New house Values = New Boat?

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    Posted: 22 Nov 2014 at 7:32pm
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Anyone topping up and buying a new or two boats?
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Post Options Post Options   Likes (0) Likes(0)   Quote Betty Boop Quote  Post ReplyReply Direct Link To This Post Posted: 22 Nov 2014 at 9:16pm
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Nopeeeeee.
Retiring early and relocating............more laugh'n, fish'n and Bourbon Thumbs Up
Last week I joined an Anti-Social support group........They won't talk to me!

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It's only "paper" money and I think the banks are about to be advised against lending up to the full amount of QV assessed values...at least until the full effect of these values is known.
If it were me I would be playing safe and separating my wants from my needs...
Semper in excreta sumus, solum profundum variat....



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Post Options Post Options   Likes (0) Likes(0)   Quote Betty Boop Quote  Post ReplyReply Direct Link To This Post Posted: 22 Nov 2014 at 10:26pm
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Originally posted by Olfart Olfart wrote:

It's only "paper" money and I think the banks are about to be advised against lending up to the full amount of QV assessed values...at least until the full effect of these values is known.
If it were me I would be playing safe and separating my wants from my needs...
Exactly Thumbs Up
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Post Options Post Options   Likes (0) Likes(0)   Quote Time_Bandit Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 5:34am
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you would be mad too........
“Be yourself; everyone else is already taken.”

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Post Options Post Options   Likes (0) Likes(0)   Quote MacSkipper Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 6:15am
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Olfart, Walu and Time Bandit you are right of course but go on admit it is tempting....just imagine that new dream boat sitting in driveway calling you....mind you with this weather...seriously though as a compromise I am thinking of a repower next year to keep the boat going for longer and on plus side it does not involve borrowing any more money.
Good fishing trip nothing breaks, great trip catch fish.
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Post Options Post Options   Likes (0) Likes(0)   Quote Otto Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 7:05am
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Don't know about the house but the daughter decided she was going to get married so that required some quick planning.
Boat sold and new one now on the lawn,  sorry no money for a wedding now Smile
Best you stay engaged for a few more years.
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Post Options Post Options   Likes (0) Likes(0)   Quote the angler Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 8:46am
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You only live once .
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Post Options Post Options   Likes (0) Likes(0)   Quote Garry 23041 Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 8:58am
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I remember when they started loaning 100% in the States when I was living there and buying property.
I took out a loan and got a rental but plenty of guys I knew had new Harley's sitting in the drive or a motorhome or some such.
Before that it was 75% max on a 30 year note.
Last I saw before I sold up and came back here you could get 110% for a while there!!
Not sure about current.
 
I do know that after the sub prime disaster on housing they switched to sub prime lending on anything with a motor in it and there are once again billions of dollars out in sub prime lending.
 
Don't think the bankers won't take the whole economy down for ever for a short term gain because they will.
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Post Options Post Options   Likes (0) Likes(0)   Quote Mossy Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 8:59am
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House hasn't been revalued in a few years, but I did top up the mortgage last summer in order to upgrade my boat. The wife wasn't at all impressed, rightly so I suppose, but I figure that you gotsta enjoy yourself while you can, and the boat is still a sellable asset that can be cashed in if needed. 
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Post Options Post Options   Likes (0) Likes(0)   Quote whippersnappyr Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 9:49am
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Not a good idea to borrow money to buy anything other than a house in my view, least of all a boat
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Originally posted by Garry 23041 Garry 23041 wrote:


I remember when they started loaning 100% in the States when I was living there and buying property.
I took out a loan and got a rental but plenty of guys I knew had new Harley's sitting in the drive or a motorhome or some such.
Before that it was 75% max on a 30 year note.
Last I saw before I sold up and came back here you could get 110% for a while there!!
Not sure about current.
 
I do know that after the sub prime disaster on housing they switched to sub prime lending on anything with a motor in it and there are once again billions of dollars out in sub prime lending.
 
Don't think the bankers won't take the whole economy down for ever for a short term gain because they will.


