To buy or to rent? That's the question!

Anyone thinking of moving has pondered this question “do I buy straight away or move and rent first”? There’s really no one correct answer but here’s some of our thoughts.
Buying or Renting on the Gold Coast

We bought straight away. It certainly wasn't easy, and it's not for everyone, but it's worked for us.

There were a couple of reasons why we decided to purchase rather than rent first:

  1. The number and quality of the houses available for rent in the area was very poor

  2. We didn't want to move twice, or have the cost of moving twice

  3. We knew we wanted to live close to the kids' school (walking distance), and didn't want to have to move schools again in the case that we'd find ourselves having to move suburbs after renting

  4. The real estate market in our area of the Gold Coast is very strong and growing, so we thought we'd better just get in the market, knowing that it be easy to sell without a loss.

You'll have to work out what works for you. Look at what's important for you. How secure you feel in your decision to move. Research the suburbs, real estate market or get advise (we can help with this). Keep an eye on rentals and properties for sale to get an idea of what and how much is available. Here are some pros and cons to consider while you decide:

PROS & CONS of buying vs renting

Buying PROS:

  • Only move once & only wear the cost of moving once

  • You're settled & done and can get on with your life

Buying CONS:

  • Hard to look for real estate and go to open homes when you're interstate or overseas

  • You’re pretty committed once you’ve bought a house, the only way to move is to sell or rent out

  • Bigger financial risk (although the Gold Coast currently has a strong real-estate market, so you’ll likely be able to sell up without a loss)

Renting PROS:

  • Lower financial risk

  • Apart from the rental contract period, you can easily move at any time

  • Easier to search for real estate when you’re close and can go and look at houses that come on the market each week

  • Time to get to know the suburbs, the good and the bad. You essentially try before you buy.

Renting CONS:

  • Although it depends on your requirements and the suburb, the Southern Gold Coast area is tough and competitive (some would even say impossible) when it comes to rentals

  • If you’re ultimately looking to buy then you’ll have the cost & hassle of moving house twice