There is never a better time to invest in property than now!
If you’re renting, you’re paying off someone else’s bond.
Why pay off someone else’s bond when you could rather be paying off your own?
That’s right; with rent being around 0.75% of the property’s value, the smartest move forward is to find a house to buy where your bond repayment is closer to the market-related rent.
The best way to go about this is to make a list of pros and cons, as well as to consider what you can and cannot afford, and how flexible you are.
You are incurring upfront and recurring costs.
When you are a renter, costs like security deposits and non-refundable deposits, rent and utilities, all basically don’t give you any return on investment.
But if you’re a home owner, these costs are not actually costs for you.
You have little or no creative freedom to renovate and decorate.
As a renter, you need to ask for permission to do even the smallest of renovating or decorating.
Even if you want to install rainwater tanks, you need to get approval. Just remember that every beautiful curtain rod you install to replace the cheap ones there when you moved in, every plant you plant and every cupboard you paint improves the home of the owner – you have to leave it all behind when you go. It’s a much better idea to buy a home and make it yours.
You have no control over annual rent increases
Rent prices increase every year by 10% (for now) so as a renter this is a big problem you would be dealing with, but as a home owner, the increases don’t bother you at all.
The property you are letting may be sold out from under you.
Renting can leave you feeling very insecure, for example, if you’re expecting your lease to be renewed but instead you are given your notice because the owner has sold the house to someone else.
Becoming a home owner instead of a house renter is a huge step towards freedom, a step in your own direction and a step in a better future.