Thinking about just renting a unit instead of owning- anyone else doing this ?

[randomx]

Gday all.

As int he title yeah , thinking about just renting instead.

Thing is, ex w and l had huge properties and always reno's at that , l was sort of obsessed earlier in with property and the small acreage lifestyle but l think l  wore that out and def' over did it. l also rented out my little country cabin 15 yrs too but now l just want that gone as well if l can sell it bc renting it out has just been a constant stressor anyway and these days l'm just sick of property, full stop.

l was seeing someone for awhile back though and she just rented a unit so we'd either stay at hers or mine. Thing was , staying at hers, l mean l'm use to small acreage and lots of outside- and all the work our places always needed so l was expecting her place to be torture but l got a real surprise. lt was damn nice staying at there, really damn nice. After all the crap l'm use to with houses and properties it was just so nice to just be able to live and relax and just do what you want for once. Longest we spent at hers was usually about 2mth stints a time so l don't have yrs of it to go by but really begun loving whatever time we did spend at hers.

l'm at cross roads atm. Got rid of my last house and l'm just staying over at my cabin myself right now deciding what l wanna do about housing. Was thinking of getting a block in a better spot and building something but just of late l'm thinking ldk if l even want to anymore. Being at the cabin has just been more property work again, it's on half a hect'.

Same time yeah been tossing up everything a yr or 2 now and always remembering how nice the unit living was. My work was also pretty physical stuff and l've been building things since kinder garden too ha ha, feel like l'm sick of all that too and just wanna enjoy myself for once.

 

Anyone just renting instead these days or just in a unit of some description, what do you think ? l'm feeling if it had a bit of a garage case l felt like tinkering and somewhere to put my kayak to hell with everything else right now that'd do me.

 

 

 

Edited January 5 by randomx

[onetrack]

Renting always put you at a disadvantage, because the landlord/landlady can die, sell up, or just toss you out, because they "want to redevelop". Nothing says "secure" like owning your own home.

 

Pick a place that is low maintenance and doesn't encompass a big area or lots of rooms, which most people don't need, and never use, anyway.

 

Around my neck of the woods (inner-city Perth), we have 30's, 40's and 50's houses that are quite often heritage listed or have other restrictions on them, and most purchasers move in here because we have one of the "old, leafy, quiet, sought-after suburbs", and because they have money to extend, modernise and revamp the properties.

 

As a result, every second house around here is anywhere from 5 to 8 bedrooms, have massive rear extensions, second stories added, swimming pools installed - and most of those houses are occupied by just TWO people!! 

I guess these owners must pay out constantly for house maintenance and cleaning, because I sure wouldn't want to be doing all that work by myself!

 

We live in a house built in 1957, it had 2 bedrooms and sleepout originally, then the previous owner (and original builder) turned the sleepout into a third bedroom with a modest brick extension. 

We put in a new kitchen in 2005, and a new bathroom the year before last, and that might be the last renovations we do - although SWMBO talks about re-doing the kitchen again.

 

We don't really want to move, because this spot is very central, very quiet, no crime, the rates are relatively modest, and everything we look at elsewhere is either going to cost us a lot more, or we get jammed into a tiny block in a new housing estate. The last is something neither of us want, we're on a little under 600 sq m, have lots of nice big trees and a well-established garden, and we don't have neighbours arguing just 3 metres away.

Plus, our house has nice big rooms and high ceilings, larger than the standard of the time, because the original owner was a builder. 

 

I would never ever move to a rented property simply because of the insecurity angle. I like knowing that I can decide when and how I move, not having it forced on me at a bad time.

[Jerry_Atrick]

I am not in a unit or "renting", but to get this house over the line, I have borrowed and am paying it back - so akin to paying rent. 

As someone who seems to have have more than one property on the go, it seems you would have a better insight than most. 

