You’ve been renting for a while and you’re probably pretty comfortable with where you’re living but while it’s tempting to stick with what you know, the years can also quickly slip by without you making any headway towards securing your financial future.
An important distinction for those buying their first home is that the first property they purchase is unlikely to be their forever home but rather an investment towards building their future.
Hang pictures where you like, stop worrying about losing money on your bond and repaint or upgrade any aspect of your home whenever you like! It’s your home, so live your life your way.
If you’re paying rent, your money isn’t working for you. Owning your own home means your equity will increase as house prices increase and instead of your rent going up, your repayments will remain stable to interest rates.
When you’re renting there is no guarantee you will find a home that suits exactly what you need. You may not be able to get a house in the suburb you want to live in, all your belongings may not fit and you’ll waste hard earned money on storage. This money would be better spent going into a mortgage and by building your home you’ll be able to choose a suburb you like and a home that suits your family and your lifestyle.
First home buyers in Perth, WA who choose to build can currently take advantage of a home buyer grant of $10,000 as well as FREE stamp duty on land purchases under $300,000. These home buyer grant benefits are only available to first home buyers who choose to build and provide a very attractive incentive to get you out of the rental market.