Should you buy or rent a home in Mount Isa?
It’s one of life’s big decisions. Should you buy or rent your home? For people living in or about to move to Mount Isa, there’s a range of things you need to consider. We’ll look at the key considerations in this article, as well as the pros and cons of both options.
The pros and cons of buying a home in Mount isa
There are pros and cons of buying a Mt Isa home versus renting. Let’s look at the pros first.
The advantages of buying versus renting a Mount Isa home include:
- you will own (or be paying off) an asset that can increase in value over time.
- you won’t have to pay rent.
- if you’re a first home buyer, you can access the first home owners grant of $15,000 if you meet the eligibility requirements.
- it can be the best option if you’re planning on staying in Mount Isa long term.
- you can do whatever you like to your home without needing to ask for a landlord’s permission.
- you can live in the property for as long as you want to.
On the flip side, the disadvantages of buying versus renting a Mount Isa home include:
- if you’re only planning to stay short-term, renting may be the more flexible option (unless you buy and rent your property out to tenants after you leave).
- you will need to come up with a deposit and qualify for a home loan (unless you can afford to pay the full price for your property without needing finance).
- you will be responsible for ongoing repairs and maintenance costs on your home.
- you will have additional costs such as council rates and insurance.
The pros and cons of renting a home in Mount Isa
There are also pros and cons of renting a home in Mount Isa versus buying. Let’s look at the pros first.
The advantages of renting versus buying a Mt Isa home include:
- it can be the best option if you’re not planning to stay in Mount Isa long term.
- you won’t need to lock yourself into a home loan or come up with a home loan deposit.
- you won’t be responsible for any reasonable repair or maintenance costs (unless you damage the home).
- you won’t need to pay additional costs such as council rates.
- you won’t have to worry about home loan interest rate rises.
The disadvantages of renting versus buying a Mt Isa home include:
- you won’t own or be paying off an asset like you will if you buy your own home.
- you won’t be able to make any changes to your home without getting your landlord’s permission.
- at the end of your lease, you may be forced to move if your landlord wants to live in the property or get another tenant.
- your home will be subject to regular inspections by your landlord or property manager to make sure it’s being kept in good condition.
The bottom line
At the end of the day, the decision on whether to rent or buy a Mount Isa home depends on your individual situation. For some people that’s renting, for others it’s buying. Either way, there are homes for you to choose from in the Mount Isa real estate market.
If you’re thinking about buying, renting, leasing or selling any Mt Isa property, or you need your investment property managed, then contact our team today for an obligation-free chat!
We’d be happy to provide you with advice and to answer any questions you have.