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Thread: I feel rich!

  1. #1
    Join Date
    Aug 2011
    Location
    Canberra
    Posts
    4,290

    Default I feel rich!

    I don't often post personal stuff, but I'm so excited today.

    Last year June I put my scribble on a contract to buy a patch of land and a 2 bedroom house to be built on it in one of the new suburbs here. It was actually my ex mother in law who encouraged me to do it and she donated the deposit on the land to my daughter.

    The land has still not been released due to delays because of the rains. Hopefully it will happen next month but who knows. I saw the mortgage broker to get my loan approval done though. And he just called me today with the result of the valuation by the bank. The place has gone up 50K in value! It means I won't have to give them any more money as a deposit for the loan and save myself 6K in mortgage insurance. Which is absolutely bloody fantastic.

    But also, I now have 50K equity in what is currently a patch of dirt theoretically still owned by the government for which I have not paid a cent so far!!! How frigging awesome is that?!

    And with current interest rates I will only paying a bit more in repayments than I currently pay in rent once we do move in.

    I am a single mother, working 30 hours a week. House prices are ridiculous here. Life is expensive. My family lives in Belgium and can't offer any help, financially or otherwise. I never thought I would be able to do this. But now I am doing it, things seem to be going my way big time for now. So I'm crossing everything that it will last. And am enjoying the good fortune while it does.

  2. #2
    Join Date
    Jan 2012
    Location
    Brisbane
    Posts
    206

    Default

    Great news Beloz. I like to hear stories like this. Sometimes I wonder how people become and stay homeowners in times like these!

  3. #3

    Default

    Yes , I agree this is really really good news for you, Beloz and your family! Maybe with the extra equity that you have now, you could look at more bedrooms - for resale in the future. Or design a place that you could easily extend in the future when you are more comfortable with having a mortgage.

    But keep in mind from my experience, that when I built - it was a lot cheaper to do the necessary changes in the planning stage than it was later on !

    Angels still do walk among us ! What a great ex-mother -in-law !
    Last edited by RileyJ; 06-06-2012 at 06:11 AM.

  4. #4

    Default

    Thats awesome Congrats!!

  5. #5
    Join Date
    Aug 2011
    Location
    Bundaberg QLD
    Posts
    3,301

    Default

    Congrats Beloz. Great news.


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  6. #6
    Join Date
    Jul 2011
    Location
    Sunshine coast Qld
    Posts
    1,121

    Default

    Beloz, so very happy for you , that is great news and life changing, and what a great MIL you have, mine was a biatch!
    The greatness of a nation can be judged by the way its animals are treated.
    Mohandas Gandhi

  7. #7

    Default

    Fantastic Beloz
    GageDesign Pet Photography
    Site still in construction so will post link when it's finished.

  8. #8
    Join Date
    Aug 2011
    Location
    Canberra
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    Default

    Quote Originally Posted by RileyJ View Post
    Yes , I agree this is really really good news for you, Beloz and your family! Maybe with the extra equity that you have now, you could look at more bedrooms - for resale in the future. Or design a place that you could easily extend in the future when you are more comfortable with having a mortgage.

    But keep in mind from my experience, that when I built - it was a lot cheaper to do the necessary changes in the planning stage that it was later on !

    Angels still do walk among us ! What a great ex-mother -in-law !
    The block is really too small to extend much. The main reason why I would now like to look at buying elsewhere is to get that bigger block. I would love a big backyard because I like my veggie patches and would love some fruit trees and maybe put up one of those above ground pools for my daughter, etc. But it will depend on my ex MIL who has a very different take on these kind of things and convinced me I should buy a brand new house. Although theoretically, I could now do it without her gift. I could buy a bigger place in what is known as the bogan suburb of Canberra. I am sure it won't be 'lower class' for much longer at all, even though I am sure its reputation will linger for much longer. Such is Canberra.

    My daughter is the only grandchild and only great-grandchild in the family. Her great-grandmother also started an education fund for her and has apparently included her in her will. She is the golden child. If only my ex wouldn't be such a complete and utter tool.

  9. #9

    Default

    Beloz - dreams cost heaps of money if we are not careful with what we do with opportunities that come our way.

    Banks nowadays do tend - to be very pessimistic with valuations on land/houses - maybe not other lenders - but really - all that something is worth is what someone is prepared to pay for it.

    When I started in all of this sort of stuff - I found something that I could afford - not what I dreamed of - dreams come later - but what I could afford. I then tried to make it the best that I could and then moved on. I find with property - baby steps are best - and - then you never get to the situation that you are putting yourself under financial stress.

    As far as buying newly built houses as to established houses - it all depends who you can trust to do the inspections. If you have to pay people to do this - then it does really get very expensive. At least with a newly built house there is a chance that there are still warranties and guarantees. So if I was doing all of this all over again - I would buy something that was no more than 5 years old.

    As far as veggie gardens - all you have do is a Mr 'Google' search and see that you really do not need much space to have that. As far as having a pool - they are the biggest PITA things that you could ever imagine.

  10. #10
    Join Date
    Aug 2011
    Location
    Canberra
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    Default

    I do understand that beggars can't be choosers. And I am not that fussy. Just thought that a bigger block may be a better investment because it offers more flexibility. I'm just brainstorming here because if I there is one thing I've learnt in life it is that you have to grab opportunities when they come along, because they are few and far between.

    But right now, I would be very happy to just go ahead with the intended purchase, and I probably will as I am just not much of a financial risk taker. And it won't be quite as hard as I thought it would be after today's news.
    Last edited by Beloz; 06-05-2012 at 08:47 PM.

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