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Just buy, allready!

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New thread.  Tales of Danger, Inconvenience and Loss to worry The Renter.

 

Episode One:  Greens will win.  Yeah...Riiiiight...

 

Luke Fennell has had good experiences with landlords, including his current one.

But one previous rental on Sydney's lower north shore turned into a horror story for the 47-year-old engineer and his wife and two children

http://www.smh.com.au/money/saving/how-tenants-can-protect-themselves-from-nightmare-landlords-20160623-gppvfq.html

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There are some annoyances with renting, but I think the annoyances are far less than having a mortgage.

 

For example, the place I'm in at the moment has pipes that burst about every six months (underground). I get hit with a high water invoice but the owner gets hit with emergency plumber rates for the maintenance. It would also have to be bad for the house foundations. If there are other maintenance issues the real estate agent may drag their feet a little bit but do get it organised and I don't pay for it.

 

 

It really comes down to the contract (lease) and how much you're willing to deal with disputes in tribunals like VCAT or commence civil proceedings in a Magistrates' Court.

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There are some annoyances with renting, but I think the annoyances are far less than having a mortgage.

 

For example, the place I'm in at the moment has pipes that burst about every six months (underground). I get hit with a high water invoice but the owner gets hit with emergency plumber rates for the maintenance. It would also have to be bad for the house foundations. If there are other maintenance issues the real estate agent may drag their feet a little bit but do get it organised and I don't pay for it.

 

 

It really comes down to the contract (lease) and how much you're willing to deal with disputes in tribunals like VCAT or commence civil proceedings in a Magistrates' Court.

Sounds like the LL just patches things up which will cost more in the long run. You shouldn't have to pay high water bills because of the LL.

 

I'm a terrible land lord. I should take myself to the tribunal. It takes me far too long to fix things because I'm lazy and don't want to spend the money.  

 

I had a leaky tap and eventually got around to changing the washer. Didn't fix it - dumb arse lazy BIL plumber said I probably need the taps reseated. Got a plumber out. It was just the washer, but the hot water washer - because it was a slow leak the water was cold by the time it got to the tap. Lesson, always change both washers.

 

The bath drain was leaking. Kind of convenient because the bath is directly above my downstairs toilet so I could take a sh*t and a shower at the same time! Zaph's solution - don't use the bath. Eventually got the plumber out to fix. Had to smash up my downstairs ceiling to get to the pipes. Too lazy/tight to fix the ceiling.  

 

Mum realised we've been using the same plumbing family for three generations now!

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Quote

Australia's 'spring-selling' real estate season has seen a defiant return of Chinese buyers, undaunted by lending restrictions aimed at curbing their interest in the country's sky-rocketing housing market.

Financiers and real estate agents say Asian investors have found new avenues to re-enter the market, including targeting cheaper homes and settling in cash.

http://www.smh.com.au/business/the-economy/foreigners-pile-back-into-australian-property-reigniting-bubble-fears-20161124-gsx97i.html

Not sure if this is yellow peril or just buy.  I guess one in the same?

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Difficult to tell what the real truth is whenever RE industry comment on the market. 

According to them there is always sky-rocketing demand!

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... and yet another year topping the charts.

Here Are The World's 10 Least Affordable Cities Of 2017

http://www.zerohedge.com/news/2017-01-23/here-are-worlds-10-least-affordable-cities-2017

Spoiler:

1. Hong Kong

2. Sydney

3. Vancouver

4. Auckland

5. San Jose

6. Melbourne

 

I'm assuming this doesn't cover countries like China and Russia and I was under the impression that places like Beijing, Shanghai and Moscow would be in the list.

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Shanghai and Moscow are not on the list because nobody wants to live there.

 

Oh, wait...

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Mrs Medved would like to live in Shanghai. I am a "no" to that idea.

Neither of us like the prospect of living in Moscow. We toyed with the idea a decade ago but it's kind of like a Russian version of New York during the 80s.

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I'm now getting the full degree from Mrs Medved on becoming a mortgage slave. :(

Holding off, need the market to start to turn or else it becomes really hard to keep saying it's a really bad idea to take on a mortgage right now in Oz.

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1 hour ago, Mr Medved said:

I'm now getting the full degree from Mrs Medved on becoming a mortgage slave. :(

Holding off, need the market to start to turn or else it becomes really hard to keep saying it's a really bad idea to take on a mortgage right now in Oz.

The last bear that needs to fold before the market finally turns! 

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39 minutes ago, Mr Medved said:

I'm not folding yet! I'm not called Medved without reason!

Buy a dacha until local prices are more reasonable. The country air will help relax the Mrs. :-)

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I'd actually consider buying a flat in Russia. She was there twice this year, and even checked out some apartments for sale.

A two room (1BR) place would be just over 100k (+reno and furnishing costs) and three room (2BR) closer to 200k. I'd favour buying a dump and renovating. Her best friend has moved there so could manage it for us. She's from Kazakhstan but bought an off-the-plan apartment when the ruble dropped through the floor about three years ago. However, they are highly illiquid and GST equivalent of around 20% is payable when selling, so it's a buy and hold proposition.

A dacha in Australia is still ridiculously expensive. I think a half-way compromise is just to open some term deposit accounts to show progress towards buying, without actually taking up a mortgage. :)

 

Edited by Mr Medved

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