As The Workhouse Approaches....How To Do Everything To Avoid It, the Old Style Way

jackieglasgow

Do you really need second opinions now you've written it down?

kidcat

Softstuff - I look on it that this is just another example of how things are going well for you - but as jackie says if you need any further convincing read what you have written back to yourself

Softstuff

jackieglasgow wrote: »

Do you really need second opinions now you've written it down?

Weeeeeell.... I alternate in opinion about it. There's not a job for me on the horizon, seems that the area I live in is just having a pretty rough time right now. And we don't mind living small at all, we're not going to have kids and I've often wondered why couples end up in big houses :rotfl:

That said there's more opportunity for a move towards self sufficiency there. I could also get the kitchen certified so I could sell baked goods, which I can't here (zoning restrictions).

But when you're as happy as we are in a place, is it a good idea to risk that no matter what the proposition?

Edit: I suppose I should mention also in the equation I do have a tumour in my calf.... though not cancerous it's troublesome and could be risky to deal with, hence after surgeons advice I haven't done anything about it. The pain is getting worse though, and I might have to tackle it, which could work out fine or... not so fine. But it does leave me a little more nervous of change I guess.

kidcat

Softstuff - only you can really know how you feel but maybe you should work towards the idea - start by viewing the house and investigating financing options - on paper it seems a good move allowing you the freedom to grow food and maybe branch out. I personally like the idea of not paying the management fee as well - as that would be helpful in paying off your mortgage. I suppose the other question is how easy selling your place would be - will the other house still be available?

Softstuff

kidcat wrote: »

Softstuff - only you can really know how you feel but maybe you should work towards the idea - start by viewing the house and investigating financing options - on paper it seems a good move allowing you the freedom to grow food and maybe branch out. I personally like the idea of not paying the management fee as well - as that would be helpful in paying off your mortgage. I suppose the other question is how easy selling your place would be - will the other house still be available?

Well, it seems now is a good time to buy a house, but not a good time for the seller. Units seem to sell still pretty well, because people are downsizing . Ours is a quiet, 1 bed, ground floor one, which is "apparently" more sought after. We had a call from an agent about 6 months ago asking if we wanted to sell because someone was looking for a unit like ours, at the time though we weren't interested.

And yes, the body corp fee is a big issue for me. It's basically other people spending our money on maintenance.... much of which in our own home I could do myself.

Decisions, decisions.

And can anyone tell me why I still feel like a kid playing at being an adult when it comes to things like this :rotfl:

ginnyknit

Softstuff, you are bound to be nervous its a big step but you seem to have weighed up all the pro's and con's and as Kidcat says just check the figures and whether your present property will sell. Other than that it seems pretty good to me and if you don't try it you will probably regret it! good luck:)

jackieglasgow

And what would be nicer to recuperate from an op on your leg (if you end up needing to go for it) than pottering about /sitting in the sun in your own veg garden?

ceridwen

Softstuff wrote: »

Aww that's so sweet

It seems in my life I get runs of bad luck, then runs of good, not so often the even uneventful keel.

Now a query to all you OS'ers. We've seen a house. Now, we'd always thought that we'd stay here in our little 1 bed unit, just finish paying off the mortgage and that would be that. Downsides to this are we pay about $6000 (nearly 4000 pounds) a year in "body corporate fees" (they maintain the building, the grounds etc), we have no garden for food growing, we can't have pets and we're restricted what we can do with the place. In 4 1/2 years we've paid off a lot of our mortgage, and about $75k remains (property is also a lot dearer here...).

The house we've seen seems pretty undervalued. A 3 bedroomed brick built house only about 12 years old. Huge garden, garage. It's at the end of a very quiet cul-de-sac with a peaceful parkland behind (which heads through to another quiet cul-de-sac. We'd have to borrow an additional $100k to buy it. Which means that mortgage wise we'd owe what we owed 4 years ago on this unit, but we'd have a 3 bed house.

We could install solar power, water tanks, fruit trees, a vegetable garden, chickens and we could potentially get a pet. We could also host overseas students in a spare room and get some extra income that way. All just ideas at present, but valid thoughts.

Even though I'm currently not working, we could afford that mortgage easily since we've been paying a similar amount for a few years now and when I've worked we've overpaid by my salary. But it would mean instead of being mortgage free in about 5 years with regular body corporate fees, we'd be paying our mortgage a lot longer, but be a bit freer otherwise.

So, do we maintain our status quo.... or aim for a huge change?

Well - provided hubbie's job is secure and/or you can take out suitable mortgage protection insurance in case anything happens to his job then:
- you are paying a lot on communal fees at the moment and if, some years down the line, he lost his job then you would struggle to pay those (ie best to get rid of them)
- a much better environment to live in:D
- lots of food savings
- a much better environment to live in:D
- possible extra income (best to check out the pros/cons of those lodgers to ensure what your chances are of a reasonable income from them - eg how much competition for lodgers would you have?)
- a much better environment to live in:D

To me personally - provided I could make sure (one way or another) that the mortgage payment money would be safe - then = no brainer:)

EDIT: from one or two of your comments - I wonder whether part of the reason why you are feeling a bit nervous about this is feeling a bit guilty at the thought of having a bigger/better place than you feel you need. As I recall - the one you have is rather small (smaller than my own I DO remember) - but this house is still "normal size" (not a McMansion). So - why feel guilty at the chance to improve your situation? No-one is being "greedy" for expecting a normal size house and taking the chance of it if they get it - and that sounds perfectly normal size to me - so if the finances allow of it - then go on...improve your life.

jamanda

Softstuff - for what it is worth, I don't think you have a choice now you've seen it. You're not going to be settled where you are, thinking "what if..." Go on - do it.

BitterAndTwisted

Freehold is always better than leasehold. As long as the property is weatherproof you can do the maintenance and repairs as and when you can afford them.

Could you afford the mortgage payments on your OH's salary alone? If the answer is "yes" it's a no-brainer to me.