Saturday, March 19, 2011

Feeling Stressed

Mr G has been harping for months about buying an investment property and I keep ignoring him. I control the finances - Mr G wouldn't have a clue what our income/outgoings were - and I keep telling him we can't afford it. Neither of us earn big wages and I have no desire to return to full time work. To humour him, I  have looked at a couple of properties but he keeps coming back to one in Victor Harbor. For months he has been watching it, watching the price gradually drop to a point where even *I* have to concede it is a bargain. However, a bargain is no bargain if you can't afford it in the first place!

We went down to Goolwa last weekend (long weekend here in SA) and I agreed to go look at the property one more time. And found myself agreeing to putting in a low offer, knowing that it was likely to be rejected. And it was. But then they agreed to drop about $11k from their current asking price, which is still about $3k more than our final offer. It's more than I want to pay, but less than Mr G wanted to pay so it's a compromise. So I've agreed, although we haven't signed contracts yet and it's subject to finance (although we have agreement-in-principle for that).

So now I'm feeling highly stressed about the whole thing. Actually, one minute I'm almost hyperventilating from anxiety and the next I'm convinced we can manage....just. Which makes me think I should go with my gut feeling and say no. Or is it that I'm just too cautious to take risks? Will Mr G just sulk if I won't let him have his heart's desire? OMG, someone just tell me what to do!!

So I have said yes with some provisos:
  • we put it on a permanent rental for 12 months while we assess whether we really can afford it
  • during that time we assess whether it's worthwhile using as a holiday rental.
  • if, after this time it's too stressful, we sell - hopefully making some money
The long term plan is that we knock the existing house down and build a new holiday home, eventually to retire there.  We've canvassed a few opinions over the last week, and the majority agree that it is a great long term investment. Hopefully we won't get out fingers burnt.

Oh, and if it all goes ahead.....settlement before Easter. Mr G couldn't even hide his delight....we'll be sleeping on blow up mattresses and keeping food cold in an esky....just like camping but within 4 walls.....