Owning a home has been part of the Australian Dream for decades. It was a sign of attaining a certain level of wealth, and the stability that comes with it. And for many, it was a great investment.
Tagged With housing
Although housing prices, according to some analysts, are cooling off, it's a fair bet that many of us are putting aside a significant portion of our salary on mortgage payments. We've crunched some numbers to determine where you should live if you want to have as much income left as possible once the bank takes their slice.
Because I both work and travel, I choose destinations based on a few important things: Fast, reliable internet; food; general safety; culture; and foo -- oops, I said that already. One of the key resources I use for learning more about a place before I go is NomadList, a handy resource that's built for digital nomads or work-from-anywhere folks like myself.
One big lesson we learned from the housing crisis: Don't buy more home than you can afford. There are a handful of rules for figuring out what that amount is, but this one considers the additional costs, beyond home price. With this rule, all of your housing-related expenses should be no more than 25 per cent of your gross income.
It seems like a long shot, but negotiating rent is more common than you think, and according to insiders, it's always worth a try. You might be able to haggle a better price by offering to do your own maintenance.
After saving up for a long time, I recently bought a home, which caught some of my friends off guard. "I thought you were anti-homeownership," they said, because I think renting is underrated. Even as a homeowner, I still think renting is underrated. That doesn't mean buying is a bad decision. The rent vs buy debate is just silly overall. It ignores the enormous grey area that exists between the two options.
The house I grew up in had a pretty limited square meterage, something I notice every time I visit my parents. It's essentially a two bedroom house with what amounts to a storage closet converted into a third bedroom when absolutely needed. The living room is very small and the kitchen is pretty tiny as well.