6 reasons why you should give renting the boot

Everyone hates renting, right? It can be a great experience for a while, but paying off someone else’s mortgage and not being able to have a pet – or even hang up a picture of the pet you’re not allowed to have – can grow tiresome. There comes a point when you’re ready for a pad of your own.

Here are 6 reasons why it’s a good idea for first home buyers to take the plunge sooner rather than later.

1. You’re already paying someone else’s mortgage

If you’re renting, your landlord is profiting off your need for shelter. Despite what you may think, mortgage repayments can actually work out to be cheaper than paying rent in some cases – plus, you end up owning a house and land at the end of it, so why wouldn’t you buy? Knowing that you’re the master of your own destiny can give you huge sense of satisfaction and security. Remember, every week of rent you pay is money that could be going towards paying off your own home.

2. You’re vulnerable

Tenancy Unions across the country say that Australia lags behind many developed countries when it comes to tenants’ rights. If the proposed changes to rental laws in Victoria pass through Parliament in 2018, things will become a little more balanced. But almost all of the power will still sit with your landlord.

When your lease is up, your landlord is well within their rights to move you on, or raise the rent. You’ll be much more secure if you’re your own landlord – especially if you’re thinking of one day starting a family.

3. You can’t hang stuff on the walls

Hammering in a nail is beyond most renter’s wildest dreams. A lot of leases won’t even let you use Blu Tack. Imagine being able to hang up whatever you want, however you want.

It might not sound like a big deal, but little things like this can have a huge impact on your wellbeing. A study at the University of Exeter found that looking at pictures of happy loved ones can increase resilience and reduce stress.

4. There are restrictions on your pets

The proposed new laws will make it easier for you to own a pet while you’re renting. But it’s still nothing compared to having your own place. Just imagine letting your dog or cat run wild and free without having to worry about Rover destroying the carpet, and jeopardising your bond.

5. You can’t choose a fit-out that suits your style

Hate those grotesque brown bathroom tiles? Sick of cooking on an uninspiring, beige bench top? Wish you could strip that grey carpet and lay down some slick wooden floorboards? If you’re renting, bad luck: you’re stuck with them. Being a tenant can feel a bit like being a visitor in the place you live – your home should feel like your own sanctuary. When you own your own home, you can choose your own colour schemes, fittings and fixtures. Go on, you know you want to nurture that creative side.

6. You’re not on the property ladder

Sure, renting can give you a sense of freedom. But this is only temporary. The capital growth that comes with owning your own home will give you freedom for the rest of your life. Investing in property is securing your financial future – it gives you so many more options that you’ll be grateful for later down the track.

So if you’d like to wave your landlord goodbye, say hello to Tick Homes. We make getting out of your rental and into your own home easy. Get in touch so we can explain to you just how simple and affordable home ownership can be.