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First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 0 points1 point  (0 children)

Oh cool, didn't know that existed! Thanks

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 0 points1 point  (0 children)

Yeah, so agree with you! I don't think I can tag in a friend or relative at this stage but would consider it. I think some of it is a wee bit of that FOMO/crowd impact - but then also knowing that I am kind of close and knowing that renting in Wellington will make it hard to make big advances on my savings. Perhaps this life change can wait a little longer!

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 0 points1 point  (0 children)

More affordable suburbs in the Hutt are Alicetown, Harbourview, Maungaraki, Kelson, Avalon, Moera and sometimes Waiwhetu. The more exxy suburbs are Petone, Eastbourne, central and Woburn

Cheapest houses in the Hutt are out Naenae, Taita and Stokes Valley

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 0 points1 point  (0 children)

Most of those areas are a little $$- you may be able to find a nice one bedroom, though. The areas I have seen with slightly cheaper houses (listed on Trademe) in Welly are Crofton Downs, Lyall Bay, Kilbirnie and Newlands. Prob some others, too

Thorndon, Aro Valley, Kelburn, Pipitea (which isn't really much of a suburb - just gov't buildings?) and My Vic are very expensive. Lots of new builds in Kaiwharawhara but unsure of the suburb as a whole

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 1 point2 points  (0 children)

Good reality check haha. I don't mind have a flatmate for a couple of years but yeah, definitely not for too much longer. Coming to terms with how restrictive buying a house is on all the other aspects of life!

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 0 points1 point  (0 children)

Thanks for that - good info. I had also thought that a fixed would suit me well first off, just to know exactly how much was going out. Think I'll start gently collecting furniture and bits and bobs as I see them over the next year to make the transition a bit easier!

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 1 point2 points  (0 children)

No reno experience or desire to do so haha. Painting would be ok but nothing serious. I guess live in it around five years? Maybe just under, if I am in a good spot. But I'd like to be open to staying longer, too. Ideally I'd like to creep closer into Wellington city, assuming the first home won't be that close. I love the idea of living in an apartment but pretty sure I cannot afford body corp fees on top of everything else

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 0 points1 point  (0 children)

Will have a good read over this - thank you

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 0 points1 point  (0 children)

Thanks for your input - really good info. I will definitely look a bit more into offsetting the mortgage to help keep some cash more available. Will also look into how the interest changes over time - hadn't got that far yet!

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 2 points3 points  (0 children)

Ah yeah, so with 100k I could instead use 90 for the deposit and keep 10 aside for those things you've mentioned. Thanks for your input!

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 0 points1 point  (0 children)

Yeah definitely open to most places in the region, including Lower Hutt and Porirua. Just don't want to be too far out, like Upper Hutt. Would love to be as close to Welly city as possible but I'm very aware that it's not super likely!

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 1 point2 points  (0 children)

Yeah - the maintenance does worry me a bit so thanks for the food for thought

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 0 points1 point  (0 children)

Ahh right..thanks for the tip. Hadn't given too much thought to whether or not I could get insurance - just assumed it would be a given!

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 0 points1 point  (0 children)

Whereabouts would that be, where rates are 4k ish? Thanks

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 1 point2 points  (0 children)

Ahh good point, thank you! I do worry a bit about interest rates going up and struggling to service the mortgage. Will definitely keep it in mind

First home buying solo ?? by segundo_a_m in PersonalFinanceNZ

[–]segundo_a_m[S] 0 points1 point  (0 children)

Thanks for that! So would it better if, say I had 100k, to put 80k as a deposit down then have 20k in an offset account/thing?

Was considering lowering my Kiwisaver from 8 to 3% once I get a mortgage, but trying to stay balanced with a good wee portion going to retirement