Finance advice
Blow up budget, piggy bank, putting money in the piggy bank, finances

Budgeting for a property: Where people go wrong and succeed

By Sasha Karen

A new report has revealed how and why property buyers are likely to blow their budget as well as how those that don’t go over keep their finances in check.

The report by lender ME showed that 22 per cent of home buyers around the country go over their budget when buying their most recent property.

Out of the overspenders, 46 per cent went over $30,000, 30 per cent went over $50,000 and 10 per cent went over $150,000.

Why? The majority at 52 per cent answered they simply fell in love with the property, 28 per cent underestimated the required budget, 20 per cent were impatient, 15 per cent fell victim to underquoting by an agent and 12 per cent fell into a bidding war.

Of those who went over the budget, 64 per cent were impacted negatively, 28 per cent saw an effect on other financial goals, 27 per cent had to change the way they currently spent money and 24 per cent suffered emotional stress.

The environment where purchasers are buying in was also likely to influence going over the budget, with 27 per cent of property buyers in Sydney, as well as 26 of property buyers in Queensland, going over the budget.

Buying property in Melbourne and NSW overall saw buyers holding steady at going over their budget at 22 per cent, while purchasing property in Victoria overall saw only 20 per cent of buyers going over their budget.

Patrick Nolan, ME’s head of home loans, said that purchasing a property can be “one of the biggest and most emotional purchases you’ll ever make,” so it is vital that people stick to their limits.

“When it comes to spending within your means, there are two points during the home buying process where you need to get it right. The first is when you calculate what you can borrow, and while your bank is legally obligated to only lend an amount you can afford to repay over the life of the loan, including at a higher interest rate, it’s your responsibility to ensure the information you provide them, particularly your expenses, is accurate so they can make an accurate long-term assessment,” Mr Nolan said.

“The second point is at the moment of purchase where it’s the responsibility of the buyers to remain within their set spending limit, particularly if that limit is based on the maximum amount that can be borrowed from the bank.”

Setting and sticking to the limit

The most common budget strategy was grounded on the basis of how much people would be comfortable spending to avoid too much debt, at 55 per cent; juggling other financial commitments, at 52 per cent; looking at the maximum that could be borrowed from their bank, at 46 per cent; and using an estimation of what the market price is, at 45 per cent.

The keys to success of sticking to a budget, according to the survey, included patience at 74 per cent, avoiding bidding wars by ignoring auctions altogether at 27 per cent, purchasing a property in a cheaper area at 21 per cent and downsizing expectations and purchasing smaller property at 13 per cent.

Mr Nolan’s top three tips to stay within the budget are:

  • Keep patient, as there will always be another property to purchase.
  • Suppress emotions as much as possible when buying. If this is not possible, consider having a friend, family member or professional buyer purchase the property on your behalf.
  • Consider changing your buying criteria, which include size, location and property style.
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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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When buying property, it’s important to focus on what’s important. Investor Katarina Taurian shares just what exactly is important to her: having the mindset of looking past superficial cosmetic matters and homing in on the structural suitability and potential of a property.

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In this episode of the Smart Property Investment Show, Katarina joins host Tim Neary to unpack her entry into the property market and experiences of rentvesting, and how the Smart Property Investment Show was vital  in a number of decisions which she made along the way.

Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Why buying new property doesn’t mean buying better property

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