Are you going through headaches trying to decide whether to build that forever home or take the easy road and just rent?
While young Aussie’s are eager to start a new journey into the unknown world of homeownership, many of us are tossing up between the stressful decision of renting or buying.
Whether you want to relocate to the bustling city of Geelong or move to the thriving contemporary art hub of Ballarat, there’s no hiding the fact that cementing your regional home is quite a stressful task to go through.
While renting may give you some peace to mind, there’s many benefits to buying and owning a home that makes it worthwhile. Let’s take a look:
Living in security
Buying your home can set you up for long-term security. Why stress over lease payments when you can set yourself up for stability? No need to worry up sudden cost increases, unexpected ceases to your rent lease or constant moving from house to house, area to area. As a homeowner you get to call the shots without having to go through those unexpected shifts.
It’s more affordable and accessible than you think
During the period of COVID-Australia, the thought of deposits, mortgages and even renovating can be a thought that’s best to avoid, but with just a few months saving, the dream of owning your own home is actually within reach – and there’s people out there to help you figure out how.
First-home buyer specialists Homebuyers Centre are helping Australian’s make that difficult discussion a little less burdensome. Through making finances simple, land accessible and designing an absolute breeze, Homebuyers are here to support young Aussies build their dream home hassle-free. There’s definitely no need to take the easy way out, as Homebuyers is giving you the helping hand to make that start.
Owning your own property means freedom, and who doesn’t like freedom? While renting may be more convenient for some, especially when you’re feeling like a change, you simply give your 28 days’ notice and off you go, landlords are less likely to approve renovations, even if you want to improve the looks and functionality of it all for the greater good.
While you can’t just bail in 28 days, having your own home saves you from trying to convince stubborn landlords or even sneak around trying to make just ‘a few’ changes – the look and feel of your home is entirely up to you.
You want your bathroom to look sleek and modern or have a room dedicated to a beach theme? Go crazy on that vision. The legends at Homebuyers will even make designing easy for you. The aesthetics options you have are limitless.
Homeowner grants are available
Unlike renters, there’s actually a slew of government help on offer to help first-time homeowners dip their toes in the market.
Firstly, there’s the new HomeBuilder Grant, announced earlier in the year. Aimed at supporting the construction industry post COVID-19, the HomeBuilder Grant provides eligible owner-occupiers, including first home buyers, with $25,000 cash (tax-free) to build a new home, substantially renovate an existing home or buy an off-the-plan home/new home.
While the grant is pretty sweet on its own, it can actually be combined with existing State and Territory First Home Owner Grant programs (with $20,000 for regional Victorians and $10,000 for metro Melbourne first home owners), stamp duty concessions and other grants, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme – and it’s likely you’re eligible for more than one.
The aforementioned legends at Homebuyers Centre are also throwing their own sweet offer in to help Australians get into their first home. They’re currently running a competition, ‘Win a Year’s worth of Rent’, where one budding homebuilder can go rent free for an entire year in their first year. That’s a $20,000 discount.
That’s a lot of potential dollars you get to keep.
More control over your costs
Renting from a landlord can end up in increased rent prices, which at times you have little to no choice at all but to accept the raise in dollars or ultimately move. While homeownership is a whole different realm of expenses – deposits and mortgages, these aren’t as likely to unexpectedly raise to large amounts. With homebuying you can even choose to undergo a fixed-rate home loan, giving you that sense of control.
A long-term investment
When buying your home, you sign up to a long-term investment strategy which can be a massive financial asset in the long run. Housing prices rise over the long-term, though while there may be some periods of weak growth and falls, the money you put into your home can in turn increase in value.
Equity is the amount of value your property owns, which increases when the market value of your home grows. As you pay off your loan, your equity will also be increasing. You can even use your equity to invest in funds, renovate your property or go on a special trip. Who doesn’t love a little vacation?
Saving money through your mortgage repayments
While renting is cheaper at times, there’s no value back in the future. Save money with mortgage repayments as most repayment principals and interest, let’s you put some money towards owning more of your home. If the last six months has taught us anything, it’s the importance of setting ourselves up for the future to be able to persevere through uncertain times.
Your options may seem confusing or overwhelming, but before making these important decisions, talk to the experts in caring for first-home buyers, Homebuyers Centre consider your lifestyle and situation and ask whether you value flexibility, security or value.
Find out more about Homebuyers Centre and enter to their giveaway to ‘Win your First Year’s rent’ here.
Competition ends at 11.59pm on 30 November 2020. Eligibility criteria apply. See full Terms & Conditions here.