Author Topic: A big decision to make........ (Read 12088 times)

duggie · « **Reply #25 on:** May 01, 2014, 08:36:54 PM »

Hi Rod,

It is your call, BUT like other have stated, how much would the sale of your camper save in the long term ? To be able to afford a new camper or build another after the home purchase is not going to happen for a long time.

You have put your heart and sole into building this camper and believe me you will not have the same dedication and passion if you were to build another some time done the track.

If you can see your way clear and buy your home without selling the camper, in time you will be happier.

Some toys are expendable and some toys are not.

My two bobs worth, and two bob ain't worth much these days.

cheers and good luck , duggie

Redcherokee · « **Reply #26 on:** May 01, 2014, 09:23:13 PM »

A camper you have built is more than just $. The amount you get for it would not go close to the cost of replacing it, let alone the blood sweat and tears that went into making it.

Keep the camper. Sell the car if you need to. Less emotional investment.

Pog · « **Reply #27 on:** May 01, 2014, 09:27:11 PM »

Keep the camper. You need a life other than paying off a damn house.

dooguss · « **Reply #28 on:** May 01, 2014, 09:39:40 PM »

^^^^^^ what he said. Mate I've known you what 3 years now and in that time you've built- had, bought 2-3 trailers? If this 1 is your pride and joy and you've put so much into it are you going to be happy selling it....then put so much effort into doing it again? $30 000 odd grand is a lot for a trailer how quick do you need it sold. My opinion is try hard to find the coin elsewhere cause once you buy your house at least you have your trailer to get away on the weekends for a break. Good luck buddy hard decision if you need a broker call me I'll put you in touch with ours.

nab · « **Reply #29 on:** May 01, 2014, 11:26:58 PM »

Just another thought, are there other benefits to not having the camper?

Are you going to have the money to use the camper while paying the mortgage?

Are you going to have the time to use the camper with the house? If you buy an older house, renovations will take up a lot of your spare time.

Maybe sell it and get a cheaper camper? As mentioned on this site, it doesn't matter if you own a KK or a GIC, as long as you get out there all is good!!

fuji · « **Reply #30 on:** May 02, 2014, 06:48:36 AM »

Quote from: JCOJ on May 01, 2014, 05:59:11 PM

Look at this way - what is the camper worth - as in actually what you could sell it for?

Lets say $10,000 (I have no idea and you can give the exact figure if you want to)

If you put that $10,000 into your mortgage at 6% (rates are better than this at the moment but just go with it), you will be saving $600 per year on your mortgage. That's $50 per month.

Option A: Sell the camper and save $50pm on your mortgage

Option B: When you buy your new house, get a really good mortgage broker (I can recommend one if you need) and get the absolute best interest rate that is out there. When you get that ask for a bit more off. You will be able to get a rate that will save much more than $50pm and therefore you can justify keeping the camper.

The home is very important, but there is no point being a slave to it. The camper represents time away with the family and gaining experiences that only travel brings. The questions is - is that time and those experiences worth more than $50pm to you?

Now thats what I call a good arguement. Well said John!
Go the camper!
Wayne

TheWall · « **Reply #31 on:** May 02, 2014, 07:33:34 AM »

There are some pretty awesome fixed rates at the moment. Perhaps lock most of your loan at a low rate that would make up for the $50pm stated above...it wwill give certainty for budgeting for the the next 1,2,3 years allowing room for the family to still "live" and get used to a mortgage.

My other thought is after all of your TLC the camper is worth more than what someone else will pay for it and your own cost of replacement when you get around to it would also be higher.

Good luck!

Aaron Schubert · « **Reply #32 on:** May 02, 2014, 07:59:39 AM »

Sell the camper. Compounded interest on the extra deposit will amount to the value of your camper very quickly anyway. Get an offset account, pay the least amount of mortgage insurance (via a big deposit) and you will be well on the way to getting another camper soon.

Aaron

gibbo301 · « **Reply #33 on:** May 02, 2014, 10:12:31 AM »

Quote from: Pogasauras on May 01, 2014, 09:27:11 PM

Keep the camper. You need a life other than paying off a damn house.

