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Thinking Of Selling

race_snooze
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race_snooze Grand Master

race_snooze

Posted
Posted

Guys I have typed this message about 3x now and I keep deleting it, but i am thinking of selling, i need the money to buy a house in the next 3 months big thinking time. As the prices of skylines drop I am not going to get what i want for it vs keeping it and house prices going up.

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https://www.sau.com.au/forums/topic/112555-thinking-of-selling/
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Amaru Veteran

Amaru

Posted
Posted

Do you owe money on the car, or need the money for a deposit?

If you owe money on the car, work it into the home loan. Over 30 years it'll probably cost you $2 a week extra, and when you sell it you can pay it straight off. If you need a deposit, lots of places are now offering no deposit home loans, you just need to also take out mortgage insurance

race_snooze Grand Master

race_snooze

Posted
  • Author
Posted

i own the car out right, just need the money to buff up my deposit. So i can get a better house, we shall see. I would much prefer to keep the car as I cant really sell it for what i want!! Thanks for the input Nick

leech_ Grand Master

leech_

Posted
Posted

Don’t sell it dude you have invested to much... in saying that if you do i shotgun your wheels haha j/ks

It depends on how well you get along with your parents but you can borrow 100% of the value of the house without paying mortgage insurance if your parents will use the equity in their house... Only downside is if you screw up on your repayments or something happens you risk putting your parents house in jeopardy as it will fall back to them. We did that with ours we had the 10% deposit but to avoid mortgage insurance you need 20%. The good thing is though that once you have paid off the 20% of the house or if it increases in value you can use that as well you can have them removed from the loan so it's not like you need to pay the whole house off before it's solely on you. If you do it the way we did you will save about 3 - 4K.

Hope that helps a little

Leigh

oscar32 Mentor

oscar32

Posted
Posted

I'm in the same position, and have been watching the prices drop with dread. You can get R32's for like 9990, and 33's for under 12000 now ;) That just drags the prices of the good ones down, other issue is you can pick up GTR's for well under 20000 now... :O

End of the day, I always think the more money you can put into a house initally the more you save in the end.

cammaS15 Collaborator

cammaS15

Posted
Posted

I feel for you Shaun I am currently in the same position and will decide within the next couple of days whether I will sell the S15. I really don't want to but it's reaching that point where I need to get a house. :)

I am thinking of building a race car in the future to compensate (Group Nc RX2 or Improved Production RX7/R32/S13).

I really don't want to sell but insurance and mods are starting to mount up. As Richard said sometimes you have to let your head rule.

All the best with whatever you decide.

sl33py Mentor

sl33py

Posted
Posted

Have it all!

I will be in a similar situation in the next 2-3 years. I reckon keep, the car and here's how: I don't know your budget of course, or if you are intending to live in the new house until the foreseeable future, or if u have other ppl (i.e. a significant other) who u intend to move out with (which will impact the situation of course). BUT, if you jus want to get into the market, why not find one of those niche areas which isn't so hot just at the moment (i.e. on the edge of a developing area) and buy a cheaper place there that will let you keep the car (even if u ALSO use some of the ideas above). THEN, after a fwe years and if u chose well, the value of the house will have gone up (they barely ever fall, but what u want is a relative boom in ur area), then u will own more of the house than ur original money allowed for. Then after a few years you could either use the equity in that place ur in to get a loan for a second better place (even if u sell the first place off afterwards cos u only want one place i assume).

NB: This may only be a simplified version of how it might work cos I haven't really looked into it, but the main idea is ur car value will only ever go down, and it's a personal part of u by now, u know it's in's and out's. However, any house/home u get, it's value will (usually) only ever go up meaning u get equity, which allows u to use that equity to get something better. Because A) I won't want to sell my car and B) I wont want to wait to save the ideal deposit (like u), I am thinking of treating my first home as my first car: it'll do, but it's only a means to an end to get the one u really want! (Me: Civic > Skyline, you: 2 beddy > 4 beddy/whatever) Good luck!

Also, don't forget first home owner's grant, and u can still get that even if u rent the whole place out to someone else for the first year (just as long as u move into it urself within the first 12 months), then u will be able to have other ppl pay (part of) ur mortgage for the first year AND you won't be paying the houses electricity or phone bills etc (just the rates I think). Again.. this is all just IMO. If it's wrong or dumb don't sue me (but at least post here to say "part X won't work!" so both this guy and I know what the go is. There may of course be a better way, like wait and just save a proper deposit lol.

race_snooze Grand Master

race_snooze

Posted
  • Author
Posted

Thanks guys, Ill let you all know when and if Iam selling after i fix the crack in the front bar.

Sleepy, what you are saying is very right, but at them moment things dont always work like that, atm there is no neich area in the places I am looking only charnwood, still the prices are 270 to 300. I will be buying off my own back no girlfriend to help so funds are limited. The more cash i can muster up the better in the long run.

3 year worth of equity mmmmmm 34GTR Ill be in debt for ever then...

Veilside R33 Veteran

Veilside R33

Posted
Posted

Well Sean i gues you do have a few options here.

As you and quite a few others know i was planning on buying quite an incredible 32GTR nearly 2 months ago, so close i had gone to arrange finance and drive to Melbourne to pick it up.....at the last minute i pulled out.

At the end of the day it's not in line with my goals and plans for the future and the house is the smarter option.

Housing prices are stable at the moment, they have risen 0.8% over the last 6 months (equating to about $2600 on a $300,000 house).

Thing is Sean, you could probably afford to do both, I would suggest that if you plan on keeping the 33 long term then hold on to it, but prices are about to drop on them again I'd say so otherwise get rid of it.

Otherwise don;t bother about topping up the deposit with the car money, just hold on to it as the banks will lend you the money anyway.

I'm really happy with the choices i have made in the last 6 months, the skyline is gone (bummer) and i didn't get the GTR (double bummer) but within the next 2 years as a direct result of my choices to sacrifice now I should own 2 properties and a $40,000 GTR. Had i bought the GTR now i would have had to wait an extra year to buy the house, now even if prices rise 2% in that time It's around an extra $6000 of equity I'll have compared to a car that is losing money.

My advice in a nutshell: If you're keeping the 33 long term, hold on to it and you'll still find a way to afford the house, otherwise, sacrifice now, sell it, buy the house and buy an amazing GTR in 2-3 years.

That said, prices won't be doing a hell of a lot either way for the next 3 years so if you don't buy straight away it's not big loss.

Shell Grand Master

Shell

Posted
Posted

hmm hard decision.. my only advice (and it's not really advice just my point of view :) ) is ... if the bank will lend you the amount you need, and if you are going to lose shitloads on your car if you sell.. then don't do it...

but that's just me :)

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