Is Renting Things for Your Home a Good Idea in Australia Is Renting Things for Your Home a Good Idea in Aus | Page 12

highly stressful time, especially if you weren’t ready to go yet. Additionally, rent never stops – home
owners can pay off a mortgage, but renting means you will need to make those rental payments forever.
A sacrifice that renters often have to make is finding the “perfect” place, and while buyers have to
sacrifice “perfection” too sometimes, at least buyers can make changes and alter their place without
asking a landlord’s permission.
8.0.2 How to decide if renting is right for you
Consider your lifestyle and ask yourself: do you currently value flexibility above everything else?
Buying in Australia
The pros
One of the biggest pros about becoming a home owner is the stability. The house is your own, and
based on your home loan agreements, you know exactly what you’re going to be paying, and for how
long. Depending on the market and the way you maintain your property, your home can become a
massive asset to your financial future. Should the home increase in value and you decide to sell, you
could make a strong profit. Australia sets up first time home buyers with tools to help them get on the
market. The First Home Owners Grant helps those who are eligible pay for their first home. Plus, a first
home loan with BOQ is a smart decision for home buyers who want personal service and peace of mind.
Of course, owning a home means you get to do whatever you want with your property. For some, that
means interior design and home renovation, but a lot of younger property buyers are simply looking for
a better place for their pets to live!
The cons
Buying means you have a (often) large financial responsibility on your hands – mortgage and home loan
payments need to be paid regularly otherwise you risk falling into debt and hurting your credit score,
and unfortunately, those with a mortgage are the most likely to be over-indebted in Australia, according
to ABS. Of course, you can only fall into debt if you can first afford to buy a home in the first place, and
getting on the property ladder is no easy feat. Depending on your income, saving for expenses like the
initial 20 per cent deposit, stamp duty, government fees, convincing costs, etc. can mean you’ll need to
sacrifice in other areas of your life. One more thing to consider is, while usually a house can be a
financial asset, if you make a bad renovation decision or your neighborhood decreases in value, your
home’s value will decrease with it.
8.0.3 How to decide if buying is right for you
You’re ready to buy a home in Australia if you’ve done your market research and you’re confident that
you’re ready to make roots and can responsibly take on the repayments. If you’re a first home buyer in
Australia, take a look at the Government First Home Owner Grants that may be available for you to take
advantage of to get into your first home sooner.