G'Day
At the moment Mike and I are buying for our retirement.
Mike got the bright idea a couple of weeks ago so last weekend we scouted around our chosen area, saw some spectacular houses, and are now negotiating for the place I fell in love with from the internet presentation.
We figure that we are at least ten years away from 'retirement' and in that time property values could be expected to double. By buying now the properties will never be cheaper, and we can maximise the investment benefit of the other properties to ensure that we can pay out the loan on the new purchase without interrupting the income producing properties.
We will have plenty of time to continue to buy throughout the ten years and ensure a financially comfortable thirty years after the day to day working income ceases.
So, as potential retirees, what did we look for?
Well, we firstly decided that a three bedroom unit in Blackburn near the station was an admirable idea but one which I did not want.
So, we decided that to be beside the sea would be good. Brighton? Phillip Island? Brighton would be better, so we started there.
Inspected a couple of wonderful places, but I felt that sitting on the front porch facing Beach Road in my dressing gown was not going to be a good look, so we kept moving south.
Mordialloc? Great place, really bustling and vibrant, but fronting Nepean Highway and crossing the road to get to the beach was a bit of a chore. And the beach is very structured, very public; we kept moving.
Between Aspendale and Bon Beach, now there's an idea! So we drove every street, inspected a few knockdown rebuild opportunities, argued a bit, found a couple of modern townhouses but where to put the Nicholas Dattner dining table (seats ten), and where would the (futuristic) grandchildren sleep during school holidays?
Inspected a lovely house late in the day and went back the next morning to see a fantasmorgoricle modern development with views to Mt Martha but smack next to a level crossing. Ding ding ding ding ding! Never knew the train service was so efficient on a Sunday!
So the fantasy weatherboard has won the vote. Now to negotiate! Views of the water from two of the upstairs bedrooms if you lean in the right direction. A wonderful atmosphere, and a study where I won't have to share space with the washing machine. North facing family room, kitchen and garden, 50 metres to a lovely scrubby beach, and no road to cross between us and the sand. Heaven!
A choice of two railway stations about equal distance away, bus at the end of the street, and a local shopping centre just up and around the corner.
Hopefully, we can all agree on a price, and we will rent it until we are ready to move in. The Budget today has just about buried negative gearing but anything is a help and the most sensible idea is to buy another two or three small investment properties to help us pay the loan out when we are ready to move.
Mike is already talking about getting a sea kayak as the beach has barriers to block vehicle traffic, and a kayak can be carried down the road and lifted over the barriers. No mooring fees - it can be pulled up into the roof of the garage when not in use.
This is all very exciting! We haven't bought a house 'for us' for a long time. For 'the family', yes, but not just for us. Putting the destination in place now will give a focus to retirement plans, so although we will probably not set foot inside it between settlement and retirement, it will be nice to know that it's there waiting for us.
And this time, I intend to buy some new furniture! The 25 year old Gage Pine three piece suite has been reupholstered once, and the settee has lost all it's bungee straps which have been replaced with a sheet of chipboard. Yeah, it's all class at our place! So maybe that's another extra investment property to take care of the new furniture? Well, it's as good an excuse as any!
Anyone else taking the long term view (pun very definitely intended!) towards retirement?
Cheers
Kristine
At the moment Mike and I are buying for our retirement.
Mike got the bright idea a couple of weeks ago so last weekend we scouted around our chosen area, saw some spectacular houses, and are now negotiating for the place I fell in love with from the internet presentation.
We figure that we are at least ten years away from 'retirement' and in that time property values could be expected to double. By buying now the properties will never be cheaper, and we can maximise the investment benefit of the other properties to ensure that we can pay out the loan on the new purchase without interrupting the income producing properties.
We will have plenty of time to continue to buy throughout the ten years and ensure a financially comfortable thirty years after the day to day working income ceases.
So, as potential retirees, what did we look for?
Well, we firstly decided that a three bedroom unit in Blackburn near the station was an admirable idea but one which I did not want.
So, we decided that to be beside the sea would be good. Brighton? Phillip Island? Brighton would be better, so we started there.
Inspected a couple of wonderful places, but I felt that sitting on the front porch facing Beach Road in my dressing gown was not going to be a good look, so we kept moving south.
Mordialloc? Great place, really bustling and vibrant, but fronting Nepean Highway and crossing the road to get to the beach was a bit of a chore. And the beach is very structured, very public; we kept moving.
Between Aspendale and Bon Beach, now there's an idea! So we drove every street, inspected a few knockdown rebuild opportunities, argued a bit, found a couple of modern townhouses but where to put the Nicholas Dattner dining table (seats ten), and where would the (futuristic) grandchildren sleep during school holidays?
Inspected a lovely house late in the day and went back the next morning to see a fantasmorgoricle modern development with views to Mt Martha but smack next to a level crossing. Ding ding ding ding ding! Never knew the train service was so efficient on a Sunday!
So the fantasy weatherboard has won the vote. Now to negotiate! Views of the water from two of the upstairs bedrooms if you lean in the right direction. A wonderful atmosphere, and a study where I won't have to share space with the washing machine. North facing family room, kitchen and garden, 50 metres to a lovely scrubby beach, and no road to cross between us and the sand. Heaven!
A choice of two railway stations about equal distance away, bus at the end of the street, and a local shopping centre just up and around the corner.
Hopefully, we can all agree on a price, and we will rent it until we are ready to move in. The Budget today has just about buried negative gearing but anything is a help and the most sensible idea is to buy another two or three small investment properties to help us pay the loan out when we are ready to move.
Mike is already talking about getting a sea kayak as the beach has barriers to block vehicle traffic, and a kayak can be carried down the road and lifted over the barriers. No mooring fees - it can be pulled up into the roof of the garage when not in use.
This is all very exciting! We haven't bought a house 'for us' for a long time. For 'the family', yes, but not just for us. Putting the destination in place now will give a focus to retirement plans, so although we will probably not set foot inside it between settlement and retirement, it will be nice to know that it's there waiting for us.
And this time, I intend to buy some new furniture! The 25 year old Gage Pine three piece suite has been reupholstered once, and the settee has lost all it's bungee straps which have been replaced with a sheet of chipboard. Yeah, it's all class at our place! So maybe that's another extra investment property to take care of the new furniture? Well, it's as good an excuse as any!
Anyone else taking the long term view (pun very definitely intended!) towards retirement?
Cheers
Kristine
