Goodbye Renting

21st Jul, 2011

The Sunday Times

Affordable Living Homes brings you a good news story recently seen in the Sunday Times newspaper.

It’s amazing how many people, just like Amanda that we have helped here at Affordable Living Homes - for less than the cost of their current rent, they are now in a brand new Affordable Living home.

Young mum Amanda Rogers is streets ahead since building her first home in Byford. Taking advantage of the buyers’ market, she pays less on her mortgage than she did in rent on her old house.

New home owner Amanda Rogers has made the most of a buyer’s market to break out of the rent trap. Amanda, a 27-year-old single mother, recently moved into her first home at Redgum Brook Estate in Byford.

Amanda, who works in office administration, says she believes buying property offers many benefits and the debate about rising interest rates has not discouraged her from chasing the home-ownership dream.

After moving in with her parents for several months and careful budgeting, she was able to save a deposit to secure a loan from Keystart to finance a $285,000 house-and-land package.

The mortgage payments for her three-bedroom, two-bathroom home on a cottage lot are lower than the $350 a week she paid in rent for a small house in Ascot.

She says that taking on a mortgage on a limited single income can be daunting, but she hopes other single parents will be encouraged to follow her lead.

“It can be scary initially when you start thinking about all the costs associated with buying a house,” Amanda says. “But it can be done.

“Also, if you are a single parent, it’s a good idea to research the types of discounts that are available for things such as water rates and power.”

Amanda says home ownership offers a financial foundation for her and three-year-old son Seth’s future, as well as an end to rent inspections and incremental rent rises.

She says that though she has been affected by several interest rate rises since signing up for the house-and-land package, she is confident she will be better off over the longer term.

“I’m paying about $320 a week now, compared with $350 each week in rent,” Amanda says.

“Rent will continue to rise in the future, so in a few years I will find that I am much better off.”

Amanda says she spent several months researching her housing options before deciding on Redgum Brook Estate.

She also encouraged her sister, Melissa and brother-in-law Phil Hunt to buy nearby and they are building only 300m from her house.

Satterly Property Group chief executive officer Nigel Satterly says Amanda is a classic example of how a resourceful buyer on a tight budget can benefit from the current buyers’ market.

Nigel says Redgum Brook Estate, established more than four years ago, offers semi-rural living within 30 minutes of the Perth CBD via Tonkin Highway.

He says house-and-land packages, complete with reticulation and side and rear fencing, are available for less than $300,000.

Nigel says the Satterly Property Group has launched an Our New Home section on its website to make choosing the right house for the right block simpler.

Available lots are from 450sqm to 605sqm and are priced from $158,000 to $198,000.

Affordable Living Homes offer house and land packages in over 50 suburbs throughout the metropolitan area from as little as $289 per week, ideally suited for the first-home buyer looking to escape the rent trap.  You can find more information at www.affordableliving.com.au or by calling 133 733.