Property ladder: I'll be retired by 40
SCOTT WOODS Last updated 05:00 01/09/2013
At the start of 2003, builders were working at the property we rented and it had become very disruptive.
We didn't want the work done and through this frustration we thought "why are we renting?".
Even with both of us working we lived pay cheque to pay cheque.
We did some research on buying a first home, put a budget in place, stopped buying takeaways, coffee, lunches, and spending at pubs, cinemas etc. Started cooking again and having friends round home.
By the end of the year we had saved a small deposit (less than 20 per cent, yes) but next thing we owned a house (bank mostly); A whole 90 square metres of ex-state house in the eastern suburbs of Christchurch and it was ours.
Every night, after work, and every weekend we painted, fenced, landscaped, stripped windows, and made it our home for the dog and us.
Then came son number one and we were down to one income. We were really broke but we survived. Back up to 1.5 incomes we extended our box to 248 square metres, again done by us every night and weekend for six months. I called in every favour I had owing for assistance, as I didn't know what I was doing.
So this is what life is all about then, work, house, kids and dog until I am 65? Life is to short and there is so much to see and do sorry, we needed a plan!
SCOTT WOODS Last updated 05:00 01/09/2013
We didn't want the work done and through this frustration we thought "why are we renting?".
Even with both of us working we lived pay cheque to pay cheque.
We did some research on buying a first home, put a budget in place, stopped buying takeaways, coffee, lunches, and spending at pubs, cinemas etc. Started cooking again and having friends round home.
By the end of the year we had saved a small deposit (less than 20 per cent, yes) but next thing we owned a house (bank mostly); A whole 90 square metres of ex-state house in the eastern suburbs of Christchurch and it was ours.
Every night, after work, and every weekend we painted, fenced, landscaped, stripped windows, and made it our home for the dog and us.
Then came son number one and we were down to one income. We were really broke but we survived. Back up to 1.5 incomes we extended our box to 248 square metres, again done by us every night and weekend for six months. I called in every favour I had owing for assistance, as I didn't know what I was doing.
So this is what life is all about then, work, house, kids and dog until I am 65? Life is to short and there is so much to see and do sorry, we needed a plan!
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