Buying a Home, is it Cheaper to Rent or Buy?

Buying v Renting

Buying a home

There are many advantages to buying your own home rather than renting. These include:

  • Paying off your own home rather than someone else’s.  “Rent money is dead money”
  • Buying gives you more control and freedom
  • Design your own home
  • Make additions and renovations
  • Have a dog or cat
  • Put up pictures
  • Be able to do landscaping and gardening
  • No landlord inspections
  • Avoid the property being sold
  • No bond or bond refund arguments

Buying a Home

Is it Cheaper to Buy or Rent a Home?

We asked Brendan Styles from C-Finance Brokers the question, is it cheaper to rent or to buy a home in the long-term? Brendan has worked with many people looking into buying a home, both at North Harbour and elsewhere, and is an expert mortgage and financial advisor.

Is it cheaper to rent or buy a home?

Brendan: “Firstly, the rent or buy a home question mostly affects first home buyers or those that have just sold up and need flexibility for life and investment choices.

If you are currently renting in the northern suburbs of Brisbane for an average of $380-450 per week, it is cheaper to rent rather than buy a home. However this simple cost comparison only compares one variable out of several and if you are looking to move into ownership, there are three key things to consider:

1) Now vs the Future – “Pain vs Gain” – How willing are you to make sacrifices in the short term, for a long term benefit?

The day to day of renting may be ok for now, however if you continue to rent then you cannot benefit from capital growth as you would with buying your own home, or an investment property. You will experience rent increases each six months…and every $15 per week increase in rent is the same as a .25% increase on a $350K mortgage. Now that’s an interesting statistic…we cry poor when the bank increases interest rates, but we can’t do anything about a rent increase.

2) Security & Control. Most of our first home clients value this, almost as equally as the cost equation. We do get sick of being told what we can and cannot do, having to open for inspection, changing tenants and losing money every time from crazy landlords holding back bond. – we have all been there. If you want to have security and control over your living situation, it is better to buy v rent.

3) Good time to buy: In the new home market, we are financing clients into their first home with as little as $1-2K deposit. We then do the cost equation for our clients, and most of the time the mortgage in the short term is a little more expensive, but better than waiting and finding lending has tightened again and ownership has moved out of reach.

My advice is simple, read books like barefoot investor to learn more about making the short-term sacrifice for a home loan. And, do your research in that getting into a new home can be easier and potentially cheaper than what you think at this stage in the market, providing you want to live in the area for the mid to long term. Check the numbers, but also consider all the factors when making this decision.

To talk to Brendan and the team at C-Finance Brokers about buying a home, click here.

Find North Harbour

North Harbour’s Sales and Information Centre & Display Village with café and two playgrounds is open seven days a week, 10am-5pm. Located on the corner of Buckley Road and Fraser Drive, Burpengary East, the Display Village showcases 33 brand new Display Homes from 17 of Australia’s best new home builders. To find out more about buying a home at North Harbour sign up for our email updates and find us on Facebook and Instagram (@northharbourliving).

Weekends at North Harbour

BITE Markets at North Harbour is a brand-new destination within the growing North Harbour community which has transformed weekends on the Northside of Brisbane. It’s the perfect place to eat, drink, catch up with friends and family, a place everyone is welcome, full of colour, adventures, wonderful food, entertainment and all sorts of flavours celebrating produce from the Moreton Bay region! Located at Exit 150 off the Bruce Highway on Nolan Drive, open from 4pm-10pm every Friday and Saturday night. Click here to see Bite TV!

North Harbour parkrun: 7am, every Saturday. Free 5km cross country run / walk around the future Heritage Park, everyone is welcome!

Sunrise Yoga in the Park: 8am every Sunday, free yoga class to suit all levels in Reflections Park. Beginners welcome, for more information please click the link.

North Harbour Café is also open every weekend including Friday Burger Nights and now delivers in the North Harbour and local areas every Friday night!

North Harbour Parks and Community Facilities are the Best in Southeast Queensland!

1000 Acres of Open Space and Parks

North Harbour’s proposed parks and community facilities cover more than half of the North Harbour site at a total of 1000 acres, an area approximately the size of 600 football fields. Each park in North Harbour has something unique to offer and is designed to connect through bike and walking tracks as part of the North Harbour masterplan.

The Village Park: The Village Park was the first park to open at North Harbour in 2015 and offers play equipment suitable for older and younger children, plenty of space to play, BBQ and picnic shelters, and free Wi-Fi! The Village Park is also the home of Cam’s Boot Camp and is a popular central meeting place for families in our community.

