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Why rent when you can buy? The age-old housing debate.
While renting in some outlying suburbs may be more affordable than paying off a mortgage, not having the stability of knowing how long you can stay past your lease, living with a colour scheme that’s not your taste, not being allowed pets or adding hooks to hang a favourite painting without consent, along with being at the mercy of a landlord for rent increases, can dampen the whole experience.
And each month, as you outlay hundreds or thousands of dollars, and a large proportion of your wage for the privilege of paying off someone else’s mortgage instead of your own, the age-old housing debate of, ‘rent money is dead money,’ has never rung truer!
The Domain Rent Report for the December 2022 quarter found that house rents jumped 14.6% in 12 months, while units increased by 17.6% across the combined Australian capitals, and in Melbourne, unit rents surged a staggering 20% in 12 months!
Owning your own place to call home is a big decision. Owning provides you stability, security and a sense of achievement, not to mention the ‘Great Australian Dream’! Depending on the suburb and the amount you are borrowing, mortgages are often cheaper than renting, and generally a much safer and financially beneficial thing to do – but it’s important to do your homework!
Asset growth potential
Just like any other financial asset, a home can fluctuate in value depending on the economic market. The cyclical nature of the property market means over a 7-10 year period values often consistently rise and then experience a drop in value or low growth.
Understanding when it’s a good time to buy and finding the best rate and loan repayment options, can place you in a solid position for any fluctuations in the market, as well as maximise your return opportunities. So unlike renting where costs can continually increase while you pay off someone else’s asset, when buying, depending on your loan type, you have more control over repayments, as well as owning your own asset. Over time, building equity in your home can provide you with the funds to buy another property or use the money elsewhere.
In Victoria, first homeowners may be eligible for a range of grants, stamp duty rebates and exemptions or concessions depending on if they are purchasing or building their own home. Find out how these grants can assist you here and here.
Summer Saver Series
Right now with Dennis Family Homes Summer Savers Series, it’s a great time to get out of the rent trap and start your homeowner journey. With a four bedroom home starting from as little as $199,900* across Melbourne and Geelong build regions, you’ll need to act quickly. There are only 50 house packages available across seven carefully curated home design options making the dream of an affordable new home truly possible.
Build with confidence knowing that Dennis Family Homes has a reputation as one of the best and award-winning home builders in Victoria.
The freedom to choose your style
Being a homeowner and building your first dream home gives you the freedom to design your home just the way you want it – you’ll never have to ask your landlord for permission to do something around the home ever again!
Choosing your layout, colour schemes and fixtures and fittings is an exciting part of the process of building your home. At Dennis Family Homes and we are committed to making the journey as uncomplicated, clear and stress free as possible.
While you are designing your Aspirations Series 1 and Series 2 home, why not finesse your new home and surround yourself with some of our most popular upgrades with an exciting offer – all at an unbelievable price? Our Aspirations A-Grade Upgrade Pack Promotion allows you to indulge in an exclusive package from only $990* for a single storey home, and $1990* for a double storey home, where you can add your own layer of style across a range of areas.
Looking for stunning kitchen benchtops? Look no further than an upgrade to a stylish 20mm Caesarstone® kitchen benchtop with 20mm square aris polished edge in lieu of standard laminate benchtop.
Want that little extra luxury in your kitchen? It’s covered with a Technika® appliance upgrade, incorporating a T948SS-6 black glass 900mm professional series oven, Technika® TGC9GLWFSS 900mm stainless steel 5 burner gas cooktop including left hand wok burner and Technika® CHEM52C9CL-5 900mm 3 speed stainless steel canopy rangehood.
Luxury flooring across your designer home? Our complete flooring upgrade provides you with a choice of flooring options, covering Your choice of Series 1 ceramic floor tiles or timber laminate to entry through to the kitchen, meals and family areas, and Series 1 carpet to the remaining areas or Series 2 carpet to double storey homes.
With these offers only available till March 12, 2023, there’s no better time to stop renting and make the dream of owning your own home a reality.
*Conditions apply. See full Terms and Conditions here.