/biz/ - Business & Finance

>>12635060
Do it man
I make like $1,700 AUD a fortnight and recently bought a $415k home, with a 20% deposit to beat mortgage lenders insurance. You will find it infinitely harder to save money and may well lose money over the first few years. Things are expensive though (at least where I live), let me give you some examples of things that are putting financial pressure on me at the moment:

>termite treatment will cost around $6k
>fixing my entire back fence will cost around $10k
>getting my hot water system replaced after it burst and flooded my first floor on Christmas day cost me $3k
>getting carpets replaced will cost $6k, even after hustling it down from $10k over the course of 14 months
>fixing the rusted post on my outside deck will cost $1k
>repaving my backyard will cost $4k
>replacing the pool pump and fixing its fucking issues will cost me $6k, if it doesn't mean having to excavate or fill the entire fucking thing and start again, which will cost me easy $20k
>fixing my pool fence, which is a legal requirement, will cost around $2k
>fixing my aircon will cost me about $1k

That's like well over $20k alone within my first 7 months of shit I'll have to pay / have payed, at best case scenario. Make sure you have 6 months of living expenses saved up before you buy your house, after all house / settlement costs are payed (add 10% extra to that for trouble costs).

Good luck man, still feels infinitely better than sinking it into some fucking landlord's pockets.

>>9070459
>Unless your house halves
Just as the Sahara harbors fodder for lions, the market holds retards for the witty.

If you buy a house and its value halves, you're completely - utterly retarded. Here's how it could happen and how simple diligence could avoid it:
Cause:
>natural disaster wipes it out
Mitigation:
>don't buy in flood zones, fire zones or areas which have had cyclones / landslides / earthquakes / tsunamis in the past
>Your insurance should cover every single cent of your home. Claim it and then sell the land for profit.

Cause:
>an open-air rubbish dump opens up right across the road
Mitigation:
>assess 20-year council plans, analyse zoning, inquire with local council and town-planners as to development options

Cause:
>a telecom demolishes the house next door and builds a radio-station there
Mitigation:
>see the previous point, know your rights as a landholder in the local council you live in

Cause:
>the area becomes extremely, violently niggerfied and your street becomes a literal crack-den ridden, sewage strewn hell-hole
Mitigation:
>assess owner-occupied vs. renting percentage and its historical trends for indications that it's niggerfying
>assess median household income for the area and historical trends to identify indications that it's niggerfying
>visit the local supermarkets to assess its businesses and clientele to identify indications that it's niggerfying
>buy in an area that's gentrifying

Cause:
>an airport opens up next door
Mitigation:
>see second and third points

Seriously how does this happen?