Rent or Buy In Bunbury
The number one question we have to answer is should you buy or rent a property when you live in, or move to our beautiful part of the world. The picturesque countryside and the amazing ocean views along this part of Western Australia are to die for and are well sort after. The staff members of Bunbury Real Estate feel very blessed to reside in this part of the country.
The ratio of property to viewings for either rent or sale is amazing. It is a big decision to make – do you rent or do you buy?
Sort Out Your Finances
The first thing you must do is to have a good hard look at your finances to see what you can afford. The average median price of a home in this area can set you back anywhere between $350,000 and $710,000 depending on the style and size of home you are seeking and which part of this area you wish to settle in. Obviously, coastal properties attract a higher value due to their rare and unique qualities.
Repayments on $350,000 at 5% interest will attract repayments of around $450 per week. Repayments of $700,000 at the same interest rate are around $920 per week. The average rent on the other hand can range between $350 and $450 per week.
The attention you give to this one thing may be all you need to help you make your decision about whether to rent or buy. For those who wish to go deeper, you need to consider if you want an asset which may tie you down or the freedom of renting.
Asset vs. Freedom
Most of us know that owning the right real estate can only be a good thing. Without a doubt it is the safest place to invest your money. What you must understand is that buying real estate is termed a long-term investment. This means that the longer you hold your asset the more value it will achieve.
Yes, it has been known for property to double or even triple its value in a very short period of time but real estate usually takes about a 7-10 year cycle to gather any real momentum.
As a tenant you are free, within the confines of your lease, to vacate at will and move to another home without the worries of selling your current home before moving and juggling all that it entails.
A coastal change can happen in the blink of an eye when you are a tenant.