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What you wish you had known - first home?

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2dads

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May 27, 2021
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BRISBANE, Australia
GOOOD MORNINGGGG FASTLANE FORUM!

This is not a test!!!!!!!!!!!!!!!!!

:) Wife and I have been saving to get into the Australian property market, just been confirmed it looks like pre approval/funding is going ahead in coming weeks - excited but until it is done not going to get my hopes up.

Luckily her family let us move back home 12 months ago and we are saving 100% of my wage and some of hers, have a plan to get fast lane over the next 2-4 years and out of the slow lane. Been at home will help us take time and not be rushed into a deal which is not favorable (taken us a long time, we can pass on deals and wait if needed)

Banks have offered to lend us up to 900K, my wife and I are very happy with an area in which we can buy 350-450k AUD - trying to keep our mortgage well and truly under 30% of monthly income. Have no interest in a 900K noose or keeping up with the Jones* (wife is the same - we are modest)

Now the point of this thread is what would you wish you had know the first time buying a house?
 
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biophase

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You will spend the first two months constantly going to home improvement, home decor and big box stores. You will spend a ton of money on things that you didn’t know you needed. So budget for some huge credit card bills.

Things will break right after you move in. You will be buying at least one appliance, AC/heater or roof within the first year. So budget for that!
 

2dads

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May 27, 2021
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You will spend the first two months constantly going to home improvement, home decor and big box stores. You will spend a ton of money on things that you didn’t know you needed. So budget for some huge credit card bills.

Things will break right after you move in. You will be buying at least one appliance, AC/heater or roof within the first year. So budget for that!

This is something I am lucky have some cash ear marked and with our income can handle, no matter the house then have to upgrade and or install CCTV and change locks etc. Lots of fun :)

I know my wife is keen already to do a garden
 
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Soulrize

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You will spend the first two months constantly going to home improvement, home decor and big box stores. You will spend a ton of money on things that you didn’t know you needed. So budget for some huge credit card bills.

Things will break right after you move in. You will be buying at least one appliance, AC/heater or roof within the first year. So budget for that!
this is 100% correct. all the above was confirmed with my sister who just bought a brand new house a few months ago. but since it was newly build don't have to worry about the big stuff under the 10 year warranty.
 

thechosen1

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HOAs suck and can make a great property a horrible property. Vet carefully.
 

2dads

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HOAs suck and can make a great property a horrible property. Vet carefully.

Very lucky here in Australia Hoa's are pretty much non existent unless you live in a unit complex etc

Big gamble choosing a house, neighbors who want to be your mates - I will say hello and make ideal chit chat (watch your house from my house when your away) - that is about it.

I have moved a lot in my 30 years due to my work and wifes work (12 times) and have had great and terrible neighbors.
 
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WJK

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GOOOD MORNINGGGG FASTLANE FORUM!

This is not a test!!!!!!!!!!!!!!!!!

:) Wife and I have been saving to get into the Australian property market, just been confirmed it looks like pre approval/funding is going ahead in coming weeks - excited but until it is done not going to get my hopes up.

Luckily her family let us move back home 12 months ago and we are saving 100% of my wage and some of hers, have a plan to get fast lane over the next 2-4 years and out of the slow lane. Been at home will help us take time and not be rushed into a deal which is not favorable (taken us a long time, we can pass on deals and wait if needed)

Banks have offered to lend us up to 900K, my wife and I are very happy with an area in which we can buy 350-450k AUD - trying to keep our mortgage well and truly under 30% of monthly income. Have no interest in a 900K noose or keeping up with the Jones* (wife is the same - we are modest)

Now the point of this thread is what would you wish you had know the first time buying a house?
Small and modest is fine. Buy what you can afford.
 

thechosen1

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Small and modest is fine. Buy what you can afford.
Never ever take the maximum loan amount, and be polite but firm with realtors pushing you toward properties at the top of your lending limit!

I swear, people just do not care, man. They’ll watch a family go BK for $1000 more in commission.
 

2dads

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May 27, 2021
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Small and modest is fine. Buy what you can afford.

At this moment it is cheaper to buy then rent due to the demand in my area.

Will put $2000 a month on the loan, continue to save what we are currently a further $2000 - $3000 into this order (Debt Reduction= under $20K as of today, Boost Emergency Savings to $10K and creating a Fastlane Business)

I would push it all on the Fastlane Business, however my wife does not feel comfortable yet but is coming along day/day - she is seen what the RAT RACE is and does not like it!
 
