Budget for House 4 bed house in decent suburb

Hello,

I am currently in the very early stages of emigrating, we have the documents all ready to go for the Skill assessment once we have attended Downunder live this weekend. In the meantime I am trying to gather as much info as possible to make sure we are making the right decision for ourselves and our 1 year old. We are homeowners in the UK and would be looking to sell our property to cover the migration costs and hopefully have some left over for a deposit. We should be looking at at least £60000 equity in our property, £20,000 of which we are budgeting to get out there and settled. This will leave us with just £40,000 for our deposit. I am looking at properties online between $500-600,000 and finding some lovely homes, however when speaking to my brother in law who is already out there the low cost is due to the area, and the schools wouldnt be great so we would end up spending more sending the little one to a private school.

Just wanting to gather a general idea about how much people would allow for a budget for a home, plus what deposit they would expect to pay on that and the what their monthly repayments would be.

My criteria for a house is 4 bed, good transport links, close to shops etc and good schooling, the beach isn't something I am particularly bothered about as long as it is driving distance for day trips.

Nay help anyone is willing to give regarding this or anything else that may help me see how the move would work out for us financially would be greatly appreciated kind regards.

Gemma

What areas are you looking at?

What areas are you looking at?

Originally we were looked far north such as butler, Clarkson etc, however my brother in law suggested these would not be the best and we would end up paying for private schools. So we are looking at the likes of Kinross, Currambine, ocean reef, that sort of area. We are flexible though as long as it's a nice area with a decent enough school. Not bothered and the 'best' school as long as it's not below average.

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It's a bit of a how long is a piece of string question.

I'm fairly new new to Perth so may be of limited value. What I would suggest is that you rent for a year first until you get to know areas. You will probably need to have a local work history for a while for a mortgage anyway. On the + side prices are expected to continue to fall in Perth for the next 12 months (last reports I saw said 5-7% in 2017) but who knows.

I do know of someone buying a large 3 bed 2 bath house with a pool in Greenwood for about $520k about 5 years ago, it has probably increased and then decreased in value since then and is probably worth about that now. They were happy enough with Greenwood college for their kids.

The rule of thumb I was told was that the better areas are North of the river and west of the freeway. I'm sure this will be contradicted by more qualified posters. I know a few people who really like South Perth. Personally, I like North Perth, Mount Hawthorn, Leederville and Freo. For the moment I have chosen Mount Hawthorn as my home (renting).

Hope this helps.

Thanks for that. The issue at the moment is we need to establish we will be able to live comfortably financially on these areas. We will definitely be renting for some time first to get to know the areas ourselves just don't want to get over there and realise we can't afford to live in a nice area like we do here

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Ok well, your expected income level and how you like to live (to work out your expected cost of living) is probably more relevant to answer that question.

We expect to earn around $100-130000 between us as I hope to work part time. We will then be paying for childcare 3 days a week utilising the government's childcare help. We are careful with money when it comes to weekly shopping etc but we are quite active so tend to spend out money of day trips out and leisure. This should hopefully be less in Oz as there's more to do for less money

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Have sent you a pm @gemedwards

Have you got jobs to come to? If not, I would wait until you know where you'll be living and what the commute will be and also get a feel for the suburbs.

No we don't have jobs as we haven't applied for Visas yet. I have been in touch with potential employers within disability employment services which seem to have branches all over the place and response has been really positive. My husband is a teacher so I guess a lot would depend on where his school was, but he will have to do supply know doubt initial so an area easily accessible to alot of secondary schools would be great

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No we don't have jobs as we haven't applied for Visas yet. I have been in touch with potential employers within disability employment services which seem to have branches all over the place and response has been really positive. My husband is a teacher so I guess a lot would depend on where his school was, but he will have to do supply know doubt initial so an area easily accessible to alot of secondary schools would be great

 

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I understand the desire to plan, but a lot of things can change, whilst we were going through the visa process (albeit 10 years ago), we went from being able to buy something outright to having a mortgage whilst we waited for the visa and to move. If the market starts recovering (some places have held house prices), then prices will go up again. I personally, wouldn't limit yourself to a suburb at this early stage

Tbh I just want to know that on the salarys we expect to have we will be able to afford to live over there and obviously mortgage is the biggest cost.

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Be interested to know where you family member lives.

They are currently renting in Mullaloo, at the end of the year they are going into the country with paid for accommodation to save a deposit before they move back towards Perth and buy.

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Tbh I just want to know that on the salarys we expect to have we will be able to afford to live over there and obviously mortgage is the biggest cost.

 

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Do budget that you may not be able to find part time work right away. Some people do, others say that they've had difficulty.

Hi, we are south of the river in Willetton, we are only one income with 2 children, we wanted a nice area with good schools. We are renting a 4 bed 2 bath house for £550 a week. We came over with £100k of equity and after buying a car, appliances and some furniture to fill the extra rooms we now have and having to live for 3 months until hubby starts work in April we have about 2 thirds of it left. However we cannot afford to buy in our chosen area so we are renting until either I work, hubby gets a pay rise or we can move out of the catchment area for the school.

We have found already that our life goals have changed and owning a house at the moment is not as important to us as living in a nice area or sending the girls to good schools.

Good luck with the visa application.