Top Ten Reasons to Buy Not Rent – Why Turn Down $500K!
There is nothing quite so special as walking into your first home.
It’s a time when your dreams are starting to become a reality. Buying a home valued at $500K today taking into account all parameters such as added costs in home buying, cost of maintenance, depreciation, savings made by renting etc would make you $500K better off after 30 years.
That’s a whole packet of money and you get to own your own place and do what you like with it, right. (But don’t take my word for it – put your own circumstances into a Rent vs Buy calculator and see!)
For us the process started by contacting a home loan broker in Parramatta; wherever you are in Australia look for the personal touch to help speed you through the process with reliability and experience.
So what are the top ten reasons to Buy vs Rent:
Top of the list is building equity. When you purchase a home you contribute to building equity and as your share increases over time so do the financial gains. Typically they kick in around halfway in a 30-year mortgage so it’s not a short-term thing.
Homeownership helps to provide more stable living costs. Sure, mortgage rates fluctuate but you are not at the whim of a landlord or subject to the volatility of rental hikes that cause so many people so much strife.
Real estate is a great long-term investment. Over time the value of your property, especially if you buy in a sought-after area with potential, is overwhelmingly likely to increase above the cost of living.
Homeowners have the freedom to renovate, decorate and modify as they see fit and also there is no difficulty in upgrading with extensions subject to planning permission of course. Even if a landlord agrees to a change you are often putting long-term money in their pocket, not yours.
So you are not subject to a landlord’s rules and regulations. The feeling of freedom when you realise affordable housing is within reach is one of the best feelings on earth!
In Australia, homeowners can also benefit significantly from tax advantages such as being able to claim tax deductions so long as the property is used for investment purposes. Primary residence exemptions mean that generally speaking capital gains taxes are not applied to homeowners when selling. That’s for those who flip properties.
You’re extremely unlikely to have to move if you don’t want to and this is particularly attractive for those with children who need the stability of friends and school.
And there are few better prideful feelings than that moment when you walk into your own home. It’s a life-changing experience and one that few regret.
Sure renting is good for those who want to move but owning can also mean you have the potential for rental income yourself one day.
In conclusion, buying is better than renting for most people so seek a reputable home loan broker today.
Read more: https://newpawsibilities.com/
