There are plenty of advantages of homeownership, and getting off the rental treadmill is the dream of most renters. But many of them ask themselves a simple question that holds them back: “Should I stay renting for the next few years or should I take the plunge and enter homeownership?”
At No1 Property Guide, we often get asked this question by many of our clients. As many renters think if they take their time and save a bigger deposit, they’ll be in a better position to afford a ‘better’ home.
Unfortunately, the opposite is usually the case. The longer you put off taking the plunge into homeownership, the more you fall behind. Today’s property market is rising rapidly and the increase in value is outpacing the average renter’s ability to save.
In other words, it’s better to take the plunge now and watch your investment grow. Rather than hold off for a few years while you rent and pay off someone else’s mortgage.
On top of the idea of saving more of a deposit, many renters have some common fears that hold them back from taking the plunge.
So When Should I Take the Homeownership Plunge?
To answer that, ask yourself this question: “Are you sick of renting and want to start paying off your own mortgage instead of someone else’s?” If the answer was yes. Then you’re ready and should take the plunge now.
This article in the Gold Coast Bulletin documents the story of Tisha Huisken, a graphic designer, who decided — after investing, renovating and selling five properties in 13 years — that it was time to bite the homeownership bullet. This after years of “flipping houses” (buying as investment properties and selling at a profit after renovations).
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“I just thought life’s too short, let’s own our house,” Tisha told the Bulletin. She entered the market with just $20,000 and now is in a position to own her own home.
“The point is that she was willing to get off the rent merry-go-round and made the right decision,” said No1 Property Guide’s Darren Walters. “She had no fear of entering the market to own her own home”.
Interested in finding how No1 Property Guide can help you get into your own home sooner than you thought possible? Talk to our New Home Specialists and get pre-qualified for our no or low deposit house and land packages.