X2

Bird · « **Reply #34 on:** May 02, 2014, 11:01:10 AM »

Also think how much money you will have at the end of the week if you don't sell it.. killing the loan should just about be a priority.

Things change quick, specially if th wife stops working and kids appear.. money becomes tighter...

Things aren't going to get better over the next decade regarding interest rates.. My old man talks about the 80's when interest was +15% on loans.. people are Shitting their pants and struggling now at the lowest rates in history.. what happens to these 10k's of people once rates go thru roof...

But everyones situation is different. You need to work out your own priorities...

rodsswag · « **Reply #35 on:** May 02, 2014, 11:11:36 AM »

If we sell the trailer we still have camping gear to get out and about.
The trailer is all the luxury we wanted in clamping.
My wife has just had a baby, so 1 wage for about a year.
And in this we will not be camping for the next few months anyway.

Rod...............

Isuzumu · « **Reply #36 on:** May 02, 2014, 11:58:34 AM »

Hi Rod, after just selling our camper this is what I think. Put it on the market at the price you want, if it does not sell at that price and then have to work out how much you would get for it and how much you are going to lose, against your mortgage.
We sold our three year old $30K camper for $18K you might not be willing to lose that much. But if you get good money for it I would sell and you can always build a cheaper one for the time being.
The best thing we either did was buy our home, which was our first together 8 years ago.

axle · « **Reply #37 on:** May 02, 2014, 12:24:47 PM »

Keep the camper. It is a part of you and worth more than just the money you will get for it.

In the Eric Bana documentary "Love The Beast". They talk a lot about cars (in this case a camper) being more than a object.

"It's what non-car people don't get. They see all cars as just ton-and-a-half, two-tons of wires, glass, metal and rubber. That's all they see. People like you or I know, we have an unshakable belief that cars are living entities. Not like a Toyota Carolla obviously, but a real... You can develop a relationship with a car. And that's just what non-car people don't get. Charles Babbage, the inventor of the computer in the 18th century talked about the unerring certainty of machinery. Ok, now the problem you have with the unerring certainty of machinery is that it is a machine. When something has follies and won't handle properly, that gives it a particularly human quality because it makes mistakes. And that's how you can build a relationship with a car that other people won't get." Jeremy Clarkson (Love the beast)

If this sounds like your camper then keep it.

dazzler · « **Reply #38 on:** May 02, 2014, 12:27:09 PM »

Liquidate everything to get yourself 1st house. Can you afford to make up 2% increase in house price each year?

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prado2004 · « **Reply #39 on:** May 02, 2014, 01:01:45 PM »

Quote from: rodsswag on May 01, 2014, 03:55:26 PM

Hi all,
In the near future we will have an opportunity to buy a house.
The decision is to sell the camper for extra deposit or to battle through.
I have put so much into building this one, it is exactly what I want.
But a house is what we need.........
My wife has told me "It's up to you dear"
Can someone please help me out.
What to do?

Rod.................

bit of a punt here but I am a finance broker and work in a family owned business (my fathers)in Brissy, we have clients all over Australia in every state so location isn't a drama although you're only on the coast anyway.

Shoot me a PM and I will advise you if you need to sell your camper or if there are ways around it. Absolutely worth speaking to a professional first who specialises in this sort of stuff you would be surprised what we can manipulate to make work in ways banks themselves and most others do not think of.

A lot of people dont think out of the box these days... We are constantly having people see us who the bank tell they need more money or to sell assets etc and 99% of the time we can work around it if possible and think of ways others dont.

prado2004 · « **Reply #40 on:** May 02, 2014, 01:07:39 PM »

We charge no fees to clients, we are simply paid referral fees by the banks for bringing them business so not cost to you for our advice, more than happy to help a fellow swagger!

ronmac · « **Reply #41 on:** May 02, 2014, 01:26:44 PM »

Quote from: rodsswag on May 01, 2014, 03:55:26 PM

Hi all,
In the near future we will have an opportunity to buy a house.
The decision is to sell the camper for extra deposit or to battle through.
I have put so much into building this one, it is exactly what I want.
But a house is what we need.........
My wife has told me "It's up to you dear"
Can someone please help me out.
What to do?

