Hi guys, Unsure of where and what to buy so any advice/direction would be helpful. 200k in savings by the end of the year with a yearly salary of 110k. iI have changed my mind on what to buy several times so I thought I would just ask what others would buy in this situation. Would taking advantage of the 20k bonus to build a home be reccomended. I honestly don't know what I should do so I have just been constantly saving up over the years.
Might be easier if you post some examples or what you are weighing up. But in short the 20k bonus should not be the main deciding factor.
Hi @tim546 You just need to ask yourself some questions which will guide you on right path. First and foremost, without taking grants into account, what your financial goals are? Second, what is priority for you now? Residence or Investment. What is family 's priority? Can you put your money into investment and then again wait for next 3 to 5 years until you gather similar deposit? Then we discuss further based on your decision. Regards
The lack of direction is quite common, because you havent yet got an " anchor" to hitch your buying decisions to as has been mentioned above. DO you feel this will be your " forever " home ? ta rolf
Where do you want to live? What kind of dwelling - individual house, unit, apartment? What facilities do you require, such as public transport, close to work, close to family? How much debt are you willing to take on? Are you happy to stay where you currently live and purchase an IP instead? I dont need to know the answers to these questions, but these are the kind of things you will want to think about, and start to eliminate what you really don't want.
Unsure of where and what to buy? Have a think about WHY you are buying. You dont know what to do so you have been saving over the years? Great. But how about this for thought... why not do nothing. You will eventually get to the point any purchasing decision will be limited by your salary and not your deposit. Sit on the deposit until that lightbulb moment and invest the surplus in the meantime. There is more than one path to success than buying a property as soon as possible.