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How life is different as a homeowner vs. a renter

By Jen Bishop โ€ข Leave a Comment

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Sponsored by Stockland

As someone who has rented many homes and bought three, I can tell you that there are a lot of differences between buying and renting — some good, some bad! Either way, it’s best to do your homework and make sure you’re prepared for some of the bigger changes ahead when you become a homeowner. And for the purposes of this post, we’re talking about buying a new build (although many of these things will apply to buying an older home too).

You’ll have a mortgage!

While it’s of course important to pay your landlord, and on time, when you buy a house, it’s even more important to pay the bank every month. So make sure you know how much is due and by when, especially that first payment! These days, it’s more than likely that your mortgage will be more than your rent was for a similar home, so make sure you budget accordingly. However, unlike rent, you will eventually pay off a mortgage (with a lot of interest, let’s be honest!), and with rent, you’ll have nothing to show for your money. Before you buy, make sure you find out if you’re eligible for any government grants for first-time buyers, especially if you’re buying a new home.

New payments

As a homeowner, I’m afraid there are now some costs (what I call boring, grown-up expenses!) which are your responsibility (which previously were your landlord’s). These include council rates, fixed charges (as well as usage) for water, and of course maintenance.ย Itโ€™s a good idea to have a budget set aside for little surprises that creep in, like the dishwasher breaking or your back fence falling down in the wind.

You now need to insure the home itself as well as its contents and you should definitely consider getting life insurance. You also need to factor in the cost (and/or time required) of maintaining your home, from mowing the lawn to clearing the gutters and so on. On the plus side, if you buy a new home, those maintenance costs should me much less than say, buying a home with a roof that could need replacing before you know it. Scary stuff!

Flexibility

When you buy a home, you’re hopefully in it for the long haul, as the costs of buying a home (stamp duty, removals etc) are substantial. If you decide you fancy a different suburb, state or even country a year down the line, it’s definitely a lot harder to simply move. But if you’re building a brand new home, I’m pretty sure you’re excited about putting down roots, making it your own.

Stability

On the other side of the coin, buying a home means you have confidence you’ll be in the same place for a long time. This becomes more important if you start a family and want to plan for schools, putting your kids’ names on wait lists, making sure you’re in the right catchment area for that great public school, and so on. As a mum, the feeling that I may be in my current home for as long as a decade, is amazing. It is a real mindset shift! I love knowing that it’s worth my while putting in the effort to become part of the local community, befriend the neighbours and get involved with local activities.

As a renter, at the end of the day, you never know when your landlord might want their house back, which is not a nice feeling if you’re looking to settle down.

Total choice and control

When you buy a home, it is absolutely up to you how it looks and what you do with it (subject to council approval if necessary and of course, budget). And if you’re building your home, you get to choose what kitchen, floor, paint colour and landscaping you’ll get. There is no better way to get control over what your dream home will be like than building from scratch! No more having to live with someone else’s bad taste or dated fixtures and fittings. Oh, that blank canvas excitement! Not to mention you can put as many holes in the walls and hang as many pictures as you like!

Risk

There is of course a lot of risk involved in borrowing what is, in most cases, the largest amount of money you’ll ever borrow. So make sure you get good financial advice before doing so to ensure that you can continue to make the repayments and that you have some left over as an emergency fund.

Thinking of buying your first home? Stockland have partnered with Adam Dovile from Better Homes & Gardens to put together a great guide full of useful information. Find out more about making the shift from being a renter to a homeowner.

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March 21, 2018

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A house with wallpaper in EVERY room? It's a hard A house with wallpaper in EVERY room? It's a hard yes from us!

Take the tour with @grafico_walls founder @damian_corney and @becdouros 

#wallpapergoals #wallpaperdesign #wallpapermural #wallpapertrends #wallpaperaesthetic #graficowallcoverings #grafico #interiorsaddict #theinteriorsaddict #jenbishop #heartyourhome
Swipe for after! What a fab, yet sympathetic, mak Swipe for after!

What a fab, yet sympathetic, makeover of this untouched (but not in a good way!) 50s house by @sellinghousesaus See all the rooms on the blog now via link in bio.

Great use of small space and working with the retro feel of the home while still modernising it.

Bravo @wendymooreedit ๐Ÿ‘

#sellinghouses #sellinghousesaustralia #50shouse #50shome #beforeandafterbathroom #retrorenovation #lifestylechannel #foxtel #smallbathroomdesign #showeroverbath

@andrewtwinter
There's nothing like ticking off little jobs! We f There's nothing like ticking off little jobs! We finally knocked out our 60s brown tile back step and replaced it with a smaller grey one made from @trexcompany Island Mist decking to match our deck (that went in 4.5 years ago) and now painted brick exterior. Making the step smaller allowed us to add in an additional manhole under the back door too to allow easier access under the house at the back. And we made a cover for that too (final slide) using Trex. I say "we" but I really mean our handyman ๐Ÿ˜‰ One plank was enough for both jobs. Why we didn't do this ages ago I do not know but it's done now! ๐Ÿ˜ Installed with @trexrainescape to ensure it stays dry and lasts!

Disclosure: Plank of Trex decking was gifted. I paid for the handyman.