 

When I was a young lad in Australia, my idea of building wealth was to rent a unit to live in abd buy rental houses. Renting would mean that any improvements or repairs would be tax deductible, negative gearing means you have better cash flow, and capital gains allowances have always been sweet from a tax perspective (except for a short period). Although the newspapers are reporting a property market hiuccup in Sydney and Melbourne, the poroperty market has been quite robust for a long time and offers both good yields and captial gains. Alas, first flying, and then women scuppered my plans.

 

Froma pure lifestyle perspective, I, too, am over big properties, renos, and lots of maintenance. I may not be so over it under different circumstances, but unless you are flipping for profit and making good money out of it, it is either a passion/hobby, or it saps a lot of other things, like flying. When I have sold this beast, it will be back to Aus, and a 3 - 4 br, max 1/4 acre block - maybe two acres in a rural setting for self-sufficiency. But it has to be low maintenance. 

 

As @onetrack says, renting is less secure and, well, the rental market has gone ballistic lately, so you are competing with a lot of people - less so in rural and regional areas. From your post, it sounds like it is the maintenance and effort that is the issue - not the renting v owning thing. 

[randomx]

So your not in Oz now Jerry or ? Nice to hear you'd like to come back though if not anyway.

But nah , all that was back with ex w , and on borrowed money to so we never came out with much after breaking up, don't ask just how it was. l only have this one 1/2 hect' place now,since l got rid of my house but l don't like the town at all here. Lovely property and l could even build on this as the property itself is so damn nice though but so far to a good town though, 50k, 20 and 30k to smaller shit ones. This town where the property is only has a pub.

Seems l'm here now l could do that but thinking l couldn't be stuffed getting a whole nother place though and building on that.

Edited January 5 by randomx

[Jerry_Atrick]

Yeah - been holed up in the UK for the last 29 years (minus two and a half where my partner and I were in Aus). Was hoping to be back about 7 years ago, but between one thing and another, not sure where the time went. 

 

If you're not happy where you are, moving is probably the best thing. I lived in a 3br unit with my father for the last three years of high school. It worked OK; very low maintenance, body corporate was uite well run (only 6 units on the block). That is probably the issue with units and flats - if youhave a crap body corporate it could cost you and you get nothing for it. 

 

 

[randomx]

Uk eh , always thought it one of my fav countries or even the fav' but hear it's gone down hill lately , God knows.

But yeah thanks for the thoughts, bloody depressed where l am would be more like it. l've only been here 2mths though and will be for a few more at least l'd say but hoping something nice comes of it or l even start liking it. The property is gorgeous, street too. Really nice to come home to but once your back a few days town itself starts getting to me again so not really expecting much. l'll give it a bit more time though and no choice right now anyway so shall see how things go.

Yeah have heard about those bloody body corp things. That's why l thought of just renting, found one l liked and could afford to buy, need to borrow a bit but the bloody body corp costs were 16k a yr, l mean just wtf ? So looked at a few others and they were anything from 5-6k to even 20k, they can shove that.

Edited January 5 by randomx

[Jerry_Atrick]

It was about 43 years ago, but we were paying, as I recall, about $1,200 year or thereabouts to the body corporate. 

 

 

Edited January 5 by Jerry_Atrick

[randomx]

Gees man, light yrs away wow eh, but you remember that.

Lot of money actually back then though. Such a different world now eh.

[Jerry_Atrick]

1 hour ago, randomx said:

Gees man, light yrs away wow eh,

Don't remind me! 😉

 

[randomx]

12 hours ago, onetrack said:

Renting always put you at a disadvantage, because the landlord/landlady can die, sell up, or just toss you out, because they "want to redevelop". Nothing says "secure" like owning your own home.

 

Pick a place that is low maintenance and doesn't encompass a big area or lots of rooms, which most people don't need, and never use, anyway.

 

 

Yeah thx for that . Problem is it's pretty hard picking and choosing much over here atm tell you what, prices are insane and there's very little if any at an affordable price let alone it be something l'd want. Saw one l know of now but once again it'd be a reno job and it's on an ac , it is on the edge of a great little town though and only 25mins to the main town.

