Tuesday, 3 November 2015

House Hunting - To Buy? To Rent? Or Invest?


*This post is brought to you in collaboration with Homesales.

If you're a regular reader here, you'll know all about our intention to move home. It's been on the cards forever now and taking just as long.

We've been working hard at throwing away, cleaning up, packing possessions and dreaming about our new home - wherever and whenever that might become a reality in the days ahead.

The kids are excited in anticipation of what may eventuate and throwing in their individual expectations for a new abode - they all want their own bedrooms, a large level yard for bike-riding and skateboarding and lots of garden foliage for hiding in and climbing trees. Plus of course, a new and larger trampoline to sit at its centre. (Ours has become weather beaten and aged and is well overdue for replacement.)


Yep kids, we hear you. We'd love the same for you - for all of us. There's just so much to do with such a large family in the lead-up to getting ready to put our home on the market and grabbing a small amount of mental space to mull things over can be extremely difficult when you're a parent to many.

So there's been dreaming and dreaming lots!

We've managed our mortgage for 5 years now and should make some gains on our capital invested in our home when we sell up. Our plan is to move back into Melbourne's inner Eastern suburbs where we grew up and be close to all the conveniences of city life - the cafes, libraries, restaurants, good schools and Melbourne's abundant excitements while our family is young.

Renting is our likely option at this point in time, as Melbourne's inner prices are beyond us on one income, however that hasn't stopped us from thinking on investing in another home for the future.

While we long for the inner life as our kids grow, that's not to say we'd never feel peaceful living outer when they're grown and having a nice little abode reserved just for us down the track is very appealing. (Sensible too.) Whether we would one day retire into an investment home or sell it on for the kids to make a financial start in later life, it's a feasible option worth some serious consideration.

I was recently made aware of a useful feature on the Homesales.com.au website. They've a special investment property search tool that helps potential investors match what they'd like to gain from an investment in the property market. Whether it's a percentage return or a certain rental price, enquirers can enter their preferences and search up a list of homes anywhere in Australia that match their basic needs, based on properties that are estimated to yield those results.

So now we've an entirely new perspective to think on again and one that is incredibly useful at this stage in our planning journey. There's nothing like dreams to motivate our plans and I am welcoming as many home options and avenues as I can at this stage, to push this family yearning into a full-blown reality.

Have you ever purchased an investment property?
Are you buying or renting your home? Would you change your home situation if you could and why?
 
 
 
 
 
 
 
 
 


14 comments:

  1. Good luck with the search for a place to rent and an investment property. We built our house and are happy here, but I'd love to have a little investment place at the beach somewhere. One can only dream, right? :)

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    1. How lovely would a beachside investment be?! Would love that too. You must be so attached to a home you have built. I have yet to experience that thrill.

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  2. We accidentally ended up with an investment property when we didn't sell our first house before buying our second - mainly because our second house was an impulse purchase that we are very happy living in. In the end it was a fortuitous move because our first house is in inner-city Sydney! x

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    1. What a great score! I sometimes think we should just rent out our home so that we can get out of it and sell it later when we're no longer living in it. You must be thrilled with how that turned out for you.

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  3. Good luck with your home search. We have just moved interstate with my husbands new job so the move was forced upon us and the decluttering task was mammoth and we still have too much stuff that we really don't need, so my advice is be ruthless! We have now also ended up with an investment property by default as we have rented out our house in Sydney (didn't want to be out of the market there just in case!).

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    1. Wise to hold on to your home in Sydney. I know of so many who left their fav suburbs only to find they couldn't afford to return to them. Decluttering is hideous.

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  4. It is always so hard deciding your next move. We are happy in our "forever home", which won't be forever but it will be for a very long time. It is perfect for us to grow in. Good luck in the search.

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    1. So glad your home feels like home. That's exactly what we are chasing by selling up.

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  5. We would like to buy a house, and are hoping to sometime in the future. Next year my youngest will head off to school, and I'll go back to work, so hopefully we can start looking at options. It's a little bit exciting.

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    1. It sounds like next year will be a big one for you. Make sure you love the suburb you buy in - our big mistake!

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  6. I was just looking at houses right before I started reading your blog post. HA! We can't decide whether to put an expansion up, or just move. But we have put our big move to Canada in 2018 off the table now that we've been priced out of the Vancouver Market. I love Melbourne. What a great place for your kids to grow up, Jody. I'm going to Melbourne in a couple weeks for a blogger's brunch. Will you be there?

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    1. You can't return to Canada - we'd miss you! Just come to Melbourne. ;)
      I am going to the Blogger's Brunch however I can never be sure until the actual day as a child or two is bound to be unwell!

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  7. We purchased our house a year ago. Lucky debt doesn't scare me! It does lock you in to a location though.

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    1. Location is absolutely everything too. I wish I could keep my home and move it to my favourite suburb. That would be perfect!

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