Financial Fantasy to Own Real Estate
Oh wouldn't it be lovely to have more money! A thought that nearly everyone on this earth has daily no doubt!
Well here is my financial fantasy! And let's be honest - probably a common fantasy of many...
My husband and I are in our mid thirties and recently married, we have two children under the age of four and survive on a single income as we made a choice that I would stay at home and look after our children rather than have some childcare stranger raise them. I do however manage to fit some part time work in from home.
Real Estate
We desperately want to get into the real estate market as we currently rent. Every week we dream and scan through the real estate pages of our town. (By the way - we live in a coastal town in Australia). But every week the hope of one day owning our own piece of the "lucky country" seems to go further down the drain!
As we have no deposit (our savings were spent when we relocated from the UK to Australia) we realistically are looking at a 100% mortgage. Now this is where we run into financial problems, as more fees are paid to cover the mortgage and we will be paying loads in interest, not to mention tax and stamp duty.
Is Real Estate Within Our Grasp?
We became really excited the other week! We had decided that we would start our venture into real estate ownership by just purchasing land and then when the kids go off to school I can return to work and we would be able to think about building on the land. We found the ideal piece of real estate - 1 hectare with sea views partly covered with native trees at $165,000 (Australian dollars), which in the whole scheme of things is an excellent price as one would be struggling to get a block of about 700 square metres for less than about $250,000 in our nearest capital city.
So we investigated what our fortnightly repayments would be on this sum and just about died! We would be looking at about $300-400 per week!!! Now this might sound like nothing to some, but it would only leave us with about $100 per week for living expenses and rent which could never ever be done! So there goes the dream, and on comes the financial fantasy! How does anyone get started?
The Financial Fantasy Starts!
The financial fantasy starts about how to get more money! Get-rich-quick schemes? - Dodgy! Lotto - haven't had any luck with it yet! Any elderly relatives? - no! Write to Bill Gates, the Murdoch's, Posh & Beck's or anyone else worth billions and see if they could spare a measly $165K to help us out.... And the list goes on as the mind toils over different ideas just to get into the real estate market!
I know of course that there are people a lot worse off than us and world poverty, but then everyone has their dreams, hence my whinge! So if anyone can help? Any tips? Any ideas on how to realise a financial fantasy so as to live the real estate dream?
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