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## Exploring the Dilemma of Homeownership vs. Travel

Greetings,

At 27 years old, I find myself still residing with my parents, despite numerous opportunities to purchase a property in the past year and a half. The idea of taking on a hefty $400-500k mortgage weighs heavily on my mind, especially considering the uncertainties in the construction industry where I work. With the looming possibility of my company facing financial difficulties, the thought of committing to a mortgage adds to my anxiety. On the financial front, my earnings stand at $130k, with investments totaling $160k in shares and cash, and a monthly saving of $5500.

My extended stay at my parents’ home roots from completing my university education at 25. Plans to embark on extensive travels during my college years were set aside in favor of a prompt graduation and a solid house deposit, given the soaring property prices in recent years. Looking back, I regret not pursuing backpacking adventures then.

Contemplating resigning from my job to embark on a 3-6 month travel journey and reconnect with elderly relatives abroad faces resistance from my parents, who stress the urgency of property acquisition before prices escalate further. While I acknowledge the potential risks of delaying homeownership, my long-term vision includes residing overseas. Australia’s property market holds less appeal to me in comparison to global opportunities. Opting for budget-friendly travel in Southeast Asia and Europe, ideally staying with family or in hostels, assures minimal impact on my savings.

Struggling to strike a balance between financial prudence and seizing life’s opportunities at a youthful age dominates my thoughts. The quandary of whether quitting my job for a prolonged travel stint is a reckless move lingers. Confidence in regaining similar employment upon return offers a glimmer of hope amidst uncertainties.

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32 Comments

  • Revolutionary-Army89

    I was in the same position you are in back when I was 27, Except I didnÔÇÖt live with my parents. I wanted to buy a house with my savings but decided to pack a bag and go travel. I spent 4 months travelling SE Asia and Europe. I loved it so much I kept going on 3-4months trips for the next 2.5 years. I would come home, work and save for 3 months and then leave. IÔÇÖm now 35, own a house and wouldnÔÇÖt change a thing. Backpacking was one of the best experiences of my life. Sure if I bought a house 7 years ago it would have been alot cheaper but I got there in the end and had a hell of alot of fun getting there.

  • pleasestaydontgo

    I’ve done it multiple times and its the best experiences i’ve had. I decided my life doesnt revolve around a career and like you said you can always get a job when you return. Life experiences are the most valuable thing to me. I also never bit the bullet and purchased a property as i just never felt comfortable doing so. Theres other ways to invest other than property which you already seem to do. I say go for it, theres only one way to find out if it’s the best thing for you. I am now 36 and currently in Vietnam for at least 6 months.

    Goodluck

  • VirtualDragonfly4480

    BRUH you have 160k in saving and your complaining about not being able to get a house????? In vic there is 5% first home buyer deposit etc and also buy a bit further away if you have too…..

  • kimchiberry23

    Travelling for 6 months is definitely not going to ÔÇ£permanently bar you from the Australian housing marketÔÇØ, especially with your savings and low living costs. Go do it!

  • Easy_Ad6617

    Gooooo. I quit my job and did a gap year at 35, best year of my life. Bought a house at 38. You won’t be able to throw caution to the wind once you have a mortgage. You’ll be fine. Life is for living.

  • martytheone

    Do it, brother.

    My Mrs and I have a mortgage, and we locked the door and left.

    We were both over our jobs. And we were sitting on the lounge one day searching for new jobs, and i said, “What would it take for us to just pack up and move to Bali?”
    She just laughed.

    The next day, i got home from work, and she said, “I’ve crunched the numbers. We could probably go for 2 – 3 years.”

    We’ve been here for 2 months and haven’t looked back.
    A once in a lifetime trip for us, and im sure we won’t regret it.

    You can always buy a house.
    You can always buy a Ford Ranger.
    You can always get more money.

    You can’t get any more time, my friend.
    Just go for it.

  • JudgesToothGap

    > to spend time with elderly relatives overseas

    I could comment on more but I want to focus on this.

    Elderly relatives’ time is finite, and relative to the time they’ve lived they don’t have much time left. No amount of money you earn in the future, or any house or savings account or shares will bring them back or give you more time with them after they’re gone.

    You’ve got your whole life to earn money. You do not have your whole life to spend with elderly relatives. I was very close with my grandparents and great Aunts, all of whom have passed away now. I spent as much time with them as I could, but I look back and wish I spent more because you don’t get continued chances to – and doubly so if they’re overseas.

  • 764yhtfbvaey

    In your circumstances….go travel.

  • InternationalGate585

    Do it.

    The stupidest thing I’ve done is quit my job and then immediately get suckered into another job when I should have just followed my plan which was to backpack until I was broke.