Agree Garry. One day I came home and saw the neighbours stuff piled on the lawn as they had been foreclosed on and thr sheriff had emptied the house of their stuff. And this was a nice neighbourhood where everyone had a flash house at least 2 mostly European cars etc.. All on hock
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Post Options Post Options   Likes (0) Likes(0)   Quote whippersnappyr Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 9:53am
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Originally posted by the angler the angler wrote:

You only live once .
true but depending on your choices you might be working forever to pay for them
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Post Options Post Options   Likes (0) Likes(0)   Quote the angler Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 10:10am
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or work smarter and get the rewards you deserve.
Nothing is guaranteed in life you could make all the best plans in the world then one day get told you have weeks to live .
What's the point of having truck loads of money just to be some geriatric old **** sitting in a rest home pissing your pants regretting never living life while you could.
Treat yourself cos no one else will.
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Post Options Post Options   Likes (0) Likes(0)   Quote OneWayTraffic Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 10:24am
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You only live once it's true. You can't take it with you is also true. You can leave some behind for your kids though. 

It's a balance. You should be taking your resources to have the best life you can. Is another metre on the boat worth another 2 or 3 years paying a mortgage? Depends. The long term value of the boat approximates zero, while the mortgage will cost you at least twice what you borrow, once you figure the time value of money.

 Of course take that reasoning to the extreme, and we'd all be in dinghys towed behind bicycles, and sitting down to eat our spotties on tea crates in front of our B&W TVs.


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Post Options Post Options   Likes (0) Likes(0)   Quote Raging Bull Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 10:24am
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Originally posted by whippersnappyr whippersnappyr wrote:

Not a good idea to borrow money to buy anything other than a house in my view, least of all a boat


If that was the case I wouldn't have a car, a boat, wife's car, or many other toys.

The main thing in my opinion is not to borrow more than you can service comfortably and not to get to low on the amount of equity in your property.

I have had a boat for 8 years and if I was to wait until I had paid off my mortgage and saved to buy a boat I would be waiting another 6 or 7 years to get one. But as it is I have had loads of enjoyment from having a boat for the past 8 years and will continue to do so for the next 6-7 years. My mortgage will still be paid off in 8. So for the sake of an extra 1 or 2 years paying off my mortgage I have will have 15 years of boating! Those years were in my 20&30s too rather than 50s&60s.

So I would argue that borrowing to buy a boat can be a great idea as long as you can afford to pay it back now but also in the further if interest rates sky rocket and also keep enough equity in your property so as not to risk loosing it if property prices were to tumble.

But if you were to borrow money to buy a boat rather than save to buy a house I would agree that would be a bit crazy but then many people have written off the idea of ever buying a house and rightfully so, being faced with the prospect of spending the first 10 years of your working life paying back a student loan, then the next10-15years to get a deposit after and then another 20-30 years paying off a mortgage! That's 40-50 years of working life to have a freehold house at the age of 60 or 70. So although it's not what I would recommend I can see why a lot of young folk would much rather say stuff it, I'll keep paying rent and tick up a boat and go fishing for 40-50 years before I hit 70!
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Post Options Post Options   Likes (0) Likes(0)   Quote cirrus Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 11:08am
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New house values = big inflationary con = massive rate increases =less real money to run boat
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Post Options Post Options   Likes (0) Likes(0)   Quote Kandrew Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 11:23am
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The old saying was own that which appreciates and lease that which depreciates, doesn't seem to be that way now. But just remember one, it's really hard to pay a big mortgage when your on the pension and 65 is still pretty young. Selling up and down sizing to retire is not easy so you need a plan to pay things back well before then. With an average 500 to 600,000 mortgage in auckland now and most people selling on average every 4 to 7 years to go to something bigger and more expensive, when will they pay the mortgage back.

I remember when interest rates were 17 percent, and the average has been around 9 to 10. Wages have never kept up with inflation so if you want to mortgage up to buy more toys, good luck😬
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Post Options Post Options   Likes (0) Likes(0)   Quote CanadianJohn Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 11:38am
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Originally posted by OneWayTraffic OneWayTraffic wrote:

 


 Of course take that reasoning to the extreme, and we'd all be in dinghys towed behind bicycles, and sitting down to eat our spotties on tea crates in front of our B&W TVs.



that sounds weirdly appealing for some reason!
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Post Options Post Options   Likes (0) Likes(0)   Quote corokid Quote  Post ReplyReply Direct Link To This Post Posted: 23 Nov 2014 at 12:01pm
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This is how I look at it when buying luxury/lifestyle items , well most the time anyway.

If a new toy is going to cost me x amount , I work out how long it would take me to save that money after all essential living expenses are allowed for . Then I ask myself is that item worth that much of my life.
Sometimes the fun had from a boat can be inversely proportional to the amount spent.

On the otherhand , I dont want to be the richest person in the cemetery eitherWink
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