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.