When it comes to buying or renting a home in Queensland and surrounding areas, there are a few things to consider before you finalise your deal and start renting. Sapphire Estate Agents Queensland provides you with some tips on how to decide which option is right for you and how to choose the right property based on them.
There are advantages and disadvantages to both renting and buying a property in Brisbane, so it’s important to consider them carefully before making a decision. Here are some of the main points to think about before deciding to rent a property:
Pros of Renting in Brisbane
Flexibility
If you are not sure about how long you will be staying in the current home, renting allows you to move around per your choice. While it comes down to agreements and contracts while renting, it still provides some flexibility and gives you the option to try out different living spaces rather than living in the same house or apartment.
Cost Efficiency
Renting generally costs less than buying properties outright, and monthly payments and mortgages could be spread out over the years. So, keeping in mind that cost can also be a pro factor for renting in Queensland.
Potential for Capital Growth
If you are patient and invest in your rental property well, there is potential for significant gains over time.
Peace of Mind
Knowing that you rent a home rather than handling all the paperwork that comes with buying one can be a major comfort factor when you rent a property.
Cons of Renting in Brisbane
Risk
If you don’t maintain your rental property well, sometimes it could become inhabitable or damaged beyond repair. Sometimes the mould and other issues might not be visible but it later creates hindrances in the inspection process.
Mobility Restrictions
If you are thinking about moving to another part of Queensland or Australia, renting may not be an option due to restrictive lease agreements (or no leases available at all).
Limited Choice
Many property investors or owners get into the property investment market to rent the home themselves or to buy and sell at the right time. This restricts you to having only a few options in your desired neighbourhood while searching for a rental property.
Potential for Higher Costs
If the property market conditions are favourable (inflation, low-interest rates), it might only be beneficial to buyers. In this case, renting could be more expensive than buying.
Here we have listed out some tips on how to choose the right property when buying in Brisbane. Click here.
Deciding which is best for you depends on many factors, including your budget, lifestyle preferences and the neighbourhood you are looking after. If you’re not sure where to start regarding renting, speak to an experienced real estate professional who can help guide you through the process.