That place is a great but great spot to and great price bc it needs the work but l just couldn't be bothered with yet another big place and a reno at that.l'd still need to borrow a bit.

Didn't really want another mortgage either but l spose you have a big point there to in that it would only mean same as paying a rent anyway l guess and probably less at that, plus no one can kick you out yeah, bloody big points. Something l'll have to think about.

Your area sounds lovely .

 

 

 

 

 

 

 

[randomx]

Back onto this one if anyone feels like adding some thoughts.

Bit of a problem though, a few.

First thing is l'm still not liking it at the cabin ,mind you sometimes l do especially the block itself but the town just depresses me. Just not a nice way to feel especially as l wanna retire, was hoping for a bit better spot than this for crying out loud.

On the upside, l could build on it was savings, it wouldn't be big and grand don't want that anyway, just say double the size of the cabin as is now.

Trouble is, that is a great option as l can live here scott free, rates are tiny and l have solar and own water, could do what l want. But the town !!!!!

 

Second problem is, l've had it up for sale a few mths, hasn't sold. Don't understand so many inquiries but it's not looking too good .

l couldn't get in the door of something else now anyway unless l could sell this. l mean that's what l'd prefer and whoever it was said better of paying abit of a mortgage than rent yeah, damn good point. l'd need to sell the cabin though and it ain't looking good.

Bloody hell, dk wth to do with the situation apart from go rent something or stay here and do my little build, looks like that's about the choices.

 

 

 

 

Edited January 30 by randomx

[onetrack]

Randomx, sale of a property is best done by professionals, they know what they're about and have plenty of "leads" to buyers. Plus their local knowledge will give you a good idea of what sort of sale price you can achieve.

 

Numbers of people always want "remote" properties, where they can "get away from it all" and set up "off-grid living". But the important part is figuring out where you'd like to move to - and more importantly, what you can afford.

[facthunter]

Having your OWN Place is good You can fiddle with it a bit to get More comfortable depending on how Over Bearing the Local Council is.  Owing money is like Having Cancer.  On your Mind all the time. Nev

[Jerry_Atrick]

If you're not happy with the location and there are no buyers for it, check in on areas you may like to see if  any sellers are willing to do a property swap to your area and cash out the difference either way. You will have to cover stamp duty at the valuer general's valuation, but a good lawyer can minimise it and while they will charge you to do it, it could still save you thousands. 

 

I couldn't find a site that handles property swaps, except for vacations, but an uncle of mine did it twice in the good ol' daze.

 

Edited January 31 by Jerry_Atrick

[randomx]

Thanks very much for the replies and thoughts fellas, very appreciated. l didn't get any notices there was replies sorry, l've prob got somem turned off.

 

Selling wise well, there's been so much interest it's blown us away- RE and l butttt, no one's bought yet. Few are thinking and looking at finance wouldn't hold breath though but it amazes me out of all the inquiries, still have it. What can you do though , most are tyre kickers really.

But yeah, agree facth, l suppose l would rather own bc of things like that and other things everyone's mentioned. l'd def need to borrow though even if this does sell , if it didn't l don't even know if l could get finance let alone afford something else separately on top of still owning this one.

Something like Jerry's idea would be the only other way in if l could find the right property and seller but man, prices are so insane atm , this fool of a gov has completely stuff housing in this country now, it's just hard to believe, mind boggling , the prices out there now and shortage. My old town for example only 5-6yrs ago had 20pages of property nowwww- it has half of 1 page. Anddd, what there is is 300% on prices there only 7-8yrs ago.

My main town here now, lovely town, does have a few blocks alone still affordable for me but l couldn't build on it too on top of the land buy, it'd be too much, l'd have a full blown mortgage again. like l could build here cash bc l want one of those off grid and alternative style places, got one here now at the cabin. But trouble is the main town is a small city and the council regs wouldn't let me build what l want and could afford. Still though, if this one sold, possibly wangle something.

