Property ladder: Renting, not by choice
The great Kiwi property ladder
Our readers share their experiences in the New Zealand property market.
I currently rent a small house on the North Shore. It's cold, it's damp and it takes me 90 minutes to commute on buses to the CBD each day, but I pay more for it than I did on a mortgage on a three-bed detached house back in the UK. If I wanted to buy this house here I would be looking at $475,000.
Oh, and don't forget the bank wants me to put down 20 per cent. Sure they will let me put down 10 per cent but then the fees they charge, either up front or on top of the mortgage is more than the 10 per cent I didn't put down, so what is the point?
OK, I have the 20 per cent, but I am still not buying. Why not? Why should I?
People keep telling me 'buy buy buy' but after going through the housing crash in the UK, having a friend go through the US housing crash and now seeing two friends in Auckland mortgaged up to the hilt just to own a house, I don't see the point.
I could afford "just" to purchase a small house here and use all my savings, but then I have no savings at all should anything happen with work or my health.
Auckland needs to sort this mess out.
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