Home is where the mortgage is.
- Finance
- First Home Buyers
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There has long been a debate, as to whether it is better to buy or to rent. At Thrive Homes we’re firm believers in investing in a home, especially at a time when Sydney and its surrounds have some of the most sought after property in the world. If you’re a local, you’ll know why. In fact, Sydney is so much in demand that the average house price here has actually tripled since 1983. With record sales results being reported every month, it seems likely that the rapid market growth will continue. It also means that return on property investments is far greater than the return on shares, term deposits and obscure art investments.
That said, there are some benefits to renting that you should enjoy whilst you can: not paying for maintenance, council rates, strata levies and not to mention paying interest.
But can I afford it?
We can’t answer that one straight off. What we recommend is filling in our calculator to see how much you are able to borrow based on your circumstances. We are all different: incomes, expenditure and family size. Have a look here.
So, if you discover that you are able to borrow enough money, you should now look at what your repayment options are. This is critical, as you need to think about what changes you will have to make to your lifestyle. You may have to give up the smashed avocado, beard trims and your collection of pay on demand TV services. Please don’t give up deodorant though.
Have a play around with Thrive’s loan repayment scenarios. It lets you see exactly what you might be paying every month. Check it out.
And if you do decide to go with buying over renting, here is our top ten list of what you won’t miss:
10 things you won’t miss about renting:
1. Wall colours that induce neurosis
2. Fridges that are older than you
3. Having to be nice to everyone
4. Sharing a clothes line with budgie smugglers
5. Estate agents of any kind
6. Waiting months for repairs
7. Carpet that has something breeding in it
8. The landlord’s breath
9. Being mistaken for a backpacker
10. Moving box accidents
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