Reflections Park: Reflections opened in 2017 and is located at the western corner of North Harbour, adjacent to Raff Creek Eco-Corridor. With play equipment for younger children, Reflections has plenty of flat space around for playing, and is also the home of our free weekly yoga class, Sunrise Yoga in the Park.

North Harbour Parks and Community Facilities | Reflections Park

Riparian Park: Riparian Park opened in May 2019 and is already extremely popular having hosted the inaugural community cricket match between neighbourhood streets! With a flying fox, heaps of play equipment, fitness equipment and half basketball court, Riparian Park also continues the stretch of bike tracks and walking tracks along Mornington Parade which begin at Reflections Park.

North Harbour Parks and Community Facilities | Riparian Park

Habitat Park: Habitat Park will open officially on June 23rd and will offer much-anticipated off-leash dog areas with doggy play equipment. Habitat Park also includes play equipment for kids, fitness equipment, BBQs and shelters and wetlands. To find out more about the official opening of Habitat Park please click here.

Habitat Park Opening

The Heritage Park: One of the most exciting and unique parts of the North Harbour masterplan is our Heritage Park which is located along the banks of Caboolture River.

The Heritage Park is the site of the original “Morayfields” settlement which dates from 1861 and was the first European settlement in the district.

The Heritage Park is a community attraction and has taken several years to develop, costing over $3M with $1,535,062 of funds coming from the Federal Government through a funding agreement with our community partner, the Abbey Museum of Art and Archaeology. Funding is through the Community Development Grants programme, provided through the Department of Infrastructure and Regional Development.

The $1,535,062 Grant is being matched by North Harbour. The Abbey Museum and North Harbour are also working in partnership and providing significant “in-kind” support through project planning, project management, post-construction operation and maintenance.

The heritage aspects of the old site are being combined with a vast expanse of parkland including pathways and tracks for use by residents and visitors, allowing everyone to enjoy our slice of Queensland history and the Caboolture River. The first stages of construction have been completed including roads and other infrastructure, picnic areas including shelters, BBQs, tables and benches and toilet facilities. Our fishing platform / canoe launch and heritage centre will be next to be completed and the Heritage Park is proposed to open in late 2019.

The Heritage Park area can be accessed on Saturday mornings at 7.00am for North Harbour parkrun. For more information and directions please click here.

 

North Harbour Amenities That You Can’t Live Without

Childcare: North Harbour is pleased to announce Edge Early Learning Childcare Centre is opening at North Harbour in early 2020.

The new centre will be known as “Edge Early Learning North Harbour” and located on the corner of Buckley Road and Fraser Drive at the entrance to North Harbour. The new centre will provide childcare for up to 120 children from six weeks to school age. Edge Early Learning is a quality childcare provider and has centres in various locations in Southeast Queensland including West End, Strathpine and Milton. Construction of the centre is proposed to occur in the second half of 2019, with a proposed opening in early 2020.

Transport and shopping: Well located for easy access to the Bruce Highway, Morayfield train station is just 10 minutes away and nearby North Lakes, Burpengary and Morayfield shopping centres, as well as Costco, Bunnings and IKEA are within easy reach.

Essential North Harbour amenities:

  • Fibre optic broadband capable of speeds matching the fastest broadband in Australia
  • Reticulated gas to each home
  • 1000 acres of parks and open space
  • Café open 7 days a week
  • Free weekend fitness activities, parkrun and yoga

North Harbour Parks and Community Facilities | Riparian Fitness

Weekends at North Harbour

BITE Markets at North Harbour is a brand-new destination within the growing North Harbour community which has transformed weekends on the Northside! It’s the perfect place to eat, drink, spend time with friends and family, a place everyone is welcome, full of colour, adventures, wonderful food, entertainment and all sorts of flavours celebrating produce from the Moreton Bay region! Located at Exit 150 off the Bruce Highway on Nolan Drive, open from 4pm-10pm every Friday and Saturday night. Click here to see Bite TV!

North Harbour parkrun: 7am, every Saturday. Free 5km cross country run/ walk around the future Heritage Park, everyone is welcome!

Sunrise Yoga in the Park: 8am every Sunday, free yoga class to suit all levels in Reflections Park.

North Harbour Café is also open every weekend including Friday Burger Nights.

 

Find North Harbour

North Harbour’s Sales and Information Centre & Display Village with café and two playgrounds is open seven days a week, 10am-5pm. Located on the corner of Buckley Road and Fraser Drive, Burpengary East, the Display Village showcases 33 brand new Display Homes from 17 of Australia’s best new home builders. To find out more about North Harbour’s parks and community facilities including our regular events, sign up for our email updates and find us on Facebook and Instagram (@northharbourliving).