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Vastu Shastra
Feng Shui
Planning Ahead
Your Priorities
Inspecting the Home
Choosing the Right Mortage
House Hunting
Conveyance and Legalities
There seems to be an inherent desire in most of us to eventually 'nest' and make our home somewhere. This
usually means that buying a home is more desirable than renting and brings a sense of satisfaction and security
that cannot be matched. Unfortunately, the rapid increase of values in the property market in recent years has
pushed home ownership out of reach for some would-be first time buyers. However affordability does not
necessarily equate with having a high income. Home ownership is a long-term goal, and requires planning, tight
budgeting and saving strategies. Not everyone is willing to make the types of sacrifices this can sometimes
require so it helps to consider some of the pros and cons of buying in order to examine your own priorities.
Advantages:
Security:Owning your own home brings a sense of satisfaction, security and stability. There are no lease
conditions to worry about and you are no longer subject to the whims of a landlord who has control over the
length of your tenancy and the cost of rent.
Investment: As long as your home is appreciating or maintaining value, you are growing equity (ownership) in
your home. This equity can be later used to secure further loans and will also provide security in retirement.
Savings strategy: In a sense, making repayments is like a type of forced savings strategy. The more you pay
off, the more of your home you will own. Furthermore, once you have paid off your mortgage, you will free up a
large portion of your income which will lighten your financial responsibilities.
Lifestyle: Choosing the style and type of home for your lifestyle (or changing it to fit) is a huge incentive for
manypeople to become home owners. In rented premises, time, money and effort spent on decoration and
gardening will not return to you beyond the length of your lease and in most cases, the landlord will be very
particular about any modifications you make in the first place. Owning your own home not only provides the
freedom to change and improve your house as you like, but the process can become a productive hobby which
may increase the value of your property at the same time.
Tax incentives: If you purchase a property for investment purposes, the interest on your mortgage payments is
tax deductible. Likewise, an investor who lets their property to tenants can take advantage of the tax benefits
of negative gearing.
Status: The status of being a home owner is not only satisfying inwardly, but it provides other benefits from a
financial viewpoint. As you make regular mortgage payments, you will establish a favourable credit rating with
financial institutions which may be useful for future borrowing.
Disadvantages:
Struggle to save deposit: Depending on the market you are hoping to buy in, getting a deposit together can
take several years of saving every spare cent of your income and changing your view of 'essential' spending
quite severely. It can mean a lot more than taking cheap holidays, cutting out take-aways or limiting going to the
restaurant. Buying in bulk, taking lunch to work, getting rid of credit cards and forgoing expensive outings might
be just the beginning, not to mention switching to public transport if you have a second car or giving up
expensive habits.
High Costs: Home-ownership can be more expensive than renting because you are responsible for the
maintenance and repairs of the property, insurance, paying council rates, plus any improvements you want to
make. If you have a large mortgage you may find more than half of your income going into repayments - a huge
financial commitment.
Price Depreciation: There is a risk in any investment that its value will depreciate. If this happens to your
property you stand to make a loss in the event you decide to sell.
Interest rates: If your mortgage is subject to a rise in interest rates, you may struggle to continue making your
repayments if interest rates increase. While renters can also face rent increases, it is possible to negotiate this
with your landlord - or otherwise move.
Location bound: Some people are not settlers. They like to move around regularly. Whether it be for career or
lifestyle reasons, the thought of being bound to one place seems boring or threatening to their sense of
freedom. Moving regularly is expensive in itself, but the transaction costs buying and selling every few years is
likely to cancel out any appreciation of the property.

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