As a student who has only been living out of home for 3 years, having a house means being a tenant and being a home owner will not be on the cards for years to come.
The Tenant’s Downfall
As I stroll through IKEA I woefully bypass anything that requires screwing something into a wall.
I gaze longingly at the perfect vanity, thinking about the outdated, crowded one in my current bathroom.
The colourful throw cushions under my arm will have to do, because like 53% of people in Sydney, I’m renting.
Strapped For Cash
Living life on a student budget, I don’t have the $30, 000 it would cost to put a deposit on my current 2 bedroom Inner West rental.
But as it turns out a lot of others, who graduated years ago, don’t have the money to secure a property either.
The average value of a first home buyer’s house is around $400, 000 – and that’s a modest 2 bedroom home 45 minutes from the city centre.
Inner city suburbs are a different story, with many 30 something year olds struggling to scrape together the cash to
buy a property.
The Property Buyer’s Bible
For many, a mortgage is the only way they’ll ever own a home, so it makes sense to investigate your options early and get someone who knows the lingo to explain everything to you in laymen terms.
It’s also important to remember that the “FOR SALE” price isn’t all you need to pay – you’ll also have to fork out for building and pest inspections, stamp duty and other miscellaneous costs.
Once your finances are sorted, make a checklist of what you want and what you need in a property, from access to transport through to school catchment areas and nearby dog parks.
For now I’m content to rent, but when the time comes I wonder what the compromise will be for a house that I love and can afford.