Buying vs Renting
Which one is right for me? There is a big difference between renting and buying.
Reasons for renting can include:
- Not having enough money for a deposit.
- Being required to move from location to location for work.
- Not being sure where to live.
- Believing that renting will save you money.
- Not wanting to be tied down.
- Not realising the benefits of home ownership.
If you are renting, there is little security other than the period of the lease, but you don’t have to pay for rates or repairs. The benefits of home ownership include long-term security.
Home ownership offers you an enforced savings plan, which adds up over time. But most importantly, the property is yours to call your own, and you can do what you want with it – decorate, improve and change. It’s yours!
The Right Property for You
When looking for a new home thinking about what is important to you (and why) will help you to see where you can make compromises with a home you can afford.
Consider whether proximity to shops, schools, recreational facilities, medical services and public transport is important for you. Also check whether there are noisy roads or industry nearby. Will the location enhance your property’s value and appeal, when it is time to sell?
What style of property appeals to you? Make a list of features that are important, such as the number of bedrooms, garages, block size and its slope, views, improvements etc.
Are you prepared to renovate, and to what extent? You will never find the perfect home. If you are a handy person, and love to renovate, then the “worst house in the best street” may be a good buy for you.
Your Property Search
The internet is a great place to begin your search. A good agency website will offer you an online inspection of properties, complete with relevant details and photos. You should also be able to sign up for the weekly property alerts by submitting your email address.
Another good place to start is the local Real Estate Guide, in the Mercury newspaper.
It is also recommended that you gain assistance from a reputable property consultant. Most real estate offices will have window displays showing their properties for sale, but a good property consultant should also provide you with valuable information regarding the buying process, and be able to match your needs with properties that are for sale.