first and wondered if theres something that can be done in meantime to hang on till you can buy however long that takes.

have a uncle whos 72 now and was over 40 when he bought his and am expecting it to take me atleast the same as it took him.

to make buying or building easier have started collecting bits and pieces to make it seem easier, have collected following.

1. clipsal rcbos/switchboard components (will afdd become a requirement, will it be a good idea to when purchasing switchboard enclosures to allow for the possibility of the requirement just incase)

2. light fixtures, might have secondhand brass ones lined up that look good and might spray paint them black or silver.

3. outside power points for outside and outdoor kitchen area

4. surface mount sockets for the downlights

wont collect stove as someone on here said it may not hold up in storage or will it, ifso how do you store it so mice dont get into it.

will mixer taps last in storage if you store them properly, am sure power points and switchboard and other electrical stuff will if stored properly.

will ceiling fans and downlights be ok in storage if stored properly

will flooring material (particularly floating floor and tiles) be ok in storage if stored properly

also with camping in tents how would you get the heating and cooling comforts of a van/cabin, do you have to have 240v to run them of is there other ways

Bump...

[.:4:.]

If you want to buy, get saving for that deposit. Its a lot easier to do when you live at your parents and pay a lot less board then if you are renting. Try as hard as you can to get any existing loans payed out, lenders take that stuff into account, same as rental history.
Be realistic about what you want to purchase. If you dont have kids you dont need a 19 bedroom mansion witg 27 bathrooms.
Dont take advice from your cousins uncles mates sisters friend, speak to a mortgage broker. They can tell you exactly what your borrowing power is if you can supply your financial information.
And before worrying about any sort of home renovations, try and get a place first. Maybe it doesnt need any work done to it, or maybe it might be minor things etc.

[b0son]

do you have a job?

[car10002]

Will ceiling fans and appliances last in storage, whatever outcome is am going to want to change to choice of style plus in price range will only be able to get a good 30-40 year old house that just needs some things to get it how you want it or a run down fix up and do up one room at a time

[theunfairadvant]

@car10002

Below is just my suggestions only.

Staying with your parents is a good start to save as much as 60 to 80% of your income to have a deposit for an investment property. You don't have to go out every week to get drunk and get smash and spend all your money.

When going out, try not to spend more than 10% of your income on the weekend. I see many people spend more than 60% of their income on the weekend, and in the end, they got no money left or even save any at all.

Start saving now and buy investment property so by the time you hit 65 or 70, you would have at
least 5k to 10k weekly rental income coming in, so you don't have to rely on the pension for the rest of your life.

My suggestion to you is to buy an investment property first as this way you will get your foot into the door. It will not cost you a lot of money as the tenants will be paying for most of your mortgage
and might only cost you about $100 bucks weekly for your investment property.

Many people are always trying to save money and buy their own Principle Place Of Residence ( PPOR ) first and are doing it all wrong. When you buy your PPOR first and start paying it off for the next 20 to 25 yrs,
by the time you start investing in property, you might be over 65 and might find it hard to start investing in property.

When you have saved up some money or have a few friends getting together to get the ball rolling is even better when you are young.

Below are my suggestions for you to get started when you are ready.
1. Set up a Pty Ltd company and a trust to buy an investment property
( IP for short ). Buying under a company and trust is for tax benefits and can claim the maximum tax deductions.
If you were to have 10 investment properties, you would have 10 Pty Ltd companies and 10 trusts.

Only set up the company when you are ready to buy, or you can set up the company now and wait for 2 yrs as some banks or other lenders do lend you money
without having you to show any financials, which is good when you first get started.

They need your company ABN to be at least 2 to 4 yrs old. ( Make sure you remember to file your GST and income tax and pay for your company registration every year if you were to go down this route.

2. Refinance your IP every 2 to 3 yrs to get the extra equity so that you can buy another IP.

TIPS: When you go to the bank to get refinance to buy another IP, DO NOT, I REPEAT DO NOT tell them that you want to refinance and draw down on the equity to buy another IP
or else they will say you need a new loan. This way, you missed out on drawing down your equity.

Always tell the bank that you want to draw down on the extra equity to renovate the kitchen, bathroom and living area, so this way you get refinance approved much quicker.

If you go to say NAB to get your loan and you or your wife is a 7 Eleven and say it out by mistake, don't worry; just go to another NAB,
and they can get the loan for you but make sure you don't fill in any forms till you can refinance.

3. Buy an investment property every 3 yrs till retirement.

4. After 15 yrs investing in property, try to get your LVR down to 40% or less. Even you might have an 80% loan, but your LVR is 40%.
E.g. LVR ( Loan to Value Ratio ) means your Investment Property is valued at 1 million. The bank loan is $800k, so your LVR is 80%

If you have paid off $400k, then your LVR is 40%, meaning you still owe $400k, and you have got $400k equity that you can draw down to buy another investment property.

5. Go to attend a few property seminars as it is tax-deductible, or attend a few paid property seminars every year once you have at least 1 or 2 IPs under your belt. This way is to expand your knowledge in property.

6. After having a few IPs under your belt and when it is time to buy your PPOR, you can refinance and draw down the equity of all your IP and put a large chunk of deposit,
and by that time, it could be 60 to 80% deposit for your own place.