It is easy to believe that renting a home is the simplest and most affordable option for accommodation, but in reality renting a home can have many downfalls and it may even cost you as much or more than buying a home would over time. So, if your finances are in order and you are ready for your next financial investment then you should consider getting out of the rent trap and moving into a home of your own.
The benefits of investing in your own home
The thought of building or buying your own home may be intimidating, but the advantages of being a home owner clearly outweigh the issues.
Building your own equity
A major benefit of owning your home is that each mortgage payment builds your equity. Instead of paying rent that contributes to your landlord’s equity, you could be using the money to pay for your own investment. Good equity will help you in the future when you require financing for future investments or ventures like starting a business.
Another advantage of investing in property is that this is generally a growing market. The value of your property will most likely grow steadily over time and you can usually earn a profit should you want to sell it later.
In Australia many renters only sign short leases of 6 or 12 months and when the end of a lease approaches many face uncertainty and anxiety over whether the landlord will be renewing it. When you live in your own home, you can stay as long as you wish.
The freedom to make it your own
When you own a home you have the freedom to change it, repurpose the rooms and decorate it however you choose and without asking permission.
Various living options
The right home layout provides many living options. If you currently live with housemates and don’t want to give up their company you can always rent out sections of your new home to your friends. A large home can be subdivided, which gives you the option to live with family members or friends, or even rent it out to other occupants for a monthly rental income. If you’re not keen on having people over permanently, but would like an income at times, you can make your home available as a holiday rental at certain times of the year.
The Sherborne Crown from Ross North Group is a large home with many opportunities. Its spacious layout includes two complete homes in one – the main home and a smaller home called The Crown. The Crown has a separate entrance, a bedroom with an en suite bathroom, its own kitchen and living area. The Sherborne Crown’s unique design makes it the ideal home for living with friends, family or tenants and with the added benefit of bigger resale opportunities.
As one of the most unique single storey houses in Perth, this four bedroom, three bathroom home is designed to provide a comfortable living space for each of its occupants, but without compromising on style. Its features include high ceilings in the living areas, built-in robes and a double lock up garage.
For more information on this and our other unique modern house floor plans in Perth from Ross North Group, contact us today. All of our homes are tailor made with excellence, style and functionality in mind. Each home also comes with a variety of stylish fittings and finishes to choose from.
To view examples of our other house designs, consider visiting one of our display homes around Perth.