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Who rents their abode.

Discussion in 'The Pub' started by Doch, Apr 9, 2007.

  1. With the current state of house prices for those of us that seemed to have missed the buying boat do you ever see yourself realising the so called great aussie dream?

    Do you think there is a stigma attached to life long renters?

    Do you think that to realise the great aussie dream families are being put under to much pressure ie both parents having to work so therefore the child is fundamentally being raised by a company?

  2. Wot The I was once an aussie dreamer ( owned my own home)

    Became a nighmare. I now happily rent and raise my own children
    (although six monthly inspections gives me the shits)
  3. would hate to be new on the home buying scene now, my daughters home repayments have gone up almost $200 per month in the past 3yrs, they contemplated selling up and going back to rental. The one thought in the back of their minds has always been, "while we are buying at least we have an asset" and that is the catch. If they sold on todays market, they would walk away with around $95k .. you don't get that paying rent.

    As for a stigma attached to renters, not sure, I guess if you have rented for years and still have no assets to show for it then there could be.
  4. Sorry to be stick in the mud but whotf came up with the "great aussie dream" anyway?
    It's a bastardisation of the "great American dream" which was a carefully designed advertising campaign by the post wwII real estate industry to sell houses in the States.
    Do the sums. On average, with a 100k mortgage over 25 years, the interest alone, would go close to covering your rental bills and that leaves you the capital to invest in motorbikes :grin:
  5. I'm buying my unit and it is really expensive.

    I don't have a high income, and when you factor in mortgage, body coorporate and rates on top it takes up most of my wages. If I rented I would be about $100 a week better off.
  6. Speaking as a professional tenant, I can see both sides of the story, but as I never had the oppportunity to buy anything early, I've been happy renting for the last 33 years. I've only once had a bad agent, who I had to take to court to get my bond back, but I've never not got it back, no questions asked.

    My present landlord is a member of my church and a good friend who has never done a house inspection; he trusts us to treat his possesisons the way he would (and we do).

    So I won't have an asset when I retire. I've moved between two states and territories all our married life, and seen others do the same. Unless you own a house in Sydney, I can bet that if you get an interstate job and have to sell, you'll lose money. So where's the asset? I have a good super fund and I pay no mortgage, no rates, no maintenance and upkeep etc.
  7. I still rent. I've lived a nomadic lifestyle and probably lived in 10-20 different areas over the 16 years since I first moved out of home (at age 18). Lived in both Sydney + Mebourne. Lived in Sydney in "Harris Street, darling Harbour" and I don't know if a place could be bought there except for millions. Very expensive! heh. Also lived in Goulburn NSW for a little while but that was a bad 'getting back with an ex girlfriend' experience I travelled for and "wasted that time" but you gotta have these "life experiences" or else you don't umm, learn to cope with the bad parts of life ;)

    Lived in Melbourne + Geelong (which I just say 'Melbourne' when stating living regions, much more simplier) for the most through. I will have "the family home" as I am the only child and pretty much been paying for it anyway. My parents have run into financial difficultly since they moved to Geelong from Melbourne when I was 13. Dad was earning probably $200K-$300K a year back then (he was earning 600pounds a week! During the 50s, he told me that was worth about $10,000/wk of that time '90s' when he told me??) and moved to Geelong, he just couldn't get work that much. Couple bad experiences with employers left him almost broke (was promised full time work when he bought a new truck but they gave him LESS hours of an already crap work schedule < 20hrs a week), so I've given them anything between $30k-$50k past few years to help them get back on track. Being 70, it's hard for them to earn money working so when mishaps happen (broken car/roof/fence etc) I usually pay for it.

    Anyay, that's "my house" situation sewn up, I plan to be able live in the house most likely as a retirement "getaway" much as they did (Indented Head, out of Geelong area) so I've never felt like I needed to buy a home of my own as well, I always grow bored of the same house/area in a short time and move. Its only been the last 2 houses I've lived in which I've stayed longer than 12 months in (2ish years for last one and been 2 years for this one I'm in and plan to stay here for another season) and now we've got to thinking about finally buying our own home *if* the terms/situation seems right for it whenever we look into it properly.

    I as it seems like some others in this thread have seen the potential financial + social "freedoms" of not being 'stuck' in the mortgage belt and actually prefer to rent. Every persons situation is different so I never "preach" my values/feelings to others as it may not suit them at all for their individual position(s) in life. I used to get the "I'm a no hoper" thing preached at me in my early teens/20s when I voiced that I didn't think I would want to buy a home because of my values by some friends + family.

    Now fast forward to now, 10-15 years later, I'm being congratulated by some of those same people and even been told they are jealous of decisions I made for myself which is a little bit good for the ego/self feeling :grin: Most if not all of my "immediate" family (cousins basically) all married/had kids early and I was the black sheep of the family for not doing the same. I was roughly 2-8 years age difference younger than all of them and told "Why don't I grow up" simply because I didn't choose to take the mortgage/family/full time career path. Now that most/all of the same family have stated their jealousy of "missing their fun years" so to speak of not having the social/financial freedom it's reinforced the decision of me not buying a house back then even more that it was a good one to make.

    So when it comes down to it, it's not always the best decision to make in buying a home, but it's also not always the worst one to make. People need to assess their own life/values/freedom allowances/restrictions and in some case, get outside help (professional?) to to help along this assessment in what to do with their financial/living arrangements in regards to buying a home (or more) or not. We are starting to get a little excited at the prospect of buying a house for the first time (not sure if it's just being confused with the feeling of just moving which at moment they both seem to either be similar or just the same type of feeling).