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WJK

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Never ever take the maximum loan amount, and be polite but firm with realtors pushing you toward properties at the top of your lending limit!

I swear, people just do not care, man. They’ll watch a family go BK for $1000 more in commission.
When I was appraising RE, I saw huge houses that were empty. The owners could NOT afford to pay the payments and furnish them. I saw other large homes where the owner only lived in the master bedroom suite and the kitchen with the attached family room. Only their housekeeper ever saw the other parts of the house. I vowed to buy and live in homes where I use the whole thing and the price doesn't put me in the poor house.
 

2dads

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Read Rat-Race Escape!
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May 27, 2021
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BRISBANE, Australia
When I was appraising RE, I saw huge houses that were empty. The owners could NOT afford to pay the payments and furnish them. I saw other large homes where the owner only lived in the master bedroom suite and the kitchen with the attached family room. Only their housekeeper ever saw the other parts of the house. I vowed to buy and live in homes where I use the whole thing and the price doesn't put me in the poor house.
too many people get caught up in the - I need to have the best house and biggest TV - yeah nah stuff that.

Real freedom and buying what ever you want can come, but if your in debt 800 - 900k and earn 60K - well, yep you stuffed!
 

StewartHemmings

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Oct 26, 2020
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This industry is full of pitfalls, such as an overpriced but beautiful sofa or an unnecessary chandelier on a coffee table. The design of every room should be comfortable for everyone who lives in that home. Personally, this is the strategy I used when designing my own home and property. My mortgage was bogged down last year, so I had to refinance it thanks to the information I was able to find https://goodlifehomeloans.com/reverse-mortgages/refinancing/. I didn't know what to do the moment I was laid off from my job, and the quarantine completely cut off any earning potential. I had to find ways to cope. Fortunately, escape routes were in sight.
 
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thechosen1

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too many people get caught up in the - I need to have the best house and biggest TV - yeah nah stuff that.
Save it for when your business is making you so much money you don't know what to do with it all.

Then put in the most obnoxious TV ever - if you want it. A pool house as big as a home. A garage for 12 cars. Up to you. (Personally I'd go for something more classic and traditional but my mood on that changes often)

Till then, I'm with you...keeping it lowkey.
 

2dads

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May 27, 2021
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Save it for when your business is making you so much money you don't know what to do with it all.

Then put in the most obnoxious TV ever - if you want it. A pool house as big as a home. A garage for 12 cars. Up to you. (Personally I'd go for something more classic and traditional but my mood on that changes often)

Till then, I'm with you...keeping it lowkey.

At this stage of life - I am happy to eat shit for a few years if it means, I want literally have to eat shit in the end.

4 walls - a roof & I will be happy. First shared house with a mate was this and I miss my weekly rent share been $60AUD.
 

MitchC

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I bought in Sunshine Coast at the start of the year.

Make the best offer you can and don’t look back, the market is nuts, we missed a lot of properties we would have won had we offered what we could really pay.

Be onto it too, we got ours by calling like 30 minutes after it was listed and booking a viewing the next morning. We were meant to be the first ones through and got there and 3 other couples were there. We put a decent offer in and got it. A few others later tried to offer a lot more, they had the regret we did on past properties we missed by not offering enough.

It’s the most stupid system to sell properties at the moment. Just bare with it play the game and get something you like for a price your happy with and forget about it.
 
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2dads

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Read Rat-Race Escape!
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May 27, 2021
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BRISBANE, Australia
I bought in Sunshine Coast at the start of the year.

Make the best offer you can and don’t look back, the market is nuts, we missed a lot of properties we would have won had we offered what we could really pay.

Be onto it too, we got ours by calling like 30 minutes after it was listed and booking a viewing the next morning. We were meant to be the first ones through and got there and 3 other couples were there. We put a decent offer in and got it. A few others later tried to offer a lot more, they had the regret we did on past properties we missed by not offering enough.

It’s the most stupid system to sell properties at the moment. Just bare with it play the game and get something you like for a price your happy with and forget about it.


Mate I hear you, went to first open homes over the weekend. WOW - it was like watching a bunch of bin chickens find a packet of chips!

25% increase out towards Ipswich like most areas, we will just have to get in - had the chat about lowering our expectations and we sat down and did the maths of the increase of the current rate - paying extra to reduce the term of the loan and our goal of having kids.

If we stick under our sweet spot, we can still save, live on my one wage and be ok. I personally think we will over pay atleast $40K at the moment, if we dont do it now - it will be probally $80k by the end of the year. If it drops $40k, oh well - shit happens - all even out in the long run.
 

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