If you’ve been searching for a rental home, you would have heard the news of skyrocketing rents or the long lists of people waiting for rental homes. Then there are the heartbreaking stories of people pushed out of their rentals as owners sell up to make the most of the real estate boom.
It’s fair to say renters are facing a lot of instability right now and no one can say when it will end.
So, what’s the solution? If you’re on a standard wage, buying an established home is becoming a lot harder. You may have to settle for a much older home which often comes with extra costs like renovating or repairs.
On the other hand, if you’re looking at building, you could get a brand new home without paying any more than you’re paying in rent. Plus, you get new fittings, more energy-efficient appliances and best of all, no extra money to spend.
Currently, there are several Perth suburbs where you can build a home for less than you’re paying in rent. Want to find out how you can stop renting and start saving in your new home? Keep reading to find out.
When should you make the decision to stop renting?
You need stability
As mentioned above, one of the biggest issues for people in the rental market is instability. Whether you’re a young couple or a family, the thought of getting kicked out of your home and upturning your life is a lot of stress to live with. Knowing that the home you build is yours for life takes a lot of worry off your mind.
You want to start building your financial future
Investing in property is generally considered a wise financial decision. Unlike renting, you know that the money you pay is going into an asset that can grow over time. Right now, with interest rates so low, you’ll be surprised at how easy it is to start building your property portfolio.
You’re in a financial position to take the next step
If you’re in a steady job, have a partner with a steady income or have two incomes coming in, you’re in a good financial position to afford a new home. It doesn’t take long to figure out what you can afford to borrow and how much your repayments will be. A quick chat with the team at InReach Finance will show you how affordable building a new home can be.
You want to home to call your own
While a lot of focus is put on the financial side of owning a home, the emotional side is equally important. Many people that are renting can feel like their lives are in limbo. You live in a home, but it’s not your home. Depending on your landlord, you may not be able to make any modifications. Whether it’s the paint colour or flooring – there are certain things that make a house feel like a home. Ultimately, you want to be proud of the home you live in.
You’ve decided to stop renting – now what?
If you’re ready to start your new home journey, a good place to begin is with a house and land package. You’ll get to choose the suburb you want to live in, and your builder will help you select the perfect home for your block. With a house and land package, much of the hard work has already been done for you. Plus, to make it even easier, your house and land repayments are all in one loan.
If you talk to Blueprint Homes’ finance specialists, InReach Finance, you’ll discover that there are plenty of financial incentives when building a home. Whether it’s paying zero stamp duty or avoiding unnecessary fees, the savings from building a new home can really add up and make a difference to your financial position.
If you know how much money you can comfortably borrow or you want to find out more about house and land packages, talk to the team at Blueprint Homes.