Moving To Brisbane? Here’s Why Renting Could Be Better Than Buying
Moving to the capital of Queensland brings new opportunities to lead a better life in a well developed and thriving area. With its economic diversity and infrastructure developments, Brisbane has emerged as one of the fastest growing cosmopolitan cities in Australia. The sunny weather, world renowned educational institutions, well established healthcare facilities, recreational hubs and diverse economy make Brisbane a perfect place to live, work, and thrive.
However, before navigating the real estate market, consider your financial strength. The capital city has recently experienced a boom in the residential property market with the median house price reaching at $1 million, positioning it as one of the most expensive cities in Australia.
In such a scenario, renting a property makes more sense than owning a new home. It gives more financial freedom, flexibility and other benefits without taking a toll on your budget. Here are key reasons why renting is a more practical choice than buying a house when settling in Brisbane. Ensure you conduct proper market research and keep track of your funding options to make an informed decision.
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This is one of the biggest benefits of choosing renting over owning a house. When you invest in a house buying procedure, you’ll need a deposit of 10 to 20 percent of the house price, including stamp duty fees, legal fees and inspections.
On the contrary, renting requires only a security deposit (equal to four weeks’ rent) and, most likely, two weeks’ rent in advance. According to some reports, the median unit rent in Brisbane is $740 per week, which may vary depending on the location, property size, and other crucial factors. This makes renting more affordable and accessible for newcomers. If you are moving into a small house, reduce clutter and hire professional Removalists Brisbane to avoid unexpected expenses throughout the journey.
When renting a property, you are not bound to a long term mortgage or a specific location. Renters have the flexibility to live anywhere, while home buyers are limited to areas where they can afford a property. You can even live in the most expensive suburbs without spending thousands of dollars in the market. If you find a better locality or a new job across the state, you can easily move out of your lease once it ends and settle into a new home. Below are some of the most opulent suburbs you can live in:
This makes renting more feasible for those who are still exploring the new city or are unsure about their long term property investment in Queensland. They can relocate with the help of seasoned removalists in Brisbane to live in a rented property for a few months or years, and find the most suitable suburb that suits their preferences and estimated budget.
Another key advantage of renting is that there are no upkeep and repair worries. In a rental property, it is the landlord’s responsibility to maintain, renovate, and make repairs to the property.
However, if you are approaching the end of your lease, refer to your property condition report and cleaning obligations and return the property in a reasonably clean condition to pass your rental inspection and secure full bond money.
Home buyers, on the other hand, are responsible for all home repairs and ongoing maintenance. This can take a toll on your pocket if you live in an expensive region. Thus, renting is an economical option for families and working professionals.
Renting allows you to enjoy high end local amenities that would otherwise be a tremendous expense. Leisure facilities like in ground pools, fitness centre, spas, etc that, come standard at many new age apartment complexes with no additional costs. Isn’t it amazing! Enhance your standard of living without incurring a substantial expense on a new home. On the contrary, you can also live in a small town if you want to enjoy a laidback lifestyle.
Believe it or not! Owning a house comes with a hefty burden of property taxes, especially in metropolitan cities. The amount in some areas can reach thousands of dollars annually. This can be a financial burden on homeowners.
However, if you are on a tight budget, consider the rental option, as tenants don’t have to pay real estate taxes.
Renters usually pay less insurance as compared to homeowners. While property owners need full property coverage, tenants need to insure personal belongings. This makes renters insurance cheaper, reducing living expenses and providing protection against fire, theft, and damage.
Renting makes it easy to create an realistic budget. As a renter, you’ll only need to pay the fixed amount of rent, utilities and a few other bills (if mentioned in the agreement). However, homeowners face variable costs like interest rates, maintenance fees and strata for units.
For many individuals, renting is a more affordable and manageable option. If you are also planning to relocate, conduct thorough market research and hire seasoned removalists Brisbane in advance to ensure the safety of your possessions.
While buying a house is a dream for every Aussie, renting is also a practical decision that offers flexibility, affordability, fewer financial challenges, and a chance to live in the hotspots of Brisbane at a reasonable rental price. Since homeownership is a more serious business, explore the region better and save money during your lease before investing in a new house.