    Money comes and goes and can be re-earned. You’re only on this planet once and you’re only young and carefree once. The experiences you can have and the development you experience in your mind and soul is priceless! In saying that, you’re actually kinda loaded. Put 130k into a term deposit and make it work for you (and restrict your access to it). See how far you can make 30k go?

  • Schopenhauers_Poodle

    Yes do it! Life is to be lived

  • Maezel

    I did it around your age for a year… So I am biased when I say do it. It made me grow a lot and some of the experiences I’ll remember them forever (until I get dementia at least lol)┬á

  • Sydneypoopmanager

    apartment prices are not going to change in 6 months. Go travel mate.

  • HugeFennel1227

    Travel! Life is so short, do it while youÔÇÖre young too and have the energy and youÔÇÖre not tied down by anything. I guarantee you wonÔÇÖt regret doing it but you will regret not doing it.

  • Ntrob

    Quit your job and travel now or forever hold your peace

  • Salty_Piglet2629

    Do it. I’ve quit my job to travel.mutliple times and plan to do so continuously as long as I am healthy enough.

    You only have one life, don’t work it away just to be what others would call “financially sensible”.

  • trentmacca

    Are you my long lost twin? Basically all the same stats and work in construction too ­ƒÿé I just got back from solo backpacking South East Asia for 3 months. Go the travel route mate you wonÔÇÖt regret it.

  • youdontknowmelad

    Travel, bought a house young and now IÔÇÖm struggling to find time or money to travel

  • Bigsquatchman

    Bro, live your live as you wish now. DonÔÇÖt feel like you have to trap yourself with decades of debt.
    Go travel and invest and build your life experiences and memories. I wish I had done more of that when I was younger, I chased acquiring assets and debt very early and was kicked in to working to feed them. ItÔÇÖs not freedom.
    Go do you you now!
    Invest in your interests, learn new skills and create greater opportunities for yourself.

  • Caiti42

    As someone late 30s, travel now. You’ll never regret it. You’ll regret pushing 40 with young kids and not being able to travel.

  • DracosDren

    Look at Capital in a number of ways, Personal, Social and Financial. Backpacking and becoming “worldly” will give you a lot of personal and social capital imo. Home is where your heart is

  • FunnySeesaw6665

    Travel, travel aaaaand travel. Hope that helps ­ƒÿå

  • techsforcoming

    IÔÇÖm currently travelling the country on a 1 year sabbatical from work, whilst in the same position as you. DonÔÇÖt forget alongside wealth is health, so do what will make you happy and it may in turn get you ready for some new goals when youÔÇÖre back to make a decision

  • ginandtonic68

    Did the same when I was 29. HavenÔÇÖt regretted it for a minute.

  • anilct09

    Do you have a partner? If no why even bother buy a house? Go rent a studio or something till you have a partner or start a family. Now about travel, do it. NOW

  • Used-Huckleberry-320

    100% no question

  • wendalls

    Buy a red brick unit as close to the city as you can. Leave 20K in a hisa for your trip though. And continue saving

    Live in it long enough to get your first home buyer grants. Then rent it out and go on your trip.

  • theycallmeasloth

    Do it. I did it at 28 and in my mind it was too late.

    On your death bed you will only recall experiences, not money.

    To quote Pearl Jam

    “I suggest you step out from your porch, oh yeah, yeah
    And run away my son(daughter etc) to see it all oh, see the world”

  • Emberkahn

    For what it’s worth, I am basically the exact same as you (salary, age, savings, graduation age) and quit my job in February to go travelling for 6 months with my wife. A month in, I don’t regret it a bit. You have a lifetime to work, and a life lived only to own a property is a pretty sad one. The time to travel is now – it will only get harder as you get older and you have competing interests with career and family.

  • Dry_Sundae7664

    IÔÇÖm going to go against the grain here and say that the money you could save from not going on the trip could be put towards giving you the edge on properties to not miss out on offers again.

    If you did go on your trip and then planned to come back and purchase, without a savings record can make it harder for the loan application. A shorter trip would be better if you really need to go.

    Just because you purchase doesnÔÇÖt mean that you canÔÇÖt go on a trip later down the line. You could rent it out for a period whilst travelling.

    I think itÔÇÖs a great time to purchase.

  • Kiiikiii

    We must be spiritually connected… a fellow 27yo and im quitting to travel in a few weeks. Definitely do it, experiences make you a richer person in so many ways!

  • tipsiemcstagger

    Get off to travelling mate. The world is massive and will be an experience like nothing other. See everything, enjoy everything whilst you are young. You will never get the time back. 80 @ best. Use it.

  • Gautama_8964

    U probably wouldn’t consider backpacking once u have a mortgage to pay. Go for it while u have no wife, kid n mortgage