When it comes time to move into your next home, you have two primary choices. You can either find houses for sale in Perth or start looking for a rental. Each option comes with various pros and cons.
On one hand, it would be nice to own your home and be able to do with it what you like. But on the other hand, renting provides more flexibility and won’t tie you down.
Ultimately, you need to find the right choice for you, your family, and your lifestyle. We’re here to make your choice a little easier. Keep reading for everything you need to know to rent or buy your next home.
Renting a House
If you decide to rent your next home, there are some pretty amazing benefits. Sure, you won’t own the home and won’t see a return on your investment, but it may be worth it:
Ease and Convenience
For example, you don’t have to tie yourself down with a 15 to 30-year mortgage. Furthermore, you don’t have to go through the tedious process of getting approved for a loan, putting an offer down, negotiating with sellers, dealing with realtor fees, and more.
However, when renting a house, you’re going to be somewhat limited on your decorating, remodeling, and renovating liberties. First, you don’t want to dump money into a property you don’t own. Second, the landlord may have rules against making changes.
Maintenance and Repairs
Finally, if you decide on renting vs buying a house, you don’t have to worry about maintenance and repairs. If something breaks or goes wrong in your home, the landlord will most likely fix the problem for you. Just make sure you read the contract carefully to understand what is and isn’t your responsibility.
Buying a House
Now that we’ve covered rentals, let’s talk about the perks of looking at houses for sale in Perth and owning your own property.
First, as noted above, you have the freedom to customize your home however you see fit. You can remodel the kitchen, tear down walls, repaint, and more. And aside from improving your living situation, every change you make has the potential to add value to the home:
That brings us to the next point – a house is an investment. Every dollar you put into it can be regained if you sell the house in the future. In most cases, homes build positive equity.
For example, if you own a house for five or more years, take good care of it, and make improvements, it will increase in value. When you sell it, you’ll likely make tens of thousands more than what you owe.
However, learning how to buy a house can be complicated, especially if you don’t use a realtor. You need to have a good credit score and a large down payment (anywhere from 3.5% to 20%). This can make the house buying process incredibly difficult for some people.
If you’re looking at houses for sale in Perth for a rental property, make sure you know what you’re getting into. Check out these pro-tips to purchasing a rental property before you go any further.
Looking for Houses for Sale in Perth?
If you’re in the market for a new home, your first step is to decide whether you want to buy or rent. If you decide to buy, start looking for houses for sale in Perth. It’s a fantastic community with an amazing housing market.
And if you’re looking for more information, stick around. Before you leave, take a look through some of our other articles. Our blog is full of real estate, homeownership, and rental advice.