Why Building New is Better Than Renting in NSW & ACT

Is it cheaper to buy a house or rent an apartment? This question is on the minds of many Australians who need to weigh up the renting vs buying pros and cons. As a leading Australian home builder with award-winning service across New South Wales, McDonald Jones Homes helps families get into their dream homes. We’ve put together a list of reasons why buying is better than renting, so keep reading to learn more and get inspired for your dream home.

Renting vs Buying a House in Current Market

When weighing up the pros and cons of buying a house vs renting an apartment, it’s important to keep in mind the market conditions and investment opportunities. After historically low interest rates and a property market boom in 2020 and 2021, interest rates continue to rise through the end of 2022 and into 2023. 
Even so, this is still a great time to buy a new home, as rates are actually approaching more normal levels based on historic trends. Economists predict renting will become more expensive because of low vacancy rates, reduced numbers of dwellings available for rent and expected rises in immigration. Instead of playing the renting game, why not invest in property and pay off your own mortgage?

Short-Term vs Long-Term Investment

Many people wonder is it cheaper to buy a house or rent an apartment? While in the short term, renting may seem cheaper as you pay month to month, you won’t be able to make any return on investment. That’s why building and owning your own home is more secure. If you make a smart investment and hold onto your home for at least a few years, if not several decades, you can expect an impressive return through capital gains and rising property values. You also don’t need to worry about getting kicked out of a rental property if the owner decides to move in or sell. Security and peace of mind are major considerations when looking at renting vs buying pros and cons.

Ongoing Costs of Renting vs Buying a House

Monthly payments are another major factor when considering buying a house vs renting an apartment. A lot of Australians are surprised to learn that their monthly mortgage repayments may be similar to, if not a bit less than, monthly rent, depending on the type of property and where they live. With renting, not only do you need to pay bond and monthly rent, but you should also consider the costs of moving anytime you need to switch rental units. Once you cover the down payment of a new house, you can get settled into monthly repayments and look forward to greater stability and financial freedom in the future.

Speak to Australia’s Award-Winning Home Builders

Now that you know why buying is better than renting, it’s time to get in touch with a reputable Australian home builder who can bring your dream home to life in NSW or ACT. Please call 1300 555 382 to get started or check out one of our convenient display home locations.