{"id":14987,"date":"2020-05-13T10:49:12","date_gmt":"2020-05-13T00:49:12","guid":{"rendered":"https:\/\/www.prosolution.com.au\/?p=14987"},"modified":"2020-05-13T10:54:19","modified_gmt":"2020-05-13T00:54:19","slug":"cheaper-to-own","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/cheaper-to-own\/","title":{"rendered":"What happens when it\u2019s cheaper to own property than to rent?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"250\" data-attachment-id=\"14988\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/cheaper-to-own\/cheaper-to-buy-email-banner-1\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/cheaper-to-buy-email-banner-1.png?fit=1000%2C250&amp;ssl=1\" data-orig-size=\"1000,250\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"cheaper-to-buy-email-banner-1\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/cheaper-to-buy-email-banner-1.png?fit=300%2C75&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/cheaper-to-buy-email-banner-1.png?fit=1000%2C250&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/cheaper-to-buy-email-banner-1.png?resize=1000%2C250&#038;ssl=1\" alt=\"cheaper to own property \" class=\"wp-image-14988\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/cheaper-to-buy-email-banner-1.png?w=1000&amp;ssl=1 1000w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/cheaper-to-buy-email-banner-1.png?resize=300%2C75&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/05\/cheaper-to-buy-email-banner-1.png?resize=768%2C192&amp;ssl=1 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>With interest\nrates at all-time lows, in some situations, it is now a lot cheaper to be an\nowner-occupier than a renter. And with the prospect of interest rates not\nrising anytime soon, it could stay that way for a few years, unless the market\nchanges. <\/p>\n\n\n\n<p>I thought it\nwould be interesting to analyse the potential impact of this phenomenon.\nObviously, there are some practical implications for people contemplating\nrenting versus buying. But also, there will no doubt be broader consequences for\nthe property market as a whole. <\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/webplayer.whooshkaa.com\/episode\/651465?theme=light&#038;enable-volume=true\" height=\"190\" width=\"100%\" scrolling=\"no\" frameborder=\"0\" allow=\"autoplay\"><\/iframe>\n\n\n\n<h3 class=\"wp-block-heading\">How much cheaper and for who? <\/h3>\n\n\n\n<p>Our analysis is\nsummarised in the table below. Essentially, we compared the current value and\nrental cost of five property types and locations. The five scenarios were as\nfollows:<\/p>\n\n\n\n<ol><li>Luxury,\nhigh-end, boutique apartment for $2.2 million; <\/li><li>Entry\nlevel 2-bedroom apartment that is considered investment-grade for $580,000; <\/li><li>Investment-grade,\n2-bedroom house in a blue-chip suburb for $1.2 million; <\/li><li>A 3-bedroom\nfamily home in a desirable suburb for $2.5 million; and <\/li><li>A\n3-bedroom home in an outer suburb for $660,000. <\/li><\/ol>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"\"><tbody><tr><td>\n  <strong>Property\n  type<\/strong>\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  <strong>Interest costs<\/strong>\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  <strong>&#8211; Rental cost<\/strong>\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  <strong>= Saving\/(cost)<\/strong>\n  <\/td><\/tr><tr><td>\n  Luxury\n  apartment\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  $51,200\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  $57,200\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  $6,000\n  <\/td><\/tr><tr><td>\n  Entry-level,\n  investment-grade apartment\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  $13,500\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  $28,600\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  $15,100\n  <\/td><\/tr><tr><td>\n  Investment-grade\n  house\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  $28,000\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  $39,000\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  $11,000\n  <\/td><\/tr><tr><td>\n  Family\n  home (blue-chip suburb)\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  $58,200\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  $52,000\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  ($6,200)\n  <\/td><\/tr><tr><td>\n  Family\n  home (outer suburb) \n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  $15,400\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  $24,440\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  $9,040\n  <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>The interest\ncost was based on an interest rate of 2.2% p.a., which is the current 3 -year\nfixed rate for owner-occupier mortgages. It assumes that the owner has borrowed\n100% of the purchase price plus stamp duty, which isn\u2019t practical unless they\nhave additional security to offer the bank. But we had to make this assumption\nto ensure it was a fair comparison, even though consequently it becomes more of\nan academic comparison than a practical one. <\/p>\n\n\n\n<p>I\u2019m sure you\nagree that it defies logic that it is less expensive to own your home than rent\nit. If this continued to be true, renting becomes far less attractive. As such,\nit is reasonable to assume that market forces will eventually conspire to reverse\nthis i.e. make it more expensive to own. More on this later. