We are looking at buying our first home, We want to move into the zone of our Daughters school, We live about 1km outside it at the moment and the enrolment scheme means our next two children arent guaranteed entrance there either.
So I have talked to the banks and the most we can borrow is around $180000, which would make us totally broke and mean we could buy a house under $200k. Not looking so great from where I am sitting.
We currently rent a 4bdrm house in Roslyn from my parents which is quite nice, to buy under $200k we are looking at ex state houses, 3 bdrm and needing lots of work done.... so do we buy and end up worse off or stay put renting in a better house....
B works and I am able to stay home with the kids, which is a luxury but having depression and anxiety has meant that I am unable to work and be a good mum to our children.
His income is over $50k yet to own a home we would be struggling a lot.
We havent decided yet what we are going to do.... more discussions with my parents, his parents and ourselves to happen yet.....
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We are so goign through the same thing. Hopefully if my partner gets the P Nth job it would mean a good payrise. With me at home we are still looking at $250k max max max though and we want to get in a good school zone too (I don't even know the school zones!)
Our wee girl goes to Parkland, 300 kids, decile 7, The school pays for an extra teacher to keep class numbers lower,
http://www.kiwischools.co.nz/welcome.php?schoolID=1503
We have 5 schools within 3-4km of us but decided on parkland and went through the ballot system to get her in.
Hokowhitu is considered the best area, Highbury the worst, Riverdale school is good too, as is winchester...
I think you're probably on a good wicket renting from your parents. I would wait until the housing market really truely crashes before looking. Don't rush and maybe save what you can for a bigger deposit now.
one problem with waiting is that the house we are in will lose value too.... if we sell sooner then it will make a bit more money to help mum and dad as well as us....
its so hard to know what to do, definitely wont be rushing any decisions on this.
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