Buying a house isn’t a priority for many students. But why not? Making such an investment can turn your life around.
You won’t get much from throwing money around on dining out, buying the newest iPhone model, or getting new clothes. If you direct that money towards paying the mortgage, now that is something that will matter in the future. As the cost of living in Australia rises, it’s important to turn savings into investments.
University students shouldn’t be intimidated by venturing into the world of real estate. If you want it, you should do it. However, you should be certain in this decision since it is a permanent commitment.
In case you are dwelling on whether international students can buy a house in Australia, they can—and here are 10 reasons to do it.
1. Get Yourself a Home
Imagine that feeling of walking into a house that is solely yours. That kind of freedom and security is immeasurable. No matter what happens or how life turns out, you’ll always have a roof over your head.
Owning a house can give you a feeling of achievement, stability, control, and success. Isn`t it worth it to make some sacrifices now if down the line you get to reap the benefits of homeownership?
2. Redirect Your Rent Money towards Mortgage Payments
Paying rent will give you a place to stay while you rent the property. So, why wouldn’t you pay such an amount for your mortgage and actually get something in the end?
If the monthly mortgage payments scare you, just realize that you are doing the same with rent. The difference is that the mortgage leads to you owning a home while rent leads nowhere.
3. Save Money
Did you know that mortgage payments can be lower than rent payments? Yes, that’s right. Buying a house can actually save you money.
In addition, there are tax benefits that come with owning a home. These benefits aren’t a possibility if you rent a house. One of the main tax benefits is a state tax deduction on your first property. The rental income also won’t be taxed.
Make sure that you do some research on the tax scheme in your state. The tax benefits can save you a lot of money.
Overall, buying a house is more cost-effective than renting one.
4. Invest in Something of Value
Purchasing a home equals making an investment. This is your opportunity to put your money into something that will pay off.
You are investing in a rent-free future. You are also investing in your security and peace of mind.
Even if you change your mind about living in that city, you can sell the house or rent it. In any case, your investment won’t let you down.
5. Fill the House with Your Friends
Maybe you aren’t sure whether you should buy a house because you don’t want to live alone. But who says that buying a house means that you will be left aside? It means quite the opposite.
You’ll finally be able to invite your friends whenever you want without the house owner making snarky comments or complaining. Some of your friends can even live with you.
Having a home while in university doesn’t mean that you’ll miss out on university experience. Homeownership gives you the freedom to gather the people you love in your home.
6. Get Roommates and Share the Costs
Another benefit of living with friends in your own house is getting help with the mortgage. You can rent a room (or more) to your friends and split the expenses.
Not only will you get to live with your friends, but you’ll also lessen the burden of a mortgage and other costs of living in Australia.
In case your friends aren’t looking for accommodation, you can find roommates. This won’t be hard since around 44% of undergraduate students live off-campus. Considering that, as well as the fact that there is a consistent flow of new students in university towns, finding roommates won’t be an issue.
7. Have the Freedom to Do What You Want
Do you want to throw a party? You can. Do you want to spend a quiet night browsing free essay samples on https://subjecto.com/essay-samples/ or https://www.customessaymeister.com? No one will stop you. That’s what being a house owner means. You get to do whatever you want, whenever you want.
Even if you have roommates, you can emphasize what kind of life you want to lead before they move in. Find people who will adapt to your lifestyle. As a homeowner, you get to set the rules.
8. Forget about Moving Around
When you rent a place, you are bound to move around. If a homeowner changes his mind about renting and the lease ends, you must pack your stuff and go. Some students even have to move every few months if they don’t find the right property. Not to mention that you never know what kind of home you are moving into.
With homeownership, this kind of unpredictability and uncertainty will end. The tedious process of consistent packing and moving can be a thing of the past. You can finally let your roots grow without the fear that you’ll have to leave your nest.
9. Earn Equity
Paying off your loan’s principal won’t just provide you with a home. It will also build your equity. Every monthly payment you make is an investment toward equity.
The equity you earn can help you get another loan in the future. So, even if you know that you won’t stay in this house forever, you can have a place to stay while in university and take another loan after you graduate to buy another property. All with the help of equity you’ve earned.
10. Turn Your House into Your Dream Home
With the key of your own property in your hands, you’re getting all the freedom to turn that home into your ideal place of living. You can finally decorate and design a house that will meet your standards. There is no property owner to forbid you to paint the walls black or hang up 20 pictures on the wall.
You’ll also finally be able to buy larger items. There will be no more moving, so you can buy that large decorative piece you’ve been eying. Decorating the house the way you want will make you feel more at home and happier.
Owning a house can be such a rewarding accomplishment for a university student. It is an investment that will benefit both your wallet and your state of mind. If you feel ready to leap into homeownership and you are 100% certain in that decision, start browsing for a property you’ll get to call home.