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Comparing interest and rental is not the full picture <\/h3>\n\n\n\n<p>The above table\ncompared the mortgage interest cost with the rental cost. However, as a homeowner,\nthere might be additional cash flow implications associated with owning your\nhome. <\/p>\n\n\n\n<p>Firstly, there\u2019s\nthe cost of maintenance to consider. This will depend on the type and age of\nthe of property. It\u2019s important to distinguish between maintenance and improvements.\nIt is often very tempting to make improvements to your home, but these tend to\nbe discretionary in nature, and probably should be excluded from this analysis.\n<\/p>\n\n\n\n<p>Secondly, there\nare also running costs that are exclusive to owners including owners\u2019 corporation\nfees if you live in an apartment, council rates, water rates, insurance and so\non. <\/p>\n\n\n\n<p>Finally, if your\nloan repayments are structured as \u2018principal and interest\u2019, the dollar value of\nyour monthly loan repayments will be higher than that interest costs included\nin the table above. This is not a sunk cost however, as it reduces your\nliability and helps you accumulate equity in your home. So, it should be\nexcluded from a financial comparison, but taken into account from a cash flow\naffordability perspective. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Including owners\u2019 costs <\/h3>\n\n\n\n<p>The table below includes\nan estimate of the above owning costs including maintenance, owners\u2019\ncorporation fees, council rates, water rates, insurance and so on. <\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"\"><tbody><tr><td>\n  <strong>Property\n  type<\/strong>\n  <\/td><td>\n  <strong>Interest costs<\/strong>\n  <\/td><td>\n  <strong>+ Owners\u2019 costs<\/strong>\n  <\/td><td>\n  <strong>&#8211; Rental cost<\/strong>\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  <strong>= Saving\/<br>\n  (cost)<\/strong>\n  <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  <strong>Cheaper to<\/strong>\n  <\/td><\/tr><tr><td>\n  Luxury apartment\n  <\/td><td> $51,200   <\/td><td>$10,000 &#8211; $20,000   <\/td><td>$57,200   <\/td><td class=\"has-text-align-right\" data-align=\"right\"> ($4,000 &#8211; $14,000)   <\/td><td class=\"has-text-align-right\" data-align=\"right\">Rent   <\/td><\/tr><tr><td>\n  Entry-level,\n  investment-grade apartment\n  <\/td><td> $13,500   <\/td><td>$4,000 &#8211; $8,000   <\/td><td>$28,600   <\/td><td class=\"has-text-align-right\" data-align=\"right\">$7,100 &#8211; $11,100   <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  Own\n  <\/td><\/tr><tr><td>\n  Investment-grade\n  house\n  <\/td><td> $28,000   <\/td><td>$8,000   <\/td><td>$39,000   <\/td><td class=\"has-text-align-right\" data-align=\"right\">$3,000   <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  Own\n  <\/td><\/tr><tr><td>\n  Family\n  home (blue-chip suburb)\n  <\/td><td> $58,200   <\/td><td>$12,000   <\/td><td>$52,000   <\/td><td class=\"has-text-align-right\" data-align=\"right\">($18,200)   <\/td><td class=\"has-text-align-right\" data-align=\"right\">\n  Rent\n  <\/td><\/tr><tr><td>\n  Family\n  home (outer suburb)\n  <\/td><td>$15,400   <\/td><td>$7,000   <\/td><td>$24,440   <\/td><td class=\"has-text-align-right\" data-align=\"right\">$2,040   <\/td><td class=\"has-text-align-right\" data-align=\"right\">   Lineball   <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Tax free capital\ngrowth&nbsp;<\/h3>\n\n\n\n<p>Of course, one of the benefits of being a homeowner is that you are able to benefit from the capital appreciation of your home and that gain is tax free (due to the main residence capital gains tax exemption). I <a href=\"https:\/\/wealthcoach.com.au\/stage\/upgrade-home-strategy\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">discussed this a few weeks<\/a> ago and concluded that \u201cinvesting in your home\u201d can be a very rewarding strategy. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Owning provides certainty<\/h3>\n\n\n\n<p>One of the\nproblems with renting is that tenancy agreements are typically only 12 months\nlong. This doesn\u2019t provide renters with any long-term certainty. This is\nparticularly an issue for family\u2019s with school-aged children. As such,\nparticularly in this circumstance, owning your home does provide more certainty.