Finding a Rental

[slcmorro]

So, our lease runs out in 3 months. The place we're in at the moment (Ballarat, regional Vic) is pretty old and outdated. We're only paying a cheap rent, $270 PW and have use of the massive back yard (the house is at the front of a very long block - the owners will start building 4 two storey townhouses on the property soon, starting at the back and leaving the house til last) but it's old. Think 1950s old with wallpaper and thick shaggy carpet. It's got a double garage which I have access to half of. This has a workbench and that's about it. I've set it up with my kegerator and ferm chamber next to each other, nestled in near the workbench next to the gun safe but alas herein lies the new problem...

We have to find a place that is comparatively cheap (max $300 a week) which will subsequently be our *fingers crossed* last rental house before the good lass and I get married at the end of next year. We're blessed with my little mate Harvey, a small Shelty x Staffy who makes the best poop machine the world has ever known, and an indoor white tiger... well... he's fkn huge anyways (7kg) cat, Archie. Problem is, there's not a plethora of houses out there that meet the requirements:

Must Haves:
Heating
BIRs
Dishwasher
3 + BR
Shed (Brewing/Bar)

Preferences:
Garage (Brewing/Workshop/Cars)
Deck/BBQ Area
Air Con
2nd Bathroom

We might struggle to get all we want with the price range we're looking at, but I'm hoping we can manage.

I'm interested to know - Is anyone else in a similar situation? I imagine there'd be quite a few?

 

[manticle]

I'm in a similar boat. To get something comparable to the place we are leaving, we need to find between 100 and 200 more per week or move much further away from work, sport, studio and other extra-curricular stuff that keeps me sane.

 

[Damn]

Good Luck Fellas,

This is a common problem and its not improving soon. The sooner the government abolishes negative gearing and blocks foreign investment in real estate the better for the battler. Not to mention our insane lust for sustainable population growth?

I hear and feel ya pain.

 

[slcmorro]

We'll be in a better spot in about 18 months time. Hopefully by then we're right to buy our own place and then we can do whatever we want to it. Hopefully. Life has a habit of throwing curveballs and although I know we're extremely lucky compared to a lot of other nations, we have our own little challenges to face.

 

[DU99]

Must be that time of the year my daughter has move also in next few weeks.she spent the last couple days looking houses around melton..(school age children)

 

[Bribie G]

If the government abolished negative gearing the supply of rental accommodation would dry up, as happened when Keating tried to do it back in the 90s. That wouldn't help the OP or Manticle, who would have to live in a car.

However there is a case for changing NG to apply to new builds only, thus increasing the rental supply. After owning two homes and wives getting both, plus SWMBO having been cheated out of her property by her ex, we are tenants for the rest of our lives. And it's not such a bad thing, millions of Europeans rent and have done for centuries, not the end of the world and they still drive BMWs and go on holiday to Italy every year. Worked it out that if I won 600g on lotto of course I'd buy somewhere, but at the end of the day with loss of rent assistance and having to pay rates, water, maintenance, insurance, body corp fees etc etc I'd only be around 100 bucks a week better off, no huge deal.

At least the OP is in a regional area, where rents are a lot less than capital cities, hereabouts you can rent a three bedder for less than 300. Also according to the latest reports, rental vacancies are currently pretty good from tenants' point of view, so hopefully something will turn up fairly soon.

 

[Josh SA]

We sold our house just B4 christmas, for a lot less than we thought we could get. Was on a busy main road & the local school closed down.
Moved everything into storage & lived with the outlaws untill we nearly had a marriage breakdown ( 2mths ).

We wanted to move to nicer quiet area with good school but have struggled to find something suitable that we can afford.

Have now moved into a rental & keep looking at houses but keep getting out bid at auctions.
Once we find a place, I will never move again. Unless we win the lotto.

I feel lucky though that we can even look at buying our own place.

josh.

 

[slcmorro]

See, my folks 'did up' houses when I was growing up. We lived in upwards of 10 houses before I finished high school, and the real estate market then was essentially a great way to make money if you were slightly handy with a paintbrush. Now, friends my age (around 30ish) are buying their houses and having kids etc, and I feel nervous for them. The economy and the general way of living is in a period of uncertainty in my eyes.

 

[wynnum1]

The price of houses could be the double dipping of government new developments pay infrastructure charges and then they charge rates and taxes on top again.

 

[Damn]

If the government abolished negative gearing the supply of rental accommodation would dry up, as happened when Keating tried to do it back in the 90s. That wouldn't help the OP or Manticle, who would have to live in a car.

If negative gearing and foreign investment were abolished or a least limited from the low end of the market it would make 1st homes considerably more affordable. Negative gearing falsely drives up the price of a home. Home buyers have to compete with investors. If the price of houses dropped it would be within reach of many more and therefore less rental properties required. Many I know rent because they believe the cant afford to buy a home and then go on to pay rents not far off from a mortgage payment. The only ones whom seem to fight this argument are the investors.

 

[Dave70]

The economy and the general way of living is in a period of uncertainty in my eyes.

Not suggesting this relates to you, but plenty of the 'uncertainty' I see around me in the financial sense is directly linked to any semblance of thrift being thrown out the window in lieu of updating ones everything every time a new thing is released. YOLO anyone?

As my accountant told me. The difference between his son being able to afford being able to get his toe in the property market is his pack a day smoking habit and his platinum fox package. But what the **** would dad know.

 

[idzy]

If I can offer any advice it is if you can't beat 'em, join 'em. I bought my first house at 18, 100% finance for 199k and struggled with making repayments working as a dish bitch in a restaurant and in factory, etc. Sold it 6 years later for 330k and bought my first house to live in and live there now.

Not saying this is for everyone, but I reckon the sooner you buy and get in the market the better. That has been the case for me anyways.

Idzy

 

[mje1980]

If negative gearing and foreign investment were abolished or a least limited from the low end of the market it would make 1st homes considerably more affordable. Negative gearing falsely drives up the price of a home. Home buyers have to compete with investors. If the price of houses dropped it would be within reach of many more and therefore less rental properties required. Many I know rent because they believe the cant afford to buy a home and then go on to pay rents not far off from a mortgage payment. The only ones whom seem to fight this argument are the investors.

If the property prices dropped due to limits being placed on negative gearing, those price drops would flow to the next segment of the market. That would be quite a lot of people suddenly with a lot less equity. Considering a lot of people use that equity for retirement, or investing for retirement that would negatively affect millions. Can't see any govt legislating for that.