How You Can Have a House and your Smashed Avocado too!
Many factors need to be considered - and this is definitely one area where it’s ok to be picky.
Housing developments offer a unique living experience. If you find one that fits with your dreams and life goals, it can be the perfect place to settle.
It was only in 2017 when demographer Bernard Salt started the “Smashed Avocado War” that was articulated by Australian tycoon Tim Gurner. The message was simple - if you want to buy a house, stop buying avocado toast. While the reality might be that many people might never own a house, it doesn’t have to be! You can have a house and your smashed avocado too and here is how.
1. Move out of the cities to avoid mortgage stress
They say location is everything, which is especially true when it comes to making a smart financial decision on your home purchase. It is no secret the house prices in Sydney and in other capital cities are unreachable to many. So why not consider moving away from the big cities? The median property prices in Dubbo over the last year ranged from $365,00 for houses to $257,500 for units. Compare this to the median house price in Sydney - rising to $875,000 in the June quarter.
The Dubbo Economic profile from March 2019 suggest a median weekly household income in Dubbo is $1,272 with a median weekly mortgage repayment of $340. That is considerably lower from the Median average in Sydney - $542 per week. A growing number of Australians are at risk of mortgage stress - collapsing under the weight of their mortgages. Living in Dubbo is considerably cheaper, leaving more money in your wallets to go out and enjoy that avocado toast!
2. How to fund your house purchase?
Many home buyers assume they’ll need a 20% deposit before they can apply for a home loan, but that’s not necessarily true. Features such as lenders mortgage insurance (LMI) and family guarantees mean that some lenders may let you buy your home with a much smaller deposit than you might think.
There are many ways you may be able to help fund your home purchase. State governments offer a one-off grant to first home owners who satisfy all the eligibility criteria. If you’re unsure about eligibility, contact your state revenue office and be sure you apply with plenty of time. As a first-home buyer, certain state and territory governments offer additional incentives, some of which involve stamp duty concessions.
Use your superannuation contributions to fund your first home purchase
Under the First Home Super Saver Scheme (FHSSS), first home buyers who make voluntary contributions into their super can withdraw these amounts, up to certain limits, in addition to associated earnings, from their super fund to help with a deposit on their first home. If eligible, the maximum amount of contributions that can be withdrawn under the scheme is $30,000 for individuals or $60,000 for couples. So if you’re still some way off buying a first home, making voluntary super contributions (as opposed to saving them in a bank account), to access later under this scheme, could produce tax benefits that help you reach your first deposit goal faster.
3. Compromise, but not on avocados!
The most important thing when it comes to saving for a house is to track your spending and drafting a budget. Set a limit for how much to spend on a new home and don’t compromise your budget! Be sure the budget is realistic by setting aside a specific amount for fun, leisure and those smashed avocados. Don’t make your budget so tight that you won’t be able to stick to it! And don’t spread yourself too thin - be sure of what you can afford.
4. Figure out your home buying strategy
If you want the ease of moving into a home which is already landscaped and liveable then you may consider buying an established home. Dubbo has a wide range of housing stock available - mostly free standing houses of three or more bedrooms. You never know, the house you've been looking for might just be in Delroy Park Estate!
If you would prefer to put your own stamp on your home from the beginning then you might want to build your first home from the ground up. Choosing the block, choosing the plan and the builder, then choosing everything from doorknobs to the paint colours, the pavers to the curtains and everything in between.
Building in Dubbo isn't like building in a newer area of a major city, or even other regional cities. Dubbo is growing rapidly, which makes it a builder's dream. There is a huge pool of talented tradespeople to choose from, and we know most - if not all - of them! And you won't be left waiting for services to catch up to you.
5. Why buy a home in Dubbo, NSW?
Let me ask you this:
Do you really want to make a long commute to work every day or would you rather have more time to spend with your friends and family?
Would you rather have a bigger block of land with off-street parking and local amenities close by like shops and schools?
Consider the need to renovate a home you might be interested in and if you would have the funds to do so in a capital city?
Have you always wanted to build your dream home, but never thought you can afford it?
Have you always wanted a dog, but are lacking space?
Would you like to be part of a supportive, dynamic and thriving community?
Do you really want to give up your avocado on toast with feta and dukkah?
That’s what I thought! Dubbo is a growing regional centre with the largest population in the Orana region and therefore an ideal place for your first home. Our community enjoys the very best of both worlds. With enviable locations within minutes of the CBD, major shopping centres, sporting facilities and schools, you are not only buying a house or a piece of land, but a home in the Dubbo Region’s welcoming community.
In conclusion
You don’t have to give up your avocado and toast when relocating to Dubbo. Firstly because we have plenty of nice cafes and secondly, you will have more money to spend when moving away from the big cities. With a plan in place, buying your first home or land to build your forever home, Delroy Park Estate is here to help.
