Am I in the position to buy?

[HotSpot]

Hi All,

I desperately want to get back into the property market. I was a home owner for several years with my husband however we separated so now I am renting a small unit.

So I am a single mum on the pension with a infant daughter. Doesn't sound good so far however I have about $95,000 sitting in term deposits and shares so I have plenty for a deposit.

I am currently job-hunting hoping to get a reasonable paying part-time job soon. Once I find a job do you think I'll be in the position to buy?

I would like to stay in Melbourne. I am considering still renting my unit at $200 pw and buy an investment property in the country such as Portland for $150,000 so I won't be borrowing too much.

Thanks for any advice.

 

[Rolf Latham]

Hi Hot Spot

Welcome

Much will depend on what that job will bring in, and what your personal budget looks like.

ta
rolf

 

[kaz101]

We are buying in Portland at the moment and if you buy at $150,000 it may not be in a very good area and the rental will be about $150 per week. (At the moment you can roughly say the you get $100 per week for every $100,000 that the house is worth).

Most of the properties that we are looking at are $200,000 and upwards.

Regards,
Karen

 

[Mick C]

Hi All,

I desperately want to get back into the property market. I was a home owner for several years with my husband however we separated so now I am renting a small unit.

So I am a single mum on the pension with a infant daughter. Doesn't sound good so far however I have about $95,000 sitting in term deposits and shares so I have plenty for a deposit.

I am currently job-hunting hoping to get a reasonable paying part-time job soon. Once I find a job do you think I'll be in the position to buy?

I would like to stay in Melbourne. I am considering still renting my unit at $200 pw and buy an investment property in the country such as Portland for $150,000 so I won't be borrowing too much.

Thanks for any advice.

As Rolf mentioned, it depends on your lifestlye, budget and the amount of potenital income coming in.

I know in a way it doesn't answer your question, but it's a wild card question you have really asked here...Post a bit more details up or PMS if you dont feel comfortable posting details on a public site.

Regards
Michael

Regards
Michael