    Also the hardest part is working out if and where we would be happy to live AND REMAIN in the same area for the next 10-30 years but of course we still have the added option of moving from an owned home to somewhere else and either renting the owned home out or whatever, something we will nee dto work out if that ever gets to that point at all. There really are a lot of things people need to realise when buying a home that it really is a good/best decision for them. It's heartbreaking to see people "falling" into the first home buyers trap that it's wonderful and the best thing for them without actually researching it first then either just living "with their heads above water" for years or actually needing to sell up and move because they can't afford to keep up the mortgage. Sorry for this LONG LONG reply but it's something I think about a lot and have thought about a lot ever since I was a young teen. I think working (for my dad) since the age of 9 during (nearly every!) weekend for almost 20 years initially made me think long and hard about the financial side of life in my early teens and so far it's paid off. I've always been happy about that side of life and it doesn't bother me too often, I don't have the 'freedom' of being a millionaire so to speak but even then I bet some/all still have money worries from time to time, if not worse than "the typical person" because they fear they may lose their fortune etc.

    To all thinking about their first home, best of luck and hope you do assess your situation carefully before jumping into anything, don't let others decide for you especially if it's just for "superficial reasons" of being a home owner vs rent (and nothing else is involved) :)
  8. I'm currently renting, but I do wish to buy my own home...

    I still haven't unpacked everything at home cos i know sooner or later i'll have to pack-up and move again... once I own a home tho it'll be all unpacked.... However thats not going to happen without a partner... :roll:
  9. yep i have a lifetime debt atm.... not sure if it's the right or wrong thing.... guess one day i will know :)
  10. I'm sorry to say that I do think there is a stigma associated with renting these days. It's a product of the massive increase in property values that has turned some people into nearly instant millionaires. I think some of these people definitely feel smug and superior, even though they may not have personally done anything special.
    I was lucky enough to have bought at a time when it was still (just) affordable, but I didn't actually live there until some years later. That's not such a bad strategy for people who don't want to be tied down yet.
    Another one is to start small - buy a small unit or something, so you can pay it off as soon as possible. If you've got, say, $1000 a month to make repayments, you want as little of that as possible to be interest. Pay it off ASAP and then take the next step up.
  11. We rent, we have a single income and it isn't enough to be able to afford anything decent that is within 100km of the city.

    I would prefer to own, but it just isnt a reality.
  12. I'm sharing a commitment with my lady-friend, having bought a 2-bedroom duplex three years ago. We’re happy with our situation, as we didn’t buy beyond our means. However, if you’re “buying,†I’d suggest to try to put as much as possible into the mortgage. We’re currently putting away half our combined wages, with the aim to pay off the loan within 8 years. Of course, this would probably change if/when the family changes, but in the meantime we'll have a handy amount of re-draw.
  13. I rent in a shared household :roll:

    I'd love to own my own place, but that's not looking likely at this stage.
  14. Board!


    Food, electricity, water, bathroom, fridge, lock-up garage, washing.

    Pretty sure I'm living the dream :grin:
  15. I rent. And I don't see myself buying any time soon. Can't even pay of a 2k loan from my parents after a year :(

    When/if Sverre moves in with me, I doubt we'll buy.

    Now Booga on the other hand, when he marries me, he'll be buying me a massive castle in Scotland to live in :LOL: :p :grin:
  16. GF and I rent a flat at the moment, I suggested recently that we should look for a house as I want to be closer to my bike (4 flights of stairs!!), and it's getting a little cramped.

    She went off to look at places on the internet, and when I walked in to see how she was doing I find her looking at the 'Houses to buy' section. My chin hit the floor. We can't afford $3000 a month (and that's for the cheapest shittiest places!!!).

    I heard it on the television the other day (TT or ACA, I know, reputable journalism) that my generation are going to be known as the generation who were priced out of the home market. Apparently most of us young'uns will never know the joy of owning our own homes.

    I'm on the Upper North Shore of Sydney (Hornsby) and I want to stay here. But minimum $500,000 for a house, and as I said, that's for the shitbox fibro sheds... It's insane. Think I might return to selling drugs to children, at least that way I might be able to afford a home.

    I think the stigma attached to renting will decrease (and has been decreasing) as more and more people realise that houses are simply unaffordable.
  17. Re: Who rent's their abode.

    Unfortunately I believe a stigma does exist, however the 'stigma' of renting seems to be mostly associated with the area in which you happen to be renting, rather than the fact that you do rent.

    It has always seemed strange to me that housing prices and a person's supposed 'status' rises and falls between one town and another, even though there may be only 1 or 2 kilometres separating them :roll:
  18. Houses in Sydney/Melbourne/Perth perhaps...

    Though I suppose that living in the backwater part of Australia counts against the cheaper housing rates :p

    Our duplex was $210K three years ago. 10 km from CBD, Eastern suburbs (barely), full brick, concrete foundation, garage large enough to fit car and bike...
  19. I'm currently renting and don't see myself buying again for quite some time.

    If the day comes when I'm doing well enough financially, I may just go ahead and buy/build...but until then I'm content with paying rent. The lease on this place expires at the end of next January and I'll be moving into some other rental property - this time more long term. Hate moving house!
  20. I, for one, am a person who owned my own home for almost 20 years. Circumstances led me to make a decision where I would walk away from my home and an abundance of money, to a life where I rent and live from week to week.
    Owning a home is not the 'be all and end all'. My life is much happier now. Possessions are nothing in the end. I do not believe that people should live a stressed life in the pursuit of materialistic gain. Some people stress all their lives in the pursuit of 'the Australian Dream' and then die 10 years early because of stress!