#backstep #doorstep #deck #decking #deckdesign #deckideas #compositedecking #trex #trexdecking #greydecking

Mat from @doormatau
Me and @fantasticfurniture go WAY back! When I fir Me and @fantasticfurniture go WAY back! When I first came to Australia in my 20s, it's where I headed to buy everything I needed for my first apartment at an incredible price! And I've loved watching the range get more and more impressive over the years as my knowledge of furniture has increased. I had no idea how extensive their Aussie Made sofa range was though. I'd love you to check out the options via link in bio as I think you'll be impressed! I think we have a renewed appreciation for Aussie Made and supporting local manufacturing and jobs and this is a great success story. We love a bit of high low decorating, and turns out Fantastic Furniture is a great place to find your family lounge, a special accent chair, an extra ottoman for occasional seating and so much more. 

#fantasticfurniture #aussiemade #australianfurniture #FindyourFantastic #FantasticFamily #affordablehomewares #affordablefurniture #custommadesofa #custommadelounges #australianhomes #interiorsblog #interiorsaccount #interiorsaddict #theinteriorsdaddict #jenbishop #heartyourhome
Please don't show my boys this room or they'll wan Please don't show my boys this room or they'll want one like it!

How gorgeous is this Brisbane kids' bedroom?! 

@brittwhitestudio worked closely with the boys (aged 7 and 9) to understand their needs with a bespoke bunk bed solution crafted by BRC Cabinets, featuring ample storage as well as an under-stair hidey-hole, a useful reading nook for books and a built-in charger for electronics. Local craftsmen Emmettโ€™s Ropes designed and hand-tied the ropework on the top bunk and the supporting pillar beneath.

Head over to the blog via link in bio to see and read more!

#bunkroom #bunkbed #bunkbedsforkids #bunkbeds #bespokebunkbeds #custommadebunkbeds #sharedbedroom #sharedbedroomforkids #boysroominspo #boysroomdecor #junglebedroom #kidsroomstyle #kidsroomstyling #childrensrooms #theinteriorsaddict #interiorsblog #interiorsaccount #interiorsaddict #jenbishop #heartyourhome #brittwhitestudio #highriseliving #apartmentlifestyle #penthouses #apartmentlivingwithkids #newsteadbrisbane 

Pix by @joebrosnan.photo
Comment your fave: 1, 2 or 3? Just 3 of the kitch Comment your fave: 1, 2 or 3?

Just 3 of the kitchens in the @duluxaus Colour Awards 2023 shortlist which will give you some serious inspiration!

Loads more gorgeous residential rooms to see on the blog this morning via link in bio.

Projects by @studio__bright @kaiko_design and Georgie Shepherd Interior Design. Pix by @arorygardiner @fiona_susanto and @christophermorrisphoto 

#duluxcolour #duluxpaint #duluxaus #duluxcolourawards #duluxcolourawards2023 #moodykitchen #allwhitekitchen #designerkitchen #sagekitchen #boldkitchen #colourfulkitchen #colouredkitchen #theinteriorsaddict #interiorsaddict #jenbishop #heartyourhome #interiorsblog #interiorsaccount
We're a bit obsessed with Cara Standen's balcony m We're a bit obsessed with Cara Standen's balcony makeover using @kmartaus stone tiles!

Nineties townhouse in Lennox Head or villa in Greece? You decide! All up it cost $2000 including all materials and she did the work herself.

Read all about it via link in bio now.

Love your work @twin_palms_lennox

#kmartaustralia #kmartdiy #kmarthack #kmarthome #modernmediterranean #balconymakeover #balconyideas #diybalcony #budgetdiy #interiorsaddict #theinteriorsaddict #jenbishop #heartyourhome
Wallpaper in every single room! What do you recko Wallpaper in every single room!

What do you reckon? You'd think it would be overkill but it isn't because so many of the designs are subtle yet still impactful.

Head over to the blog to see how @grafico_walls transformed this blank canvas Melbourne townhouse with their products, which you've probably seen on The Block over the years. And read how Damian Corney has grown this Melbourne business with wife Adele and a growing team. There's also a look inside the very cool Motley Hotel which has used a whopping 4km of their wallpaper throughout!

You can also watch a video tour with Bec Douros as the house featured on Open Homes Australia over the weekend.

Via link in bio now.

#wallpapergoals #wallpaperdesign #australianwallart #australianwallpaper #wallmurals #wallpapermural #wallpapermurals #wallpapereddoor #digitalwallpaper #digitallyprintedwallpaper #customwallpaper #wallpaperaesthetic #wallpapertrends #wallpaperaustralia #grafico #graficowallcoverings #melbournebusiness #melbournesmallbusiness #openhomesaustralia #theblock #becdouros
Kids and fluffy chickens. Does it get any cuter?! Kids and fluffy chickens. Does it get any cuter?! 

Braved the rain second morning in a row to feed the animals at @edenfarmescape because life's too short to worry about a bit of mud and drizzle!

Feeling relaxed ๐Ÿฅฐ
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About Jen Bishop

Jen Bishop is our owner and publisher and an experienced journalist and editor. Interiors Addict has been her full-time job for more than 10 years. She is mum to two young boys and lives in Sydney.

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