Having our very own house with every possible amenity is a dream most of us cherish but before you take a leap in the real estate world and hire the help of a property agent to purchase your dream home you should be aware there are a lot of factors involved in buying a house than renting one.
Are You Better Of Living In a Rented House?
For those of you who have been living for some time in the location they would like to purchase a house in and know the local real estate market, if you have the finances and know a good real estate agent missing out on such an opportunity would be unfortunate.
On the other hand aspiring home owners who are new to town are better of staying in rented abode till they get the hang of the city they are living in.
Why Renting Homes Is a Better Option
It is always a great idea to know the area you are planning on purchasing a home in beforehand rather than have misgivings about the real estate you purchase a few years down the road. There are many considerations you will have to keep in mind while deciding to buy a home.
· You need to ask yourself if you are willing to take a mortgage and pay taxes on your property. The mortgage could take 20-30 years to pay off and property taxes fluctuate with time.
· While rental property doesn’t involve any financial maintenance when it comes to repairing leaks and appliances you will be solely responsible for all the maintenance as a homeowner.
· A home is also an investment which you will want to pay off whenever you sell it down the road. You will have to do your homework and find out which areas have the best resale value to purchase a home in.
· With a rented home you can up and leave when required, however with your own home if you decide to relocate you will eventually have to sell it off.
On the contrary there are numerous benefits of owning your home such as renovating your home as you wish, having a great landscape and of course the pride and security which come from owning a house are the foremost reason people purchase homes.
However, you have to carry out some research of the real estate market before you go ahead and purchase a home.
· Interview several estate agents and hire a buyers’ agent who has ample experience with the area.
· Find out the crime rate of the neighborhood you wish to settle down in.
· Check the constructions taking place in the vicinity and you will have inkling if the area is worth investing in.
· Visit the Australian Bureau of Statistics for information about the population and economy related to the real estate of that city.