Do you rent or own where you live?

[Cahuna]

I currently live a house in the 'burbs half-owned with my mother. As of next week however I'll have my very own piece of suburbia and a whopping great Auckland-sized mortgage

If you ever want to own your own house then there is no such thing as getting in too early IMO, otherwise by the time you've saved what you think is a large enough deposit you find the market has moved and you need an even bigger deposit etc etc. However, if you're happy paying someone else's mortgage and living with the possibility of having to move at someone else's whim then renting is the way to go... the mortgage on my new house would be similar to the rent on a very nice house in a nice area of Auckland. Me being a control freak I'm happy to pay the extra to have a patch of NZ I can call my own.

[flygt4]

just bought a place, move in april 13.

rather than save a deposit we bit the bullet and took 100% home loan , as by the time we have saved a deposit house prices would have risen more than the penalty we pay by getting full finance and we would be completely out of the market.

looking forward to playing with my own shit im a DIY maniac. plus i have obvious perks of my job, being able to install a heat pump at near cost price should save us 100's on power bills.

[Bling]

Yeah I have money saved, but 100% finance was going to be easiest way to get into the market as like you say, by the time you save X amount, you need X + Y, so end up still not being able to buy. Plus GF has JUST changed jobs and so the banks don't tend to like that even tho her last job was for 4 years . So we are going down the 95% route, takes a we while to pull over 10k from nowhere

DIY ftw I have to say. Anything down this way under 250k is snapped up within a few days of being listed (anything 1/4 decent anyway ) so actually looking for a place is quite a mission as by the time you get around to organising to phone the agent, its under offer happened so many times its not funny!

having 2 cars just myself is also a bit of a pain as section size requirements bump up into the "hens teeth" basket for the coin we want to spend.

[Alex B]

I think youl find by the time its in the paper its too late. You need an agent to be emailing their listings to you.

[Mr Revhead]

wtf would i do with a house?

[2LTR Rona]

Mine could be considered a mortgage of sorts, kicked the olds out, got the to move to Perth & now I have their fully furnished house & cover the mortgage for them

[Snoozin]

I owe... sorry, own.

[Lith]

I rent. Snoozn > me!

[Norty]

I have owned a house for 3 years now, and made about $100,00 so far, but thats just a Government Value not Street value "sounds like crack eh"

My suggestion is if your going to save, save the deposit + 10,000 for unforeseen stuff like lawyers fees, moving costs bits and low equity insurance , we got everything before we got the house but still needed certain things.

I went 100% when i did it cause our landlords got on the house boom and sold their rental we where living in. Kept it with a 2nd tear lender for 1 year then changed to normal Bank, by that time the house value had gone up enough and the normal banks where lending up to 95% so it was all good, however it was a gamble, but totally paid off.

Since thats out of the way i can travel knowing i have a place called home

[Ae92typeX]

I cant afford to buy in Auckland, but wanna...

[no_8wire]

Living with the parents...mmm cheap board + good food...



I will need to move out of auckland if I ever want to buy...( well the area Im in now anyway! )

[Simon K]

Renting in our first place on our own. It's great. I've only been flatting for a year and a bit previously so it's still mostly new to me.

[KiwiMR2]

I'm another one who does both - I own, but have rented the house out, and I live in a house that my partner and I rent off her parents. Works well, my mortgage is paid by my tenants, and I'm paying less than my mortgage to live here.

Were doing the exact same thing Renting off the in laws & brought an investment property.

For us it made more sense....if we moved into our rental property we would be paying say $400 a week to cover the mortgage, instead we rent it our for $300 a week & pay our own rent of $220.......so the $220 were paying to rent plus a top up of $100 over an above what we get from our tenants means we only pay $320 so it's cheaper. Our property is also set up as an LAQC so we will be claiming back when we make a loss......no doubt what my in laws do on there one as well

IMO if you can get a house in a resonable location for a good price then seriously consider buying and you stay renting....you'd be surprised what people are willing to pay to be somewhere convenient, in saying that though if you get crap tenants then your in for a hell of a ride

Cheers
KiwiMR2

Cheers
KiwiMR2

[MasCam]

Own and getting close to paid off.

That will mean more money to spend on all sorts of toys

[flygt4]

wtf would i do with a house?

molest goats away from the prying eyes of the world most likely.

[fivebob]

wtf would i do with a house?

Don't buy a house then. Do what I did and buy a shed

[Mr Revhead]

exactly

[Chickenman]

Awesome place £5, has it got a mezzanine?

[Bling]

Awesome place £5, has it got a mezzanine?

nah bro, hes just naturally that tall to be able to look out the top window

but yeah, that place looks awesome man! every toyspeeders dream home

[perfk]

purchased a house a month ago...
so I'm very new to this whole mortgage thing
it's pretty cool though, I like it way more than renting (so far!)
hella expensive though :/