The facts about renting in Western Australia
What’s the difference between renting and owning?
So we’ve all rented, shared or been a border at our parents house at some time. At some point you’ll ask the question, should I keep renting or get my own place? Here are some things to consider which is right for you, the Pros of Home Ownership and the Pros of Renting. Just click on the heading to expand and receive the answers you’ve been looking for.
The Pros of Home Ownership
Thinking it’s time to get that home of your own? Here are some Pros of home ownership to consider.
24/7 Progress Tracking
You won’t be throwing your money away.
With a mortgage comes monthly repayments, which over time gains you equity. Paying off a mortgage is one of the best ways to save large amounts of money over time.
Stable housing costs
Inflation causes most things to increase over time. If you choose a fixed rate mortgage your repayments will remain around the level originally agreed, which increases your ability to budget for the future.
Renting leaves you under the control of a landlord which means rent inspections, renewing leases, possible eviction notices and restrictions on pets. You make the rules in your own home.
The endless possibilities
The biggest reason to own your own home is simply the possibilities. You are free to decorate, renovate have pets and change whatever you want. It’s all yours.
The Pros of Renting
So you think sticking it out with rent is the way to go? Here are the Pros of renting.
I can get a rental for less than the weekly mortgage repayments
Sure you may be able to get a rental for a bit less than what you pay in rent, might even get a great deal where your rent doesn’t rise for a year or two. Eventually, rents will go up and so will house prices. If you’d bought back then your house would now be worth more. With rent you don’t acquire equity, so all that money pays for today but doesn’t give you anything for the future.
You don't have to pay maintenance costs
When you own a home you are responsible for its upkeep and mainlining the ongoing value of your prized asset. Depending on your lease you may be required to do less maintenance on the property you rent. Remember, though, new homes come with warranties, and it’s brand new, so there are decades before you’ll have to worry about the type of maintenance that is usually required on old rentals.
If you don't like it, you can move somewhere else
In theory, if you don’t like your rental you can get up and move somewhere else. There is the hassle of losing bond and trying to find another available place, but essentially you’re free to move as you please. Same is true for your own home when you’re ready to move just sell up and upgrade. When the markets right you’ll make a profit and be able to upgrade.