It is not common for people to dream of owning their own house, in fact, according to McCrindle’s Renter of the Future report more than a third of tenants in Australia stated that they choose to rent, not because of economic reasons but rather because of the benefits to their lifestyles that renting offers.
Let’s review some convincing motives as outlined by tenants.
Affordability
Renting can be less expensive than buying. In most instances, the monthly rent expenses are generally lower than mortgage installments particularly in the capital cities. For young professionals looking for a fast-paced life and job opportunities in cities renting is an advantage. Renting offers more value for money If you are able to pay the price of the place you wish to reside and have money to deposit into your savings account every week. You could be in better shape, plus you won’t be burdened with mortgage and the burden to pay it off.
Moving locations
Nearly 40% of renters stated they could change their residence easily is an important advantage of a 租约. Most of the time renting in Australia just requires the commitment of 6 to 12 months.
Are you aware that you don’t feel at home in the area? Are you looking to relocate closer or farther away from the CBD? Do you want to find a new job? After this time you are not required to extend the contract. you are free to move to a place that’s more suitable.
Upsizing and reducing
Perhaps you have a spouse who’s moving in, or perhaps you’ve made the decision that you’d prefer to stay at home working and you’re in need of additional space. It’s unusual for requirements regarding space to fluctuate constantly. According to McCrindle’s research, 24 percent of respondents acknowledged this, citing the capability to expand or reduce the size of their homes without difficulty as a major benefit. This means you are able to adapt your lifestyle to suit your budget without much effort.
There are no maintenance or repair costs
A benefit that renters enjoy in comparison to homeowners is the fact that renters are not subject to none of the maintenance costs or repair costs to pay. If you lease a house and your landlord is responsible for all repair and maintenance expenses. If the appliance in your home fails or your roof begins to leak, you don’t have any financial obligation to fix these issues (in the majority of cases). Homeowners, on one on the other hand, have to pay for their own maintenance, repair and remodeling expenses. Based on the type of repairs are, they can be quite substantial.
Access to facilities
Another benefit of renting, as opposed to purchasing a home of one’s own, is access to facilities that could otherwise be a huge expense. Facilities like an in-ground pool or fitness center are offered in a variety of mid- to high-end apartments at no extra charges to the tenants. If a homeowner would like to enjoy these amenities and amenities, they can anticipate paying thousands of dollars in construction and maintenance charges. In the same way, condo owners must pay monthly fees for these facilities.
No Land Tax
One obvious advantage that renters enjoy in comparison to homeowners is that they don’t need to pay for land taxes. Land taxes is a significant cost for homeowners, and the tax rate varies from state to state. The landlord is accountable for paying the tax, and as the renter, you are not accountable for it.
