Renting

<p style="line-height:1.38">Deciding whether to rent or buy an apartment in Melbourne can be a tough decision, as both options have their own set of pros and cons.</p>

<p style="line-height:1.38">Here's a closer look at the benefits and drawbacks of both renting and buying an apartment in Melbourne:</p>

<h1>Pros of renting:</h1>

<h2>More flexibility</h2>

<p>Renting an apartment allows you to move more easily and without the burden of selling a property.</p>

<p>[smartcode_project:default project_id=3127 project_image_fid=181270]</p>

<h2>Lower upfront costs</h2>

<p>Renting generally requires a smaller upfront investment than buying, as you don't have to come up with a down payment or closing costs.</p>

<h2>Lower monthly costs</h2>

<p>In some cases, renting can be cheaper than buying on a monthly basis, especially if you're unable to afford a large mortgage payment.</p>

<h2>No maintenance costs</h2>

<p>As a renter, you're not responsible for maintaining the apartment or paying for repairs.</p>

<h1>Cons of renting:</h1>

<h2>Lack of control</h2>

<p>As a renter, you don't have control over the property and may have to deal with landlords who are unresponsive to your needs.</p>

<h2>Limited ability to make changes</h2>

<p>Renters are generally not allowed to make major changes to the property, such as renovations or additions.</p>

<h2>No equity</h2>

<p>When you rent, you're not building equity in the apartment or house you're renting.</p>

<h1>Pros of buying</h1>

<h2>Building equity</h2>

<p>When you buy an apartment, you're building equity in the property as you pay off your mortgage.</p>

<p>[smartcode_project:default project_id=110367 project_image_fid=199209]</p>

<p>This can be a good long-term investment, as the value of the property may increase over time.</p>

<h2>Control</h2>

<p>As a homeowner, you have more control over the property and can make changes and improvements as you see fit.</p>

<h2>Potential tax benefits</h2>

<p>Owning an apartment may offer tax benefits such as the ability to deduct mortgage interest and property taxes from your taxes.</p>

<p>[smartcode_project:default project_id=112971 project_image_fid=198408]</p>

<h1>Cons for buying</h1>

<h2>Higher upfront costs</h2>

<p>Buying an apartment requires a larger upfront investment, as you'll need to come up with a down payment and closing costs.</p>

<h2>Higher monthly costs</h2>

<p>In some cases, buying an apartment may be more expensive on a monthly basis than renting, especially if you have a large mortgage payment.</p>

<h2>Maintenance costs</h2>

<p>As a homeowner, you're responsible for maintaining the apartment and paying for repairs, which can be costly.</p>

<h2>Lack of flexibility</h2>

<p>Buying an apartment may limit your flexibility to move or change living arrangements, as you'll need to sell the property before you can move.</p>

<p>Ultimately, whether to rent or buy an apartment in Melbourne depends on your individual circumstances and financial goals. It's important to carefully consider both options and weigh the pros and cons before making a decision.</p>


There are both pros and cons between buying an apartment and renting one in Victoria's capital city

Michael Bird

The pros and cons of renting vs buying an apartment in Melbourne

<html><body><p>The extension of updated NSW’s short-term letting rules has been delayed.

The rules were proposed by Planning and Public Spaces Minister Rob Stokes to start from July.

They involved the extension of the 180-nights-a-year cap for unattended holiday lettings from within the greater Sydney area into regional and holiday hotspots.

The 180-day cap dated back to 2018, when the NSW government announced it would cap the use of Airbnb/Stayz-style lettings to control rental affordability and to give respite to neighbours from party homes.

The rule has applied only applied to greater Sydney, with regional councils initially set to impose their own caps.

The extension proposed in locations such as Newcastle, Bega, Dubbo and Ballina would see absentee landlords be allowed to rent out their homes for only up to 180 nights a year. 

The Byron Shire would face the restriction from 31 January 2022.

The rules will allow people living in an apartment or house to rent out a part of their home for 365 days a year.

After suggesting the new rules were “simple”, Stokes has announced that “in the interest of conciliation, and to give the policy the best chance to succeed, we’re happy to extend the date for implementation to November 1.” 

Stayz corporate affairs director Eacham Curry noted the NSW tourism industry was only starting to bounce back after a months dominated by COVID-19 and bushfires.

“The expansion of night caps to further regions is a blow to the tourist economy, and the NSW government should rethink their approach in the face of an uncertain outlook for tourism,” Curry said.

But Stokes said the industry should have been prepared for the implementation of the new rules.

“I maintain that the introduction of the policy should not come as a surprise, as we have been working with industry and councils on short-term rental accommodation since 2017.”</p></body></html>

The extension of short term rental limits in NSW has been delayed by three months to November 1.

Renting

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