Published at: 6/21/2016 3:29:33 PM
Good things come to those who wait but some serious commitment helps as well. Research by ME found half Australia’s home buyers are making personal sacrifices to get a foot on the property ladder.
Here’s what they’re doing.
Vacations – later maybe
One in two (49%) home buyers are putting key plans on the back burner to secure a home of their own.
What sort of plans? One in three have put off or downgraded holidays; one in five have opted to buy a cheaper car. And a dedicated 14% of home buyers have postponed plans to start a family.
Get married…or buy a home?
Younger home buyers are showing their mettle by making the biggest sacrifices. One in four Gen Y home buyers are shelving plans to get married or at least scaling back their wedding in order to save for a home.
Among those who are tying the knot, 21% are bypassing the Costa del Sol for their honeymoon and heading to Costa-notta-lotta destinations to save money.
Some goals are non-negotiable
Buying a home is a goal worth working towards but there are some things home buyers just aren’t prepared to give up.
For you it maybe a few Friday night beers with mates or a once a month manicure. But for home buyers with children, only 7% are willing to send their kids to a less expensive school; and only 6% have given up on the idea of starting their own business in order to buy a home.
Almost everyone who buys a home makes a few sacrifices to achieve their goal, and first home owners can tap into smart strategies to make it easier. It could be buying with friends or family, buying in alterative locations, or starting out with an investment property.
The main point is that with commitment your first home is achievable. Talk to your ME Mobile Banker to discover how it can happen for you.