\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">A higher demand from owner-occupiers could put downward pressure on rents<\/h3>\n\n\n\n<p>If demand for\nrental properties falls because demand from owner-occupiers increases, then\nthat is likely to have a negative impact on rent incomes. That is, existing\ninvestors may find it harder to rent their properties for the same amount. If\nthis is the case investors will have to consider dropping their rent or making\nimprovements to the property to improve its appeal. And, of course, if rents\nfall, it might once again, be cheaper to rent than own. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">It will likely provide a temporary stimulus <\/h3>\n\n\n\n<p>Clearly, due to\na fall in interest rates, housing is more affordable than it used to be. That fact\nhas to eventually result in an increase in property demand which will ultimately\npush property prices higher.<\/p>\n\n\n\n<p>However, interest rates will only have a temporary impact on demand as they won\u2019t stay low forever. As I <a href=\"https:\/\/wealthcoach.com.au\/stage\/not-all-information-is-useful-information\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">wrote in this blog last year<\/a>, there are typically only four macro factors that persistently influence the level of demand for property on a long term basis. These include population growth, money supply, employment diversification and infrastructure. <\/p>\n\n\n\n<p>The Morrison government has already affirmed its commitment to return to previous levels of overseas migration once the Coronavirus passes. Given all monetary policy initiatives have already been employed (i.e. rates can\u2019t fall any further), the government will have to turn to fiscal policy, which inevitably will include increased infrastructure expenditure, to stimulate the economy. And finally, the <a href=\"https:\/\/www.rba.gov.au\/publications\/smp\/2020\/may\/economic-outlook.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">RBA expects<\/a> the unemployment rate to recover to 7.5% by the end of 2021. \u00a0<\/p>\n\n\n\n<p>Most of these\nfactors, in the long run, are likely to stimulate property price growth. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Need a deposit to\nbuy a home &nbsp;<\/h3>\n\n\n\n<p>Of course, to be able to purchase a home, you need to qualify for a loan. This means you need to have enough income and low financial commitments to demonstrate you have surplus financial capacity to make loan repayments. Also, you need to have either a cash deposit or equity in another property. If you are weak on the deposit front, then a <a href=\"https:\/\/wealthcoach.com.au\/stage\/family-guarantee\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">family guarantee<\/a> can be a good solution. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Owning eats into\nyour borrowing capacity <\/h3>\n\n\n\n<p>If you have plans\nto borrow to invest in assets other than your home, you must consider how\nowning your home will impact this. Renting is better for your borrowing\ncapacity i.e. generally you can borrow more for investment than if you own your\nhome with a large mortgage. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Renting allows you to \u2018try before you buy\u2019 <\/h3>\n\n\n\n<p>One of the\nadvantages of renting is that allows you to experience living in a location\nwithout needing to make a large financial commitment. You may be better off\nrenting in various locations in order to identify the one that suits you best. <\/p>\n\n\n\n<p>Also, if you are\nunsure which school you would like your children to attend, renting may\n(initially) provides you with more flexibility. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What should you do?\n<\/h3>\n\n\n\n<p>Of course, everyone\u2019s\nsituation and goals are different so it\u2019s impossible to provide blanket advice.\nHowever, it would seem to me that if you want to live in a location that is\nregarded as investment-grade, then buying in that location might not only be\nmore cost effective in the short run, but financial better in the long run. <\/p>\n   ","protected":false},"excerpt":{"rendered":"<p>With interest rates at all-time lows, in some situations, it is now a lot cheaper to be an owner-occupier than a renter. And with the prospect of interest rates not&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"__cvm_playback_settings":[],"__cvm_video_id":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[18],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What happens when it\u2019s cheaper to own property than to rent?<\/title>\n<meta name=\"description\" content=\"What happens when it\u2019s cheaper to own property than to rent? It won&#039;t remain like this for long. 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