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Buying New Property in Australia

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I have a friend Devon who lives in Australia. He's not frugal like me. In fact, he's very much the opposite. He loves his luxury and he's willing to pay top dollar for it. There's some kind of irony to mhim living on the other side of the world. He's kind of like the anti-Lazy Man.

There's one one thing that Devon and I can agree on though. We like homes that are newly constructed. He likes them because they've got all the bells and whistles. I like them because there's very little maintenance. (Okay, I admit that the bells and whistles are great too.)

So I reacted with some of amount of jealousy when he brought up I Buy New, a real estate company in Australia. They specialize in... you guessed it... new properties that are for sale.

They have something for everyone... as long as you aren't a person who likes antiques. Devon can spend himself to bankruptcy and be house poor in his new mansion. I'll get a smaller new townhouse.

When I take those savings and build businesses to give me financial freedom, perhaps I'll fly to Australia and buy him some dinner. They've got some fantastic wagyu beef over there that is almost impossible to find in the United States.

My plan is perfect, except for one potential minor problem. The I Buy New website has a Tools and Advice section. If Devon has seen this area, he might use their calculators and buyer's guide to figure out that maybe he shouldn't spend so much money on house.

Enough of my fake schadenfreude, Devon's my friend, and like every reader on this site, I want him to be very financially successful. I'm going to try to help him by pointing to the site's articles on real estate investing.

As I have written numerous times in the past, I love real estate investing and think that if the market is right, it is probably the best path to wealth. There are very few investments that will allow you a huge amount of leverage, while someone else pays off your loan (in the form of rent). Yes, for a long time, I'll lose some money on each month each month making up the difference between the mortgage and rent. However, once that mortgage is paid off, it will be income every month until the end of time.

Maybe Devon will come to the United States and buy me dinner. I just hope he leaves the Vegemite at home. That stuff is nasty.

Last updated on February 19, 2015.

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