I’m in the fortunate position to buy my own house after a separation, only something small but my own place for the kids and I.
What would you do in my situation?
Property 1 - Modern townhouse, financially stretched but great central location, small backyard (which I’m happy with) kids can ride/walk to school, close to shops and friends.
Property 2 - bigger house, more affordable but 15 mins out of town, I’d be back to doing the school run every day (I work full time), limited public transport options (primary school age kids) and I’d be doing more driving running around to kids activities and stuff - but less financial pressure. Lovely house, small yard.
4 Replies
I'd prefer the modern townhouse with the 4 bed rural house price. 🤣
Instead, add up the financial costs. Including:
Extra petrol at the rural house.
Maintenance & expenses of each property.
Often the true cost is in the hidden details & it can help you make a decision.
You should never be financially stretched, so see a mortgage broker. They can offer strategies you might not be aware of.
I’d take the house out of town, for long term investment. If you’re happy to do the school run and it’s possible it would be lovely. If not, find a different townhouse because nobody wants to be financially stretched, you need wiggle room
Don't just think about now, think about what the needs of the kids, and yourself, will be in 5 or 10 years. Will they be better off as teenagers having a more rural location, or are they more townie kids? Will they want to get casual jobs in the next few years?
Personally, and without knowing the extent of your financial circumstances, I would go the townhouse. Newer property means you don't have to worry about fixing things and can just live your life. Small yard is easier too. However that's just me, I'm not really a home maker kind of person! Maybe you are and would enjoy the serenity of being out of town and the freedoms that brings
Don't just look at the outlay - what are the ongoing costs?
Rates on each.
Body Corporate on the town house.
Are there water connection fees.
Estimates on insurance for each property.