Would you delay overseas travel to buy a home?

You may not need to give up your smashed avocado to buy a home, but new research has revealed that nearly half of Australian homebuyers are forgoing an overseas holiday to get into the property market.

According to news.com.au, research from InsureandGo has revealed that nearly half of all Australians who buy a home wait more than three years before going on an overseas trip.

The insurance company’s survey found that nearly three quarters of mortgagees didn’t go on an overseas trip in the first year of their mortgage, while 44 per cent waited at least 3 years.

However, it appears that most younger buyers weren’t willing to wait that long. The survey also found that just 23 per cent of mortgage holders aged under 40 waited more than three years to go overseas, compared to 70 per cent of those aged over 60.

Can you have your home and holiday too?

There’s no denying that saving up to buy a home comes with some sacrifices, and sometimes that means you might need to delay expensive holidays… at least for a little while.

It’s important to keep in mind that buying a home doesn’t mean you need to give up on your dreams of travelling forever.

If your goals are to buy a home and to travel then you can do both, it may just take some careful budgeting and creative solutions.

You may be able to purchase an investment property and rent it out to help you pay off your mortgage while you head off on a big overseas adventure, or you could even rent out a room in your home while you are living there to earn some extra income and help you save.

There are plenty of options, but the sooner you buy a home, the sooner you can pay off a mortgage and look forward to more financial freedom (and holidays) in the future.

Leave a Reply

Your email address will not be published. Required fields are marked *