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Can buying a house be cheaper than renting?


Could buying a house actually be cheaper than renting?

Yes it can, but will depend on where you buy. A November 2017 article in news.com listed the 20 most affordable suburbs in Melbourne (click here) and that's a start but a similar philosophy can be applied anywhere.

Living closer to the beach or closer to the city will always cost more than other suburbs and some suburbs feature more predominately than others. Of course in Geelong the concept of choice is less than in Melbourne but I think we have the better choices!

Think about size of land, the house size and take a planned approach to house buying. You could buy a smaller house that meets your needs for now while planning for a bigger house later or you could chose a cheaper suburb with a plan to move. Smaller houses equal quicker cleaning and maintaining too :)

Another article (click here) recently talked about a family in QLD, a couple of hours from Brisbane, who bought a house with weekly repayments of $160 which was $90 a week less than the tenant who was living in the same property, prior to its sale.

Obviously employment, family or schools may factor into your discussions but it's not all about the big house and big mortgage to match.

Come and see us if you might be thinking about making a move or buying your first home and we'll help you get there faster.

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