To Lease or Not To Lease: Planning Your First Home in Sydney ...

For a twenty-something year old living in Sydney, it is often a struggle finding the right place to reside. In these critical years in which people may just be starting out with their career or already has enough savings to buy a residential property, the decision between leasing or buying a home has a lot of things to consider. Things were easier during our parent?s generation. At that age, you can confidently buy a property in Sydney and expect its value to increase over time. Right now, with the current economic downturn, it is never safe to predict your investment?s growth as the erratic state of the real estate industry might give you an unpleasant surprise. So back to the question: should you lease or buy a Sydney property? Take a deep breath and start thinking.

First time buyers, particularly young Gen Ys, are mostly concerned about housing affordability. When real property values continue to rise together with its interest rates and mortgage repayments, some may argue that the Australian housing market is just to expensive, and renting seems to make more financial sense.

To lease a property.

Leasing the Sydney property that you plan to live in presents a cheaper alternative to buying. This is very true, especially among young professionals who prefer the convenience of the lifestyle and proximity to the career opportunities in the inner city locations. Even though lease or rent terms are getting more and more expensive due to relative vacancy rates in capital cities, these payments are rather cheaper than mortgage repayments. Also, leasing terms will not allow tenants to shoulder costly maintenance and repairs as the landlord will be responsible in keeping the property in good condition. The main downside of renting is you may grow fond of the property that is essentially never yours. Once your lease expires, the landlord can either invite you to extend your lease or send you packing.

To buy a property.

The main advantage of buying a residential property is a sense of stability. Buying a property gives you the option to stay as long as you wish in the property or develop it into a higher value property that you can lease, sell or draw income from. It basically enables you to create a thing called equity, which translates to the current high value of your home minus the amount of loan you had when you bought it.

Understandably, property values near the center of cosmopolitan Sidney is on the rise. Your best chance at getting affordable deals in residential properties is by tying up with trusted real estate companies like the Markham Corporation. Its real estate offerings within and at the outskirts of the city will provide you the kind of Sidney home that you can afford and be proud of. In addition to the developments that Markham Corporation has in the city center, the company can help you work out a western suburb or Liverpool home with terms that are cheaper than renting.

Aspiring home owners who are weighing the decision of whether to lease or not to lease (buy) may take advantage of the dropping home prices and low interest rates that real estate developers and companies like Markham Corporation may offer. Explore all available avenues of the property market and hunt the deals that fit your financial plan for the next five years. Just keep in mind that the demand on rental property will always push rental fees up, and real estate property costs are going nowhere but up as well. At this point, your decision must serve both the stability of your finances and living conditions. Make sure that you lean on the decision that will suit your personal and financial situation best.

Source: http://economielogique.com/?p=25

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