Monday 16 May 2022

DS1 left the nest

DS1 finished his IT degree at the end of 2020 and started working at the Sydney office of a large local IT startup that has grown into a significant international online during the past decade. His starting salary was similar to my current salary, and after a year at work he has received a promotion already earns more than me ;) He wanted to purchase an investment property in Sydney, but prices were too high for any decent property to be within his borrowing capacity, so he purchased a rental property in Brisbane late last year. He had a short holiday (two weeks) in the US in April and when he got back he moved out of home to live in a shared apartment with two of his high school friends. It is closer to his workplace than our house (reducing his commuting time by about 30 minutes each day) and it will also be good for his social life to be living closer to the city.

DS2 us currently in year 10 High School, so has another couple more years before his HSC exam and then (probably) will also do an IT degree like his older brother. So he'll probably be living at home for at least another 6-7 years. He'll probably be moving out around the same time I retire from full-time employment.

My parents are in the process of putting their rural property up for sale, and have decided that they probably won't be moving into the lake house property as it is a bit far from the nearest shops and doctor, and a long (>1 hr) drive from the nearest decent hospital. This would be an issue as mum's eyesight isn't good enough for driving these days, and my dad has also had a few 'dizzy spells' that make driving inadvisable. They *might* move into my 'off-the-plan' investment property in Sydney when it is completed in late 2022/early 2023. I would have to charge them the going 'market rent' (so that the loan interest and other expenses are still tax deductible and the rental income will be taxable). It would probably be a 'good fit' as they will have plenty of cash available to pay rent after they have sold their current property, and as they are both around 90 years old they won't have too worry too much about making their money last (they also get the full Age Pension). The apartment is only a few minutes walk from local shops and restaurants and a major hospital. It is also only a few minutes walk from a train station and will also be a few minutes walk to the new metro station when it opens in a couple of years. As it will only be three train stops (two metro stops) to the Sydney CBD, it will be very convenient if they want to visit museums, art galleries etc. in the city.

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