Many people who currently rent often ask themselves the following question: Should I stay renting for the next few years or should I take the plunge and own my own house outright?
The question is usually framed around the following scenario: if I take my time and save up a bigger deposit, then I’ll be in a better position to afford the home and land package of my dreams. By holding off until I save a little more money, I give myself a better choice.
Unfortunately the opposite is usually the case. The longer the renter puts off taking the plunge into home ownership, the more they fall behind in being able to afford a home. Prices rise in today’s real estate market and the home that was within their grasp, suddenly becomes impossible to afford.
In other words it’s better to take the plunge now and watch your investment grow than hold off for a few years while you rent and pay off someone else’s mortgage.
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 home ownership bullet. This after years of “flipping houses” (buying as investment properties and selling at a profit after renovations).
“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 far sooner that you thought possible? Talk to our mortgage managers and find out here if you qualify for our no or low deposit house and land packages. Full turnkey packages are now available!