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House or Bike

Discussion in 'General Motorcycling Discussion' started by phil1972, Jan 11, 2006.

  1. What would you do ?
    If you wanted out of the rent race would you say bugger it & keep your bike & save save or SELL ?

  2. But you need transport to get to work right?

    Sell the CAR and buy a house

    Both my wife and I now ride to work... We save money on toll roads and parking and petrol... The bikes actually cost less per week to buy than the tolls/parking/petrol would on two cars :)

    On top of that, be have recently bought a house in Pt Cook, and thanks to government grants (first home buyers grant) and the amount of companies doing "zero deposit" finance... We were easily able to buy ourselves a brand new house..

    In the end it is your decision.... Ofcourse, I have to bear in mind that I probably wont upgrade my bike for another few years.... so....
  3. You can do both, with discipline.

    One thing is for sure, its fcuking hard to go and buy new stufff AFTER you have bought your first house.

    Sell that bike now and you will out for a few years till you get back in front - at least thats typical for most people.

    Also you will end up buying a bike on the drip which will cost twice as much by the time you pay it off.
  4. th e value of the bike will make little difference in the long fun on the cost of a house.... better to ride the bike and use the saved $ from running cost (if any) to save for the house
  5. Pretty much what everyone else said. Also look into the issue of 'rent money vs mortgage money' It makes sense for some people to actually rent (for some time period) if they want to save money in the long run.
  6. Sell car Keep bike thats what i did well kept three bikes actullay stopped rego on 2 of them and put em down the back of MY Garage
  7. Not sure selling your bike will buy a house, but these days anything is possible when the advertise house and land with no deposit.
  8. also remember, do YOU enjoy the bike? How much do you value the enjoyment versus owning a house :)
  9. LURVVV my bike
    Have to do it i think .... its the worst choice i,ve had to make as it took years to finally get the 1 i want ..

    I had a house yrs ago ... but Divorced killed that ..
    so no grant 4 me : (

    anyway i keep trying 4 another solution !!
  10. Keep your bike its also an asset the banks should take into account ,besides it will be harder to get another one after you buy your house
  11. phil, coming from someone else in your position i too am looking a the same option of selling the bike to just bump up my deposit amount. I have spoken with a few people about the possiblity of re-drawing on the housing loan, afterwards as i am on restrictions so i will be looking to upgrade hopefully by the end of the year which would work out well with buying property
  12. A last resort option is to dowwngrade the bike.
    ALWAYS keep a registered bike. It's too hard to get back in if you don't keep something. But you may be able to cash in the Gixxer and survive with something a bit less cutting edge, at least for a while.
    It's a compromise solution.
  13. Hard to say without doing the numbers and knowing your riding needs..

    Work out what you will be borrowing for the house.
    Work out what you get from selling the bike.
    Work out what your minimum house loan repayments are in both scenarios. You will find that there is not a significant difference in the grand scheme of things.

    Do NOT make the mistake of looking at what the difference makes over the full term of the loan and basing your decision on that. At best you can plan ahead for about 5 years. Your income and life situation will constantly change.
  14. Well I must be at the wrong end of the stick then :shock: am toying with the idea of selling the house so I can upgrade the bike ...
  15. Nah, just redraw against it :)
  16. also want a bigger garage & a sealed road so it doesn't get dirty .... :p

    But fair comment :)
  17. Unless you make the extra repayments to compensate for the extra money you have used this is MUCH worse that using shitty car loans they offer.

    Get a seperate bike loan at %12 or whatever they run and it will be cheaper.
  18. yeah sorry should of said that you have to allow for the extra interest but i you sit down with the interest rates and work it out it's actually works well if you can keep to a budget, and can afford larger repayments then required :wink:
  19. As someone who has been without a road bike for some time, I've made a promise to myself to never be without one again. They used to be the first thing I'd sell when required but from now on I think they will be the last...
  20. OK this goes against the grain lol

    I say keep the bike unless it's worth more then 20k

    Key points
    will you be able to afford one after you buy the house?
    The bank will see it as asset.
    You love it, it's your hobby/passion/transpost.

    Im all for the house as it's the best thing you can ever do, but with that said many pro's and con's to weigh up.