I'm thinking of buying a house. I'm going to look at one today. I wonder if the one that's described as "quaint and interesting" is worth looking at.
Trouble is, to get an ordinary house in any area (in NSW) these days you have to be willing to spend $ 350,000. The deposit you need for that is around $ 60,000. How are young couples on an average wage supposed to come up with that kind of money. We're lucky as we already own our home so they're willing to throw money at us and get us back into debt for another 25 years. We only needed $ 5,000 deposit and we thought that was a lot.
The interest you will pay on that amount, over 25 years is $ 400,000. It seems ridiculous and the great aussie (american) dream of owning your own home is going to remain just that, a dream, for many people.
We are only considering buying something so Lloyd can live in it when he goes to university next year. Finding a place to rent near a uni is impossible. People are offering owners extra rent to get themselves a place. So he and friends could live in this house we buy and pay me rent. Kimba may want to live there as well.
I don't know if I want to get into that sort of debt again. Ponder, ponder.