 

l have decided this place has to go though, l just don't wanna stay here. And if it doesn't go, then l still have to go bc l just don't wanna be here it's not changing l'm more depressed non-stop just from being here and stuck the more time goes on.

l've got one idea 1st step , that won't cost much and isn't much work , but l'm thinking of doing a few extras to the place that should make it much more tempting to buyers and hopefully get the thing sold. lf it did well that'd be a big start.

But l reckon to meantime, might keep scanning property and keep an eye open for something l like and a possible swap like your idea Jerry, or deal of some kind, might get me into it never know. ln the past like your uncle for sure but the way it is here now, well, see what happens.

 

 

 

 

 

 

 

 

Edited yesterday at 09:36 AM by randomx

[facthunter]

Swapping will still involve costs. Check it out when doing your finances. Nev

[randomx]

Yeah for sure , this place would only be a big deposit, but if they were interested , right place, price, l'd prob only need another 100k give or take. Prob less than renting as someone here said , but it'd be mine.

We see, that ones a longgggg shot in this climate.

[facthunter]

Some areas where the water rights have been sold off are cheap. Any country area that is in decline for a reason that won't worry you..  It's hard to exit the RAT Race. The rats won. Nev

[randomx]

Yeah, might be a combo better than where this place is, other trade offs l might not mind, who knows l guess. ldk, wanna figure something out though , we see. Not being in that greater position just don't wanna jump out of a pan and into a worse spot, yaknow

[facthunter]

It CAN happen. make sure you weigh up everything and not  seen the "grass is greener on the Other side of the Fence"  Nev

[randomx]

Yeah Nev, do think about the old grass is greener. End of the day though, like came home from the main town here the other day and thought yeah it's nice right now getting up there, great getting out and running about. But by the time you run around up there to, on top of the trip there and back, it's about 130k. l'm getting a bit sick of it now so l think how will l feel after 5yrs of it , no thx.

So even aside from the property situation itself there's still all that side of it to and l know l'd be sick to death of it in a few yrs soooo , can't see another way apart from a limo and chauffeur. 

[Jerry_Atrick]

@randomx - I may have missed it, but what is it about your current place, apart from being a cabin and I am guessing a few k's out of the major town, that you really don't like about it?

[randomx]

Gday Jerry. Mate, it's a lovely property and on a beautiful little side street and at night the air from the grasses and trees, landscape, literally smells sugary,kinda fruity, so nice.

But, it's 50k to a decent town and this town's tiny, only has a pub and l reckon that'll even close to soon. No shops, nothin.

Prob only about 300 people , there's just nothin here or anything else closer.

Edited 1 hour ago by randomx

[Jerry_Atrick]

Yeah, I get that. How far to tne nearest bigger town, and what is that town like? Or better to ask, how far to the nearest decent larger town?

 

There are a lot of people who crave being well away from any major conurbation but if a decent town is within an hour's drive (say 100ks depending on the area), they they are really happy. 

 

The trick I think is to present the property to highlight the drawcards of being in a natural setting but is comfortable, and secluded (rather than isolated); If it is within - or even just beyone an hour of a decent town and facilities, especially if the drive is realitvely easy, then higjight easy access to the town with its facilities, yet far enough to be out of the rat race. You're not selling a property - you're selling a lifestyle..

 

If it's much more than an hour out of town, market it as a retreat - again it's the lifestyle that is the drawcard usually..

 

But, I am not a real estate agent... but when I am looking at rural locations, I am looking for lifestyle. 

 

 

[randomx]

Yeah for sure , me to in the past, this one has great lifestyle if you don't mind being out here . lt's about as l say 50k to a really decent town,very nice,  and beach and it is a fairly easy drive l can say that much.

There's another smaller town about 30k over, good bakery and small supermarket, few other things. And on the other side about 20k over another even smaller town but that does have a few things , basics, to.

Thanks for the suggestions, appreciated.

Edited 40 minutes ago by randomx