I’m a single mum and in the fortunate position of being able to buy my own home. I’m currently renting in a suburb I love that’s close to the kids school and friends but I could never afford to buy here, it’s well out of my budget. The rent is almost the same as a mortgage repayment. However 10mins down the road, there’s a new suburb, newer and bigger homes, within my budget, better energy efficiency houses, close to sporting ovals, shops and great lifestyle stuff. But moving there would mean getting kids to school is a logistical pain, they currently ride their bikes to and from with ease whereas I’d have to go back driving them every day and I work full time and the school bus network only takes high school kids (mine are older primary). It would only be for another year or so and then they would be in high school and on the bus.
So do I buy the better house in lovely location that I can afford now and suck up the school stuff for a while or continue renting and paying the big bucks close by until they hit high school?
3 Replies
It's only a year, you won't even remember it in a few years time. Driving kids to school is not that much of an inconvenience in the grand scheme of things, at least you will have a roof over your heads. See where the closest school bus stop is to you it might work out that they can be dropped off there.
I think buying now is better, because prices are tipped to keep rising. But this only works if it works for you.
Alternately, you could rentvest until it's suitable to move. So buy the new house and rent it out, staying where you are for now. You'd need to check the financial impact, including tax & insurance etc. first. Just another idea to consider and investigate.
Take the better house that you can afford. Maybe wait a year if life’s easier where you are.