Purchasing Brisbane Land For Sale: Always Think Long-Term Benefits

Having a home is one of the biggest life goals an individual can have. Though this can be an exciting time for future homeowners, a study by credit bureau Experian says that the process can lead to a rough financial patch for many.

Experian’s study analysed 15,000 Australians regarding how they manage debt, and the results reveal that life can be much less fun and full of sacrifice when one enters the property market. More than 65 percent of respondents said their situation worsened after buying a property. A measly 15 percent said their life improved, while the rest reported no change in their lifestyle.

Despite the setbacks, Patrick Nolan, head of home loans at ME Bank, said that such sacrifices will be worth it in the long run because the long-term benefits of home ownership far outweigh them.

Advantage Property Consulting director Frank Valentic agreed. “There’s always going to be a bit of pain at the start, because you’re not used to having a mortgage, but if you have the right plan in place, you won’t have to change your lifestyle too much,” he said.

Thinking of buying a land for sale in Brisbane where you can build your dream home? Your first order of business is to craft a solid property spending plan based on your goals. Let these two questions guide you.

What is my purpose?

A buyer of a land for sale often has one of three goals in mind when they make a purchase: security, growth, or income. The first thing you need to decide is which of these goals is more important to you. Knowing your goal can help you have a clearer time frame, so you’ll know whether to use short, mid, or long-term spending techniques.

How much can I realistically set aside?

Before you can lay out a solid property spending plan, you have to determine how much of your monthly income can you set aside and still live comfortably. Naturally, the more valuable the land for sale you want to purchase, the bigger sacrifice you have to make. Look at the areas where you can minimise your spending without making your life miserable, like switching to a pay-as-you go phone service, or using your car less. You might also want to look into selling the stuff you don’t use or taking on freelancing jobs on the side.

Once you feel that you’re prepared to take that next step, contact a Brisbane land sales agent and start making your property ownership dreams a reality.

Sources:

How to avoid short term pain for long term gain on the property ladder, RealEstate.com.au

Our Top 10 Tips for buying an Investment Property, MortgageReport.au