Buy Or Rent

To Buy Or Not To Buy

One of the major decisions when emigrating to Australia is deciding whether to buy or rent a property.  There are pluses and minus in both and it’s all down to personal preference.  Although it might be worth considering renting a property first before committing to buying as this would give you time to settle, get used to the culture change and decide on your exact location and where you would like to put roots down.

Renting

If you’re looking to rent a property, realestate.com.au is a great place to start your search.  This site will give you an idea on the prices and property types you can expect to get and will also guide you in terms of the most popular neighbourhoods.

As in the UK, rental agents are the norm but are quite competitive in the process, which may surprise you as when you apply for a property it may feel like a job interview!  Many rental agents will arrange viewings where they open the property and conduct group viewings.  Things to ask the agent when viewing a property are its availability to move in, and the advance payments and charges.  It’s common practice to pay one month deposit and one month in advance and this amount is due to be paid within 24 hours of being accepted for the property.

It is worth bearing in mind that you may have to take a property that might not be quite right, but the beauty of renting is that you can use it as a stop-gap, which buys you time to find the perfect place.

Buying

Buying a property in Australia means more in terms of time, energy and commitment.  As with any house purchase, you need to look at what you can afford to pay, save a deposit, decide on what you want, research the market, appoint a solicitor and be aware of the costs – and this is even before you start your search!

The Australian government has put together some useful information regarding buying and renting in each of the states/territories.  Visit the website to find out more.

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