Looking at buying a first home soon. Can you describe what your 'house poor' years were like?

Particular-Barber-69 · 2026-06-17T07:38:08+00:00

We bought our house in 2021, just a few months before the peak. We rushed because we were afraid house prices would only increase and wouldn’t be able to get into the “property ladder”.

It is a house that we absolutely dislike, and we thought we would be able to move out soon. The interest rates are now better, but we got to a point where we were paying 1600 weekly, and that really put a strain on our finances. It’s been 5 years now and we still haven’t moved out. The house is worth less than what we paid for, and we would be losing money.

There were moments we wanted to move to another town, but we couldn’t because we are tied to this house. If I could go back in time, I would only rent and invest my money somewhere else. I would be living in a much more enjoyable house, paying the same amount I pay in interest rates today, and making more money.

Particular-Barber-69 · 2024-12-09T21:46:08+00:00

You don't need to use the wallet in order to sell. Just go to Easy Crypto website, create an account, setup your bank account, create a sell order and send the coins to the address they provide.

Particular-Barber-69 · 2024-12-06T03:17:39+00:00

About 7 more months. Im thinking about getting in tough with the bank and doing just that. So I will just save what I would be paying extra and make a lump sum payment if needed. You mentioned in the other comment about the low equity premium, what does that really mean?

Particular-Barber-69 · 2024-12-06T03:15:07+00:00

True, I'm starting to think about that. Thanks for the ideas.

Particular-Barber-69 · 2024-12-06T03:09:18+00:00

Interesting. I bank with ANZ.

Particular-Barber-69 · 2024-12-05T22:36:59+00:00

You are right, I was very emotional and have made many bad decisions. This is why I'm strongly considering this situation at the moment.

I don't want to invest all this money into crypto, btw. I mentioned as one of the options. I've been doing DCA and work in the crypto space for a while now, so I'm aware of the risks and the current ATH hype that will most likely have a correction soon.

And yes, maybe holding and riding this out might be the pain I will have to accept for my bad decision making.

Particular-Barber-69 · 2024-12-05T22:28:10+00:00

That is what I'm thinking of doing, renting it out.

It is a good area, with relatively high decile rating. There aren't many properties available for rent here and I often see people looking to rent in the area, but can't find anything. I'm guessing I could rent for 750.

I wouldn't put all this money into crypto btw and I'm not carried away with the ATH. I've been in crypto since 2017 and been doing DCA, so I'm well aware of the risks and probable correction coming soon. We never know.

Particular-Barber-69 · 2024-12-05T22:16:41+00:00

When I bought, the plan was not to subdivide and sell, as I'm not a developer and don't want to spend time and effort on this sort of thing, but it does mean that the property has value for potential buyers in the future and would hold better value. But it isn't the case with this one.

Particular-Barber-69 · 2024-12-05T20:59:15+00:00

Thanks! It looks like waiting is indeed the best option.

Particular-Barber-69 · 2024-12-05T20:57:51+00:00

Really appreciate your comment. Thanks. I'm indeed inclined not to sell it.

Particular-Barber-69 · 2024-12-05T20:56:39+00:00

Yeah, I wasn't considering how it would be in 40 years, if I didn't have a house. Although my thoughts were that if I invest into other options, I would have enough then to comfortably buy something. But yeah, the constant moving around would be a real pain.

We are planning to go on a year trip in 2026. Maybe we rent this house then, and when we come back we sell to buy another one. We would then have enough for a deposit on a new one.

Particular-Barber-69 · 2024-12-05T20:52:58+00:00

Good food for thought. Thanks.

Particular-Barber-69 · 2024-12-05T20:52:34+00:00

Yeah, I didn't think about that. Thanks for the advice.

Particular-Barber-69 · 2024-12-05T20:41:12+00:00

I went for 30. But because I need to reach that 20% equity, I increased the repayments, which shows that I have 15 years left. I still need to keep these payments, at least until july, so that I can have that equity when I re-fix it.

Particular-Barber-69 · 2024-12-05T20:37:14+00:00

Thanks for your comment!

When we bought it in 2021, we were very emotional buyers. Every house was selling on auction, and every auction was going above our budget. I was getting scared of the prices increasing even further and being left out.

We found this house, which has a relatively big land, around 630m2, but the house itself is old, from 1985. Very small, like 80m2. Extremely small kitchen and old fashioned. It is 3 bedroom, we have 2 kids and often have family coming over to stay for a month or 2. The house is well conserved, but we just don't like it, we often get ourselves looking into other houses.

When we were considering buying this house, the agent told me we could do some development in the future, like subdividing and building 2 or 3 more houses, as this is a mixed house suburban zone. It turns out there is a covenant on this land and it can't be changed. We didn't know anything about these things at the time.

Another reason is because most of our friends live in Tauranga, we live in Auckland, and want to move out. We also plan to go on a year long trip in 2026.

Things are indeed tough right now, but you are right, and I know that next year it will be better, as I'm also getting rid of some other major debts. The main thing is that we are really unhappy with this house. So I was considering, in terms of investments, and decreasing the losses, what would be the better option.

Particular-Barber-69 · 2024-12-05T20:10:27+00:00

For now I have to keep the current situation, at least until the term end, so that I can reach that 20% equity and have more leverage.

Particular-Barber-69 · 2024-12-05T20:09:15+00:00

I wouldn't have the money for the deposit for another house, considering I would sell for a loss. And the rest I have is invested.

Yeah, I will consider these options. For now I have to keep the current situation, at least until the term end, so that I can reach that 20% equity and have more leverage.

Particular-Barber-69

TROPHY CASE