Turns out that the majority of young South Australians believe that buying a home is one of the best financial decisions they will ever make. Well, aren’t you glad you bought your own home!
Research by HomeStart showed that an overwhelming 70% of the people surveyed rated buying a home to live in as the first financial investment they should make when setting themselves up for the future, followed by 21% who listed buying an investment property.
Bricks and mortar far outstripped other forms of investment, with only 6% choosing shares, a business, managed funds or super as the preferred first investment, while 3% believed eliminating their HECS debt and saving cash was the smartest first financial choice.
So, it turns out there is not only an emotional pull when buying a home, but also a lot of rational thinking that goes into the financial reasons for doing so. Although a mortgage is a major financial commitment, buying a home is still considered one of the best ways to set a course towards a secure financial future. Equity and capital growth are both powerful financial vehicles associated with home ownership, and while meeting mortgage repayments is an ongoing responsibility, there is comfort in knowing it’s an investment in your future.
At the same time, there is a sense of place, pride and community that you get with home ownership that you can’t achieve with any other investment. Over the long-term, housing provides strong financial returns while also playing a central role in your family and community life...
Because buying a home is so much more than just a financial transaction.