Rod.................

I would sell the camper to assist in the deposit for the house, nothing wrong pitching a tent or swag. I'm nearly 60 and still luv my swag and off road trailer, it's not a camper. Can still come home to the family pride and joy. cheers Ron.

dazzler · « **Reply #42 on:** May 02, 2014, 01:51:48 PM »

years ago we went to buy our first house. Both worked but had a car loan on a newish car. Would not approve while we had the loan.

Sold the car, paid of the loan and bought an old banger.

The day we moved in a letter came from the bank asking would we like finance for a new car!

Sons of beeches. LOL....

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shakey55 · « **Reply #43 on:** May 02, 2014, 05:01:39 PM »

The decision is up to you, but while paying off a house, especially in the early years it is hard save for a holiday. I know this from experience.

If you keep the CT, at least you have the opportunity to get away from the house and have a holiday.

This is a very hard question that need a lot if thought to get the correct answer.

Good luck.

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Streetkid · « **Reply #44 on:** May 02, 2014, 08:06:01 PM »

If the only reason to sell the camper is to help buy the house then you will most likely have in mind to replace it with something similar in the future. If so, would taking a 10 k loss on your camper now achieve much in the long run if you turn around and put another thirty grand into the same sort of camper in the near future? A 30 k camper would end up costing you 40. You have a hell of a lot of sums to do and professional advice is well worth it in your case as a seemingly wise decision now may come back and sting you later. You really need to have all the scenarios laid out for you and the answer will usually stand out pretty clearly. If it were me, I would compromise by selling and making do with something much cheaper.

Mongoose · « **Reply #45 on:** May 02, 2014, 08:26:22 PM »

Take it from a Banker of 30 years who loves making money from people who borrow too much, SELL THE CAMPER TRAILER. Every dollar less borrowed will save you a bucket load of capitalised interest over the term of your loan.

Still want to go camping? Buy a tent. Hire a Johnno's. Borrow fellow Swagger's unit that isn't getting used for a couple of slabs.

In time, when you have consolidated your financial position and gained equity in your home, you can consider buying another Camper Trailer.

Good luck,

Rohan.

Pog · « **Reply #46 on:** May 02, 2014, 09:59:08 PM »

It's only money... The banks have heaps!

kylarama · « **Reply #47 on:** May 02, 2014, 11:26:58 PM »

So your camper owes your $30K plus and think you can get $20K plus is you sell? An extra $20K is a massive leg up for a first home buyer.

Quote from: rodsswag on May 02, 2014, 11:11:36 AM

If we sell the trailer we still have camping gear to get out and about.

Rod...............

Go grab a 2nd hand 6X4 for $400 to throw all that gear in and that will probably get you too 90% of the camp spots you want to go to with a young family.
The enjoyment of camping is what you make of it, not what you take with you.
I've had just as good as time with a $20 Kmart A frame tent as I've had with a Jayco with all the trimmings.

Barry G · « **Reply #48 on:** May 03, 2014, 12:57:07 AM »

Years ago a young planner started at work (regional town in Gippsland). He owned a magnificent Torana, was his pride and joy.
Was in a relationship, his GF had worked while he studied, then visa versa.
I suggested to him sell the car, stop paying rent and buy a house. This was on the basis that cars, however loved, depreciate, houses gain value.
He followed my suggestion and has never looked back.

Black Diamond · « **Reply #49 on:** May 03, 2014, 09:55:22 AM »

Quote from: dazzler on May 02, 2014, 01:51:48 PM

years ago we went to buy our first house. Both worked but had a car loan on a newish car. Would not approve while we had the loan.

Sold the car, paid of the loan and bought an old banger.

The day we moved in a letter came from the bank asking would we like finance for a new car!

Sons of beeches. LOL....

Sent from my iPad using Tapatalk

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Author Topic: A big decision to make........ (Read 12088 times)