Stop Renting in Queensland
This debate has been around for many years, and it will probably be around for many more years to come. Is it better to buy a house or is it better to rent? There are upsides and downsides to both options but for the long term, buying is way out in front as the best option for most.
Queensland has a lot more suburbs where it is cheaper to buy than to rent than any other state. In 2012, there were 147 locations where buying your own home was cheaper than renting, yet many of these were in the more regional areas rather than towards the suburban areas.
What should also be taken into consideration along with these cheaper prices, is the incentives offered by the government for first-home buyers which equate to $20,000 at present, but from July 1, 2017, this drops to $15,000 which can be available to first-time buyers of new homes under the current law.
As the cost of buying a home continues to increase, especially in inner city locations or close to the city, renting can make economic sense for sporadic workers, because there is also the consideration of flexibility, and once your lease is up, you are free to re-locate if you so wish. But if you know where you want to live this is not so good.
You also have to consider the maintenance, repairs and home insurance bills that will be the responsibility of you if you should choose to buy rather than rent. But compared to moving from rental to rental, they equal each other out.
When you look at renting thoroughly, it does also have its downfalls and disadvantages, and one of the main ones being, have you grown attached to the home you are living in? For many, this is not a problem, but there are some who grow fond of where they live and like to hold onto those memories.
To see the other disadvantages, you should look at it from the landlord’s point of view. For the most part, you have no say in what happens to the property, or how long they will let you remain, apart from the length of your current rental contract.
There is also the possibility that if the landlord falls on hard times and has to sell, this can leave you in a situation where you have to find somewhere else to live.
It is easy to see why buying your own home is a better option once you consider all of the options, and this is something you should do, no matter whether you are buying or renting. Over time, you should gain an advantage in the value of your home when you buy, even if renting is cheaper for periods of time.