Common oversights of rookie home owners
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Can I still travel while I save for a home?
In our parents and grandparents day, travelling was a pursuit for the very fortunate. If you wanted to fly to Europe in 1981, you would have forked out nearly $7000 in today’s money; during that same time a 20 per cent deposit for a home in Melbourne would have been about $34k. So you would have chewed up nearly a fifth of your deposit savings to see the Leaning Tower of Pisa. Today, the realm of property ownership is feeling like it’s far more unreachable than travel! The affordability and accessibility of flights and accommodation internationally means that annual or bi-annual sojourns shouldn’t dramatically impact savings, not in our capital cities anyway. If you want to buy in Sydney, you need an average deposit of over $200k, and in Melbourne slightly less. Meanwhile, return flights to Europe can be as cheap as $130, hardly making a dent in your property savings.
I'm gunna blow the budget, aren't I?
More than 1 in 5 first home buyers in Australia overspend on their first home, which impacts other financial plans they had, changes their lifestyle and adds undue stress. Most overspend by between $30,000 and $150,000 on their first home and do it because their emotions get the better of them. Other first home buyers are waylaid by underestimating the real costs, or obfuscation by the selling agent. Know your limits (use this calculator to calculate your stamp duty), hold your cards close to your chest with agents and competitors, and don’t get swept up in the competition for the property.