T.Fullman. February 22, 2021

Renting a home in Marsden Park Elara

Buying a home is the biggest financial decision many people make. But it's not that simple. There are costs and limitations to Home ownership. It might not even be for you right now. So renting may be the better way to go.

In this article you will find out about the Advantages and Disadvantages of Renting a Home in Marsden Park Elara including whom to contact for Tenancy Advice.

Advantages of Renting a home

• There are 100's of homes for rent in Marsden Park Elara.

• The rent you pay may be lower and more affordable right now. Especially if a mortgage is more than your budget can allow, so it makes more sense to rent instead of taking out a mortgage that stretches your finances out too thin.

• Renting is financially far less stressful than buying. Saving for a deposit on a first home can take a lot of time and sacrifice as opposed to upfront rental costs that include the Bond plus two weeks rent in advance. This equates to a maximum of six weeks rent. The bond is paid as a lump sum, but you can also do it in instalments if the landlord agrees. The bond is deposited with NSW Fair Trading and you are likely to get it back when you leave, provided you haven’t damaged the rental property.

• You don’t have to worry about doing any repairs: It’s the property owner’s responsibility to fix that leaking roof, leaking tap or anything else that breaks or wears out. This means you don’t have to worry about putting money aside in your budget for any unplanned expenses.

• You can decide to move to a new location if you so decide. To a bigger or smaller place. But you won’t be able to do this easily if you have a mortgage. It can be rather tricky if it takes a while to sell the house. What if you decide to move before the house is sold, you will still have to continue the monthly payments and pay for the new place too.

• Lower costs of entry with no major down payment and closing costs, and no mortgage and house insurance. There is also no risk of sudden, very large expenses popping up above and beyond your mortgage payment for infrequent yet major household expenses so that you keep it up properly.

• You get to save money when renting, so you can spend more on your own interests.

• Marsden Park Elara is also a great location with great facilities that include:

• Marsden Park public schools

• Marsden Park High schools

• Marsden Park brewery

• Marsden Park childcare

• Marsden Park furniture stores

• Marsden Park retirement village

• Marsden Park ultrasound

• Marsden Park medical centre x-ray

• Marsden Park dentist

• Marsden Park storage king

• Indian restaurants near Marsden Park

• Marsden Park Costco

• Marsden Park IKEA

• Marsden Park Bunnings

• Marsden Park Aldi

• etc

Disadvantages of Renting a home

• No building of equity because the rent you pay is paying off someone else's mortgage. All you get when you leave your rental, is you and all your stuff that belongs to you.

• Your rent may increase when your lease comes up for renewal, typically in six months or a year.

• You can’t make changes to the property without the owner’s approval. So if your home looks dated, you may just have to get used to it.

• No tax incentives

• Your landlord can evict you if they put the property up for sale to make a profit should the real estate values increase.

• You are bound by the rules and obligations in your lease agreement.

• The rent never stops, you will need to make those rental payments forever, unlike homeowners who can pay off a mortgage.
  
  

Tenancy Advice

For tenancy advice, please contact your local Tenants' Advice and Advocacy Service. You can also call the Tenants’ Advice Line on 1800 251 101 (Monday to Friday) 10am-1pm and 2-5pm.