Renting vs. Buying: Deciding on Property in Baldivis, WA
Nov 19, 2023
Torn between the decision to rent or buy a home in Western Australia? Your location might play the biggest role in answering this question. If you have settled on Baldivis – a semi-residential rural area located 46 kilometres from Perth – you can consider the following key factors.
Availability of Housing Units
Baldivis has a good number of properties available for rent and sale. However, the choice of your home will depend on its proximity to amenities and the preference of the dwelling. The best way to secure a rental property before the end of your lease is to involve an agent. They will give you access to the market and a better variety of choices.
In terms of buying properties in Baldivis, it is essential to find a real estate agent who can help with property acquisition and settlement processes. This is particularly beneficial for off-the-plan properties that can represent a significant return on investment for investors.
Rental Costs vs. Mortgage Costs
Whether you’re considering an apartment, unit, or a free-standing home, renting may be more viable.
On average, the cost of renting a three-bedroom apartment is around $440 per week. Buying a similar property will cost $390,000 on average, leaving you with a weekly mortgage repayment of $421.
Similarly, buying a home in Baldivis with four or more bedrooms takes more financial planning. The average cost of buying four-bedroom properties in Baldivis is $540,000, resulting in mortgage repayments of about $583 per week. Renting a four-bedroom house in the same area could cost $570 per week.
When purchasing property, the mortgage is not the only cost to consider – there’s also stamp duty, property maintenance, and other associated costs. Additionally, keep in mind that after a 20% deposit, a home loan is still considerably larger than the weekly or monthly rent. Buyers should consider their job stability, as well as the tax benefits owning property would give.
Projected Neighbourhood Growth Data
Depending on the projected growth trajectory of a neighbourhood, you can determine whether buying a home in a specific area will turn out to be a sound financial investment in the future.
Baldivis has an excellent transportation network that connects to other major towns/cities, such as Bunbury and Perth, as well as other suburbs in the neighbourhood. Furthermore, Baldivis offers great school districts and public facilities that are constantly undergoing renovations and developments by the local government. These conditions make this a prime area to own a home.
Renters have fewer limitations in terms of locations as compared to buyers. If job stability is an issue, or you think a change of scenery is necessary, it would be much easier to simply extend the current lease or move out when it ends. Renting also offers the opportunity to ‘try before you buy’ to gain knowledge of the area and choose the right home for you and your family.
Purchasing a home in Baldivis, on the other hand, requires more permanency. The selection of the home depends on your ability to research the area and trust your investment, while credit history needs to be considered. Buying rather than renting is only a smart choice if you plan to stay in the property for a significant amount of time and potentially as an investment while renting it out.
Feedback from current and previous tenants and buyers in Baldivis tells a story – families often prefer renting for the longer term.
Whatever your decision – whether renting or buying – for 25 minutes to feel its waters and enjoy its sunset, Baldivis is one place deserving of the title ‘Great Australian Dream’. At Home 2 Home, we can help you find the ideal property, no matter your preference. Whether you are thinking of renting or buying, get in touch with us, and we will walk with you on the journey to finding your dream home in Baldivis.