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How to afford your dream home (without the debt)

How to afford your dream home. Source: Getty Images

For the last 10 years I’ve been thinking about how to own my dream home, without debt.

In 2018 I was able to make this happen.

There are two ways you could own your dream home outright:

1. The hard way

2. The easy way

I choose the easy way.

The hard way is to do what 90% of Australians do, which is:

– Save a huge deposit.

– Work their ass off over the next 30 to 40 years and pay it off.

I did it the easy way, using two simple strategies:

1. I bought a number of high quality investment properties, over 10 years. After these investments increased in value, I sold them and used the profit to put down a huge deposit on my dream home.

2. I bought and sold a number of homes that I lived in with my family over 7 years. I focused on buying cheap properties, that I could afford, and I delayed buying my dream home, until I afford it. I bought my first home for $320,000. I renovated and sold this property for a profit over 18 months. I then built another affordable home for $450,000. I then sold this property for a profit over 3 years.

I think you can see where I’m going with this.

Fast forward 7 years… my wife and I used the money from the investment properties, and homes we bought and sold, to pay off our own dream home outright. We did this before my wife was 30.

This is our first home before we renovated it:

This is our first home after we renovated it. I hand painted the entire property myself:

Whether you do it the hard, or the easy way, the choice is yours.

My wife an I are no smarter than you are. We simply created a plan and made it happen.

As they say in one of my favourite movies of all time – Big Fish – the long ways easier, but it’s longer…

Ben Everingham runs a highly experienced buyers agents based in Queensland, which is registered with the REIQ. Over the last 8 years Ben has bought over $8 million dollars worth of investment property and now lives on the Sunshine Coast with his family. Ben and the team at Pumped On Property have supported their clients to buy over $130,000,000 worth of investment property over the last three years.

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