Why Owning Beats Renting
If you’re like many Australians, you’ve probably decided against buying your own home. After all, houses are so expensive. Way more expensive than they were “back in the day” when your boring (but very sensible) parents bought their home.
And your friend from high school who snatched one up last week and can’t stop flooding your Facebook feed with pictures of it. You might think there’s no way you will ever buy a place yourself, you’re happy to continue renting.
But here’s why owning your property beats renting
The rent or buy debate is not new. We review both sides to offer some clarity. Changes in the economy will continue to have financial implications on your decision of what works best for your situation. While it’s true that renting has become more common than it used to be, it still has its drawbacks.
Firstly, the home you’re living in is never really yours. That means your property manager or your landlord can drop in at short notice for a ‘routine’ property inspection.
And if you ever want to put up a picture, alter your place in any way to reflect your changing needs, add or customise a room, have a pet or even guarantee you’ll be in the same place a year from now, then you’d better hope your landlord sees things YOUR way.
But if you’re looking for stability and a place to call your own, then the sooner you make the switch from renting to buying your own home, the better off you could be.
Buying your property will make you disciplined at putting money toward your repayments and for the long term. In some cases, rent amounts are on par with mortgage repayment amounts. While your rent goes towards paying off someone else’s mortgage, mortgage repayments, however, will go towards a home that will be yours to keep.
When life throws a financial emergency at you in the form of a medical crisis or losing a job, no matter how much you’ve saved up, having your property and the equity you’ve built up over time offers you security and freedom in so many ways. Not to mention the opportunities it opens up to further invest in property and build your long-term wealth.
Not having a large deposit saved up can be one of the main reasons holding you back from buying your place. But award-winning lenders like Mortgage House can get you started on your homeownership journey with tailored home loans that could let you borrow up to 95% of the property value. So if you’re looking to get out of the rent cycle and start putting that money towards your own place, get in touch with us today.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for information about the best options for you when it comes to your mortgage.