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The age old question: To buy or to rent?

By Andrew Bell

For many people in Australia, owning your home is simply a rite of passage, and real estate in Surfers Paradise is no exception.

In fact, according to the Australian Bureau of Statistics, the level of home ownership in our nation is around 70 per cent, and has stayed that way since records began in 1971.

The developing property market has left many wondering whether they can afford to buy real estate, making renting a more viable option. There are pros and cons to both sides of the coin, however the advantages of a home shine bright when looking at the long term benefits.

Here are a few reasons why, instead of renting, you should buy that Main Beach real estate

Security of tenure

When renting a property, you are essentially at the mercy of the landlord.

You may have just put your roots down and finally managed to achieve that 'homely feel' with your Surfers Paradise property when suddenly, your lease expires and your landlord asks you to move.

Provided they've given you sufficient notice and good reason, landlords can come and go for inspections, maintenance and given the right circumstance, even terminate your rental contract.

Owning your own real estate in Surfers Paradise means the power will be in your hands. Granted, of course, that you make all your mortgage repayments on time, which depending on the property you buy aren't much different from rent payments.

You can do what you want

Would you like to get your creative flair going and paint your Main Beach real estate in some bright cherry colours? If you own it, the world's your oyster.

You can remove a wall here, add a window there or demolish the whole thing and start again. Provided you have relevant building consents of course!

Owning your own Surfers Paradise property also enables you to take advantage of capital gains, allowing you to implement tactical renovations to add value to your investment.

Financial freedom

Perhaps one of the main differences between renting and purchasing your own home is that you will never stop paying rent, while most mortgages are fully paid off within 25-30 years.

Once you've put aside enough money for a deposit on a piece of Main Beach real estate, you can think of your home loan repayments like enforced saving, and the property as your nest egg.

Your rent payments will be lining your landlord's pockets, while mortgage repayments are all going towards building your equity and wealth.

Not to mention, one day you will likely be free from all financial constraints associated with your Surfers Paradise property, allowing you to reap the profits when you sell.

Make an investment in Surfers Paradise property

If you can't afford homes where you would like to live, you could rent there while purchasing an investment property in a cheaper area.

Given the influx of tourists every year, rentals in Surfers Paradise can often prove to be a profitable option. Your tenant's rent could cover the mortgage repayments, while you will be able to take advantage of a number of tax deductions designed for investors to reduce expenses.

While it may not be achieving the great Australian dream of owning and living in your home, it can help you get a decent foothold on the property ladder.

Are you interested in Surfers Paradise property?

If you would like to purchase your own slice of Main Beach real estate, talk to the team at Ray White. We've got years of experience in the local market and can help find the right real estate in Surfers Paradise for your needs.

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