Tattoos and home ownership: not everyone can have both

You can’t help but wonder how many young potential home buyers are wearing all, or part, of their potential home deposit on their bodies in the form of expensive tattoos?

This column is going to make me sound like a grumpy old man.

It’s also going to make me sound like someone who’s afraid of getting pricked on their arms, back, chest or other body parts, but so be it.

I can’t help but wonder how many young potential home buyers are wearing all or part of their potential home deposit on their bodies.

These days people with tattoos seem more common than those without, and some are forking out tens of thousands of dollars to decorate themselves.

I’ve checked prices on a pile of tattoo studio websites across Australia and found they typically charge at least $200-$300 an hour, and large high-quality tattoos take many hours.

Too many tattoos may stop some from getting rich through home ownership. Picture: iStock

You might spend $4000 for a large chest or back tattoo, almost as much for a leg, while full sleeve tattoo prices range from around $3000 to $15,000 depending on the artist and quality.

And quality is something you don’t want to skimp on with a tattoo, I reckon. A couple of the funniest tattoo mistakes I’ve seen are “Believe in Youself and Never Lose Hoop” and “it’s is my life – Jon Bovi”.

The grumpy old man in me, who also is a pain-avoiding pansy, thinks it’s pointless to spend so much money deliberately piercing your skin for the sake of an inky image, and there are plenty of other ways to express your individuality.

However, those with tattoos are easy targets because their hobby is there for all to see. Others spend much more money on other things that could otherwise be a house deposit – travel, fine food and drink, concerts, collectibles and more.

Everyone has a choice. And if something is important to you, go for it.

However, don’t then complain about being unable to save money for things such as investments and houses that other people prioritise.

It’s understandable that young adults decide to spend money on themselves when they feel the housing market is out of reach because of sky-high prices and interest rates. Yet young people have always bought property, and many still are doing it – albeit often with help.

There are still several ways to get a foot in the door. Options include:

• The federal government’s First Home Guarantee scheme that allows people to buy property with just a 5 per cent minimum deposit, but price caps and other conditions apply. Single parents need just 2 per cent.

• The upcoming Help to Buy scheme, a shared equity program where the government tips in part of the deposit then shares in future capital gains.

• Help from the Bank of Mum and Dad through loans, gifts or guarantor arrangements, but that requires parents with some wealth.

• State government first homeowner grants, ranging from $7000 to $30,000 depending on where you live.

• Teaming up with siblings or friends to jointly buy real estate.

• Making your first home an investment, where tenants help pay the mortgage.

• Buying small slices of real estate through fractional residential property investment platforms or listed property trusts, to get some exposure to real estate.

Originally published as Tattoos and home ownership: not everyone can have both