Why owning a home is better than renting
At last! After several years of rising home prices, the Australian property market is finally letting off some steam. That’s right, as home values continue to ease across most of Australia’s capital cities, many would-be first home buyers are asking themselves this: Should I buy, or stay renting?
Now is a great time for first home buyers to finally realize their dreams of owning a home, but for many renters, parting ways with a deposit in exchange for a little extra responsibility is no easy decision – especially when you think you’re onto a good thing already!
We get it, buying a home is one very big (and very important) decision, but as the good times roll for first home buyers, it could also be an opportunity not to miss. To get you inspired for a brand-new future, here are some great reasons why buying a home is better than renting.
Peace of mind
Simply, buying a home means you’re also buying control. In other words, there’s no risk you’ll be kicked out of your beautiful abode because a landlord decides to sell, renovate or even seek higher paying tenants. Owning a home means you can stay as long as you like, completely free from that unsettling feeling you and your family could be upended at any time.
Long-term financial logic
Some people might think renting delivers a better return for their money – like an extra bedroom, for example. But, what about the long game? While rental payments will go straight into your landlord’s back pocket, mortgage repayments are essentially a form of forced-saving. Interest aside, every mortgage repayment contributes to your personal wealth pot (and that’s a lot over a typical 30-year period!)
Better quality of life
Buying a home means you can really make a place your own. Unlike renting, owning a home means you have freedom to paint, hang pictures and install new fittings – and that’s a home you can be truly proud to show off. Better still, homeowners can get onto those niggling maintenance tasks right away.
Of course, interest rates can shift, but you can lock in your principal loan repayments for the next 30 years. That means you’ll know exactly what you’ll be paying each week or month for the rest of the term. On the other hand, who knows what the rental market will be like in 10, 20 or even 30 years?
Create your own story and feel part of something
Many homeowners experience a greater emotional connection to their home. After all, you have a real personal stake in that bricks and mortar!
Home ownership is about sharing something in common with your neighbors, feeling personally interested in community issues and having the freedom to make memories with family, friends and even pets without answering to anyone.
For Nov 2018 only, Meriton is now offering 3% fixed interest rates(T& C apply). This offer applies to all Meriton apartments that are currently selling. Find out more information here.