What if your house isn’t worth enough to justify the hassle?
And if it’s still not yours, how do you move on?
That’s the dilemma faced by Miranda Singers’ husband, David Boyd, and his two daughters.
They’ve been renting out their home on a beach in Melbourne’s inner west for five years, earning about $40,000 per year, but their current house is in the market for $8.7 million.
It’s the latest addition to the family’s dream of owning a house of their own.
“We had this lovely house in the 1970s and we loved it,” Mr Boyd says.
“It was a lovely house, we had everything we wanted.
They moved in with their father when they were young, and the couple’s home has been “an investment” for five generations. “
But it’s just gone now and we’re looking at it like a house we’re not going to be able to afford.”
They moved in with their father when they were young, and the couple’s home has been “an investment” for five generations.
But now their parents are getting older and it’s become more difficult to maintain their dream home.
Their house is “an asset” and has no value to them, Mr Boyde says.
In fact, they’re “not even in the same boat”.
The couple moved to Sydney to be closer to their children, but after several years of renting, they decided to sell their house in 2014 and move back to their home in Melbourne. “
Our family has done it for the last 20 years and we just don’t want to do it any more.”
The couple moved to Sydney to be closer to their children, but after several years of renting, they decided to sell their house in 2014 and move back to their home in Melbourne.
“In the early 2000s we had no mortgage,” Mr Song said.
“The mortgage was for $400,000.
I was on the house and the mortgage was $200,000.”
But when the couple started to pay more for their mortgage in the years since, the money was gone.
“I thought, ‘well, I guess I can’t keep paying it’,” Mr Boydd says.
So, Mr Song and his wife decided to take out a loan to buy a house.
“What I found was that there were very few properties that were selling,” Mr Johnson says.
They started looking for properties in Melbourne and Melbourne suburbs and bought a property in the city’s inner suburbs.
They are now considering an option to buy their own home in Sydney, which could be as high as $12 million.
But they’re still waiting on the Federal Government to approve the loan, which would bring the price of their house to $8 million.
“If we had to do that it would mean we’d lose all our savings and that would really hurt,” Mr Yilders says.
The property is just a few blocks from Mr Boyds school and Mr Boydy’s mother, but his mother worries it would be a “dead end” for her son.
“He’s got to get an education to keep himself going, but it’s a tough road to travel,” he says.
Mr Johnson has applied to the Federal Department of Housing and Urban Research (HUDR) to sell the house, and will now need to prove he can afford it.
“HUDR can only approve a mortgage if it has a fixed principal amount of $600,000,” he said.
HUDR’s spokesperson said it was not possible to give an estimate on the current value of a property that was sold because it is “subject to change”.
“HUDRs policy is to provide guidance to the private sector on the valuation of properties,” the spokesperson said.
However, the spokesperson did say it was important to remember that property values vary greatly over time and it was “not possible to offer an estimate of current market value of property”.
“Property is valued at its most current market values based on available data,” the HUDR spokesperson said in an email.
“For example, the current market for houses in the inner suburbs is expected to be between $3.3 million and $4.5 million.”HUDR encourages anyone with any concerns about the valuation to contact HUDR.