Buying vs Renting in Brisbane
Is it better to rent a home or buy one in Brisbane? It’s a question more and more people are asking themselves in Southeast Queensland’s hot housing market.
If I rent, I’m just paying someone else’s mortgage. But I can’t afford to buy, can I? You’d be surprised, home ownership may be more attainable than you think!
Let’s break it down.
The Benefits of Renting
Of course, renting has its benefits, with flexibility being the biggest one. If you’re in between jobs, or thinking you might be changing locations in the near future, then the flexibility of renting is probably best for you. You can relocate easily from place to place.
But if you’re in a steady situation and plan to stay for the long-term - or even for a few years - then wouldn’t it be nice to put your weekly payments towards something that you own?
The Benefits of Buying
Assets, assets, assets. If you’re in your 20’s, 30’s, or even 40’s it’s a good idea to start building some equity, and buying a home is one of the best ways to do so! Although there are always fluctuations, over time the value of real estate nearly always increases. Over the next few years, the value of Brisbane real estate specifically is expected to grow more than any of the other Australian capitals, with a 13% price growth expected by 2021. This means that when it comes time to sell, your home’s value could be substantially higher than what you initially got it for.
In addition to being a savvy investment, buying a home offers additional benefits like access to stable housing costs, social stability, and the ability to personalize your home. Did you know that the vast majority of landlords won’t let you paint walls or even hang a poster? It’s time to take control of your living space!
By this point you’re probably saying “This all sounds great, but can I actually afford to buy here?”
Let’s debunk some common home buying misconceptions.
Rent money is dead money.
What could your rent be doing for you?
Myths about home ownership...
1. I don’t have enough for a deposit
Not a problem. At Parker Lane we understand that just because you don’t have large savings, doesn’t mean you’re not financially responsible. That’s why we offer a Low Deposit option where you can get into your dream home for a mere $1,500 down!
2. I need to work on saving a deposit first
Of course, having some skin in the game is important but you don’t need to spend the next 10 years trying to save 20%! Our equity accelerator, parental support, specialised savings plans , there’s often a way to make getting into your dream home possible. At Parker Lane, we’re here to help you explore those options and find a plan that works for you...something you won’t get from the big banks!
3. I can’t afford the monthly payments
This may be true in some parts of Australia, but it’s not necessarily the case in Brisbane. For example, through Parker Lane, you can mortgage a brand-new 4 bedroom home in Richlands (just 14km from the CBD) for $489/week, whereas renting a comparable home would cost $450/week. That’s merely the difference of one takeout meal per week!
Calculate your purchasing power, your results may surprise you!