In short the answer is always “Yes”, however there are some key issues to consider.
Firstly, it can be very difficult to find a home that will be suitable today as well as tomorrow. This is because your circumstances may be very different when you eventually return.
You think that you want to live in Sydney, but you end up posted to Melbourne. You think you will be single, but get married and have children.
It is very hard to predict what will happen in the future but regardless of what does I am sure you will find benefits in buying the property now rather than waiting for your return.
These include;
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The Australian Taxation benefits should not be underestimated and can lead to helping you to a few years of “Tax Free” salary on your return through the build up of tax credits on your property holding expenses.
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When you buy now, you know what your full cost of purchase is as you have made the transaction. For example if you are looking at a house today for say A$500,000 and you buy it, then that house will never cost any more than the purchase price. If you delay the decision until you return, the same house may be worth more and it is impossible to predict how much it will indeed be.
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If you are looking to live in a strong historical growth suburb, then buying today could save you many thousands of dollars, rather than waiting for the purchase later.
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The affordability factor is also far greater whilst you are overseas, not only because of your improved earnings and savings power, but also significantly improved by the fact that you will be collecting rent from a tenant while you remain overseas.
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This could mean that you can afford a much more expensive property than you thought you could so upgrading to a better suburb or a bigger property may be easily in reach.
These factors combined make it a very good idea to consider your future residence purchase sooner than later, however we strongly recommend that you consider the home as an investment property with residence potential until such time as you return to Australia and know this will indeed be your property.
Finding the property is usually the hardest part, but I can suggest that you visit www.aussieproperty.com which is an exclusive club designed to assist you
