Tuesday, October 17
And It All Falls Into Place
I may have mentioned, and don't ask me to confirm it as my pregnant brain just can't do these sorts of things, that Mum and Dad were going to help us into our own home in Rangiora. Well, looks like we are actually going to build our own home in Rangiora. At the moment the cost of buying a nice 3 bdrm home needing a bit of work and a bit of an add on would be in the vicinity of $260K. To buy a 600m2 section in Rangiora will cost us around $140K with Blair being able to build us a 4 bdrm home for around $100K. So we would be looking at $20K less in outlay and our new home would be worth around $350K as soon as it was built. Compare that with the 3 - 4 years of waiting and heaps of renovating that we would have to do on an already existing home to get around $300K value. Dad is putting an offer in on a section tomorrow for us.
I am trying not to get too excited but I can't help it. The whole plan will be that we rent off the olds for the first year (as it can be a killer tax wise for Dad if we don't) and then they sell it to us for the cost of section plus materials. We gain the equity (eg we are going to be buying a $350K house for a $240K mortgage) and will then be in a position to start heading in the direction we want. Still won't be easy - even a $240K mortgage over 30 years will set you back $400 a wk just in repayments and that isn't including rates, insurance and R & M. Compared to the $250 rent a week we have been paying and it is going to be a hard but worthwile road for us. And it all goes to plan, we will do it all again in 3 or so years and get our mortgage right down. Then Blair will be able to go out on his own and build a couple of houses a year and make a good living. That's if all follows the plan but we all know that this doesn't always happen.
On baby and bum front = all good. Baby appears to be growing well and my BP has stabilised. Bum has odd bulging haemy but that is put down to the fact that baby's heartbeat was last found just above the pelvic bone!!!!!!!!!
Posted by Jules ::
12:38 PM ::
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