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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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

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!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
object(stdClass)#1202 (52) {
  ["id"]=>
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  ["title"]=>
  string(38) "From pirouettes to property investment"
  ["alias"]=>
  string(38) "from-pirouettes-to-property-investment"
  ["introtext"]=>
  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

" ["fulltext"]=> string(2718) "

Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

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!

RELATED AREAS OF INTEREST:

The hard-to-swallow truth: The prickly points of the Airbnb reforms
Airbnb reforms unpacked for property investors
Airbnb leasing: What are a landlord’s rights and responsibilities? 


AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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