Home > Don't think we will ever buy a house!!

Don't think we will ever buy a house!!

June 9th, 2022 at 03:53 am

I have been doing our budget for 2023...we are trying to save for a house deposit but housing prices are sky rocketing...seriously I don't know how anyone here will be able to buy a house again...rents have sky rocketed..we pay a high rent already for a house that isn't worth it...we have been looking at other rentals but they are worth the money or the moving expenses either. We want to stay within 30 mins of this area as it has all our specialists/doctors etc. Most houses here for a basic 3-4 bedroom home...less than 500m2 for land size is around $700,000 and most of these houses need some work...I'm not talking nice houses either....that means we need a deposit of around $70,000 most of that is upfront fees and when you take out a loan here you can't get extra to do any have to save that yourself....sometimes I wish we lived in the US so easy to get a loan, nicer houses and you get more for your money than what we do....

So thinking of ways that we can make extra money, I don't think we can cut anything back as prices have gone up and I am trying to figure out how we can fit all the stuff in storage into this house and save there....not sure what else to do at this point but we will keep chugging along...if you have any ideas drop them below...Cheers

3 Responses to “Don't think we will ever buy a house!!”

  1. Amber Says:

    Hang in there, I believe you’ll get there. Housing has increased drastically; however, I notice that inventory is slightly increasing; hopefully a signal that a decrease in price will come soon.
    Is it possible to to share a space with someone else to try and cut down expenses in order to save. My neice and nephews (siblings) all live together and sharing expenses.

  2. LivingAlmostLarge Says:

    Okay here's a couple of things. Do you need a 3-4 bedroom house? Can you live in a condo or something smaller? Typically what I've found to be the way most people get into housing in expensive HCOLA (which there are in the USA) is to buy condos or starter condos and then flip it upwards. You need to ride the wave up and flip your equity. You can't ever really catch up to people by saving, unless you have a huge income. It's easier to build equity as "rising" ships raise your equity than it is to save it.

  3. mumof2 Says:

    Amber prices are soaring here, and still not enough housing for so many people...I don't think prices will go down for a year or 2 we already have us and our DD and she is trying to have a baby so won't share with others we don't know, and we have a lot of stuff as my DD does jewellry from home and hubby builds stuff with wood when he can...and we won't live with family we are totally opposite from others in our family

    LAL this isn't an option, you would have to buy a place in order to flip it..most 3 bedrooms here are around $500,000 plus and you need a deposit of $50,000 plus and you can't take out money to fix it like you can in the it really isn't possible...if we could afford to do that we would be able to afford a house...and we have to much stuff for condos and my hubby and DD are not going to give up what they like to do and that they do for their mental health so we can live in a tiny place

    We will continue saving and trying to do what we can...

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