How to afford real estate in Surfers Paradise
With its winding beaches, scintillating way of life and swimwear dress-code, Surfers Paradise is a common hotspot for domestic and international tourism.
Main Beach real estate also caters for permanent residents, provided they enjoy seaside living and an active social lifestyle – ideal for the young or young at heart.
The area has already experienced considerable growth, which is showing no signs of slowing. According to the Gold Coast council, Surfers Paradise has just over 20,000 permanent residents, and attracts around about the same number in overnight visitors each and every day.
The result of this is a heightened demand for rentals in Surfers Paradise.
Saving to invest
Do you want to get a few rungs up the property ladder? Better start saving.
Before going for a home loan, it is critical that you save as much money as possible for your deposit – the Australian Securities and Investments Commission (ASIC) recommends at least 20 per cent of the home's price. This will give you better bargaining power with your lender and best of all should help you pay off your mortgage quicker.
Here are some handy tips on building up a deposit and getting yourself some capital gaining, rent accumulating Main Beach real estate.
One of the easiest and most effective ways to save money is to simply change the way you do your finances.
Create a separate high-interest savings account. Whether it's with your current bank or another is irrelevant, provided there are incentives for saving and you are able to look, but not touch.
Now set up an automated payment into your savings that is taken directly from your paycheck. A good place to start is 10 per cent, but if you are still living quite comfortably then feel free to increase the amount – you will benefit in the long run.
The beauty of this saving method is that once you become used to your slightly reduced income, you'll forget you're building this nest egg.
That is, of course, until real estate in Surfers Paradise becomes a reality when you receive a bank statement revealing the prettier side of interest rates.
Additionally, you should deposit any cash you have in your wallet or household. Every dollar counts when it comes to interest payments, and your money is earning you nothing sitting there gathering dust.
Create a budget
ASIC advises getting mathematical. You can calculate your potential savings amount by simply starting with your weekly income and then subtracting all necessary costs like bills, food and transport.
Now go through your current expenses, and work out what can be reduced or even removed completely. Ways of tightening your pockets could include decreasing your spending on dining out, entertainment or ending any memberships you're not getting use out of.
If you're paying rent, it is likely to be the largest cost you have. A simple, while sometimes unappealing solution is to move back into your family home. If you can cut down or even remove your rent, your savings will grow much quicker.
However, despite the benefits of stringent saving, it's always good to have some allowances in your budget, as you don't want your quality of life to diminish! Set savings goals, then when you achieve them, you can reward yourself with something like dinner at your favourite restaurant or a night out with friends, for example.
What's the next step in getting Surfers Paradise real estate?
If you would to make an investment in Main Beach Real Estate, go no further than the team at Ray White. Our experts have a wealth of knowledge of local property, and can take you through the whole buying process – from finding suitable real estate in Surfers Paradise to popping the champagne.