I was just looking on a couple of real estate sites to see what property prices are. I'm shocked! Sure, I knew that real estate prices had been going up but I thought there would be one or two dodgy places around the hood that wouldn't be too exorbitant. WRONG! Everywhere around the areas I'd like to buy and live (which, granted, are inner city suburbs) is so pricey. And the expectations of buyers are so high, too: one place touted a property as "ideal for first homebuyers" and it was half a million dollars! How are people meant to be able to enter the real estate market when everything starts so high? I imagined buying something small and a bit run down, but in a nice area, for a reasonable price and then working my way up. In my mind that was more realistic than what I think a lot of people do trying to buy their dream home first up and then struggling to pay back the huge mortgage. Maybe I was the unrealistic one thinking that the first investment could be so low. And maybe I am looking in the wrong areas; everyone knows the inner city is expensive.
Anyway folks it's quite a while before I could see myself taking the plunge and buying a place and today's exercise was more of a reconnaisance (sp?) one. To be sure, my eyes have been opened! I think I'll be saving for a bit longer than I anticipated.
Rentingly yours,
Teegstar