damenition1
Hey I’m in year 12 (I’m 17), I plan on going to uni next year and studying chemical engineering (University of Queensland). I have a part time job at a local hardware store and get payed about $9.50/ hour and work about 12 hours a week. I have about $9,000 saved up now. What sort of money am I looking at needing to buy a first house. I would be able to get the first home owners grant. Under the scheme, a one-off grant of up to $7000 is payable to first home owners that satisfy all the eligibility criteria. I would want to buy a home just to do up and either sell again for a higher amount or rent it out.
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Hey I’m in year 12 (I’m 17), I plan on going to uni next year and studying chemical engineering (University of Queensland). I have a part time job at a local hardware store and get payed about $9.50/ hour and work about 12 hours a week. I have about $9,000 saved up now. What sort of money am I looking at needing to buy a first house. I would be able to get the first home owners grant. Under the scheme, a one-off grant of up to $7000 is payable to first home owners that satisfy all the eligibility criteria. I would want to buy a home just to do up and either sell again for a higher amount or rent it out.
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well thats a great thinking.. go go go..
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Good idea but it will take more savings for the renovations. How will you keep up mortgage payments as well.
with the bank, I think you’ll need a higher hourly rate and a longer work history.
Good luck!
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Keep saving your money and you may want to buy a home through a government auction. Many of the homes that have been foreclosed and seized are being sold through government auctions at very low prices.. much lower than average. The banks will sell for whatever price they can in order to get just some of their money back.
You won’t have to worry about getting a loan or anything.. these homes can be bought for cash (a lot of them are really good homes) at public government auctions.
And yes, you can resell it for 3 – 4 times what you paid for it.
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Logic deems you speak to a local reatlor – ask them and also ask them to look for bank owned properties. Good point from another poster – your overall income won’t support a mortgage so you’ll need to get done with school and get a FT job for awhile first (to show pay stubs) and check on first time buyer programs (so you don’t have to put to much money out of pocket) You sound ambitious for your age – good luck – at least your on the right path (when you finally get to where you can purchase – consider a roommate while your renovating to offset costs if you have a local buddy that might rent from you)