For many, owning their own home is a big part of their life plan. After all, it is a fundamental part of the Australian dream. Unfortunately, it’s not possible for everyone to own their own home. House prices continue to rise and, although there are signs of them dropping, they are still significantly above pre-pandemic levels.
If you can’t afford a property then you need to rent somewhere to live. But, it is worth striving for homeownership, even though it will offer a variety of impacts to someone used to renting.
Getting Your Funds Together
The first step in owning a property is getting a deposit together and securing a mortgage. Of course, you need to be earning a good income to afford the repayments. This is why it’s worth considering a career change. There are some great courses for real estate training available at Courses.com.au.
This will give you a better insight into the markets, boost your funds for a deposit and mortgage, and maybe give you access to the best properties before others see them.
In short, becoming a homeowner can transform your life!
Maintenance Costs
It’s important to note that renters don’t have to deal with maintenance. You probably pay into a property contract to help cover the cost of maintenance but you don’t need to deal with the issues yourself.
However, once you become a homeowner, all maintenance issues will be yours to deal with and pay for. This can be a shock to the system! But, it’s something you can handle as long as you’re aware of it.
Financial Security
Becoming a property owner means you have a degree of financial security that can’t be achieved while renting. In short, you have a property that is worth something, allowing you to sell it if things go badly in life.
If you keep it, you’ll have somewhere to liven rent-free, in retirement. That’s a significant money saver and helps to keep you independent.
Better Health
You’ve probably heard the stories about renters with serious mould issues and landlords that aren’t doing anything about it. This is a perfect example of how renting can be detrimental to your health.
As a homeowner, you can resolve these issues yourself, faster and more effectively. This helps to keep you and your family healthy.
Of course, being a homeowner can be more stressful, especially if you’re facing financial difficulties. You may be struggling to pay the mortgage and lenders don’t tend to be sympathetic. This will lead to elevated stress levels which have been linked to an increased risk of a variety of diseases.
Better Prospects
When you’re a homeowner you can undertake a variety of projects in your home, such as renovations and even extensions. These can add value to your property, increasing your financial security and helping to justify your choice as a homeowner and not a renter.
The simple truth is that renters are helping other people get richer, homeowners are improving their own financial position.