The age-old argument between renting versus buying can be overwhelming for anyone wanting to move out of home. We list eight reasons why buying a home may be better than renting to help you make an informed decision.
- Build equity in your own property
Unlike with renting, owning your own home simply means that you now have an asset in your name. The home that you buy also has the potential turn a profit; either through moving and selling, or as an investment property and rented out to others. The financial benefits of owning a property is perhaps one of the leading reasons why people choose to buy over rent.
- Stop paying off someone else’s mortgage
There is a pretty high chance that if you are already setting money aside to pay for rent that you’ll be able to afford your own mortgage repayments. Interest rates are currently at an all-time low and there are plenty of affordable homes, land and even build-your-own homes with nifty house and land packages available.
- Government incentives for first home owners
Subject to eligibility and other criteria, the Australian government provides some pretty decent incentives to get you out of the rent trap and into your own home. There are first-home owners’ grants permitting up to a certain value off your new home, and more. Find out what you are eligible for at http://www.firsthome.gov.au/
- Say goodbye to landlords and rent inspections
With rent there comes the issue of having to constantly deal with landlords. While some people are lucky enough to have no problems, there are plenty of opportunities for issues to arise simply due to the nature of tenancy agreements. Renting opens you up to potential disputes on so many things: rent prices, house rules, and repair and maintenance issues – you are living in another person’s house, after all. Owning your own home takes away that stress so you can live the lifestyle you want.
- Stability for peace of mind
Owning your own home provides a significant amount of stability for you and your family. There is no looming fear of being forced to move out due to the property being sold, or the stress of rising rent prices. Living in your own home also provides a great deal of emotional stability too; your house will feel like a home, which should be a safe and secure sanctuary for all – especially for young children.
- Decorating freedom
Almost all rentals will have some kind of rules imposed on how and where you can decorate, and often they will be more strict than not. No drilling into walls or stick-on hooks, no permanent gardening, and no painting are just a few you can expect from a rental. However, in your own house, you make the rules and can decorate to your heart’s content.
- Space for pets
A common downside to living in a rental is the strict rules on pet ownership. These rules are usually in place for good reason, too; a puppy being trained or a new cat will definitely have a few accidents here and there that might damage flooring, walls, and other surfaces, leaving you open to costly and stressful disputes with your landlord. Some tenancies even completely prohibit pets in the home. Living in your own home leaves the freedom (and responsibility!) completely up to you.
- Build your own home just the way you like it
When you consider buying a home instead of renting, you open yourself up to the possibility of a perfectly designed home, suited especially to you, your family, and your lifestyle. Plenty of new home owners opt to build their very own dream home, which is can often be more affordable than established homes on the market. The finance and building experts at Dreamstart Homes have helped so many West Aussies get out of renting and into their very own, brand-new built homes.