The prospect of owning your own suburban house is the “Great Australian Dream”. But with the exorbitant housing prices in Australia, the want for that “Great Australian Dream” is at its hardest of all times.
In the Mortgage Choice Annual Whitepaper, 53.9% of the respondents find that this traditional dream is no longer relevant.
You can’t blame the populace. With reality, aiming this goal is a seemingly impossible mismatch. How can you afford this house on an $80,000 a year income?
Do I have to Keep Renting?
For most people, this might be the only choice. Aside from the social stigma of renting, the uncertainties for a renter are quite plentiful.
A Landlord can always sell the house or live in it. After your lease agreement, you can find yourself scouring again for another “Home”.
Some even raise the rental rates by a hefty amount.
If you don’t have qualms with your Landlord, the constraints of using the apartment might make you consider otherwise. You can not do major overhauls with your atelier’s aesthetics. Yearning for that customized countertop or that repainting of the Kitchen is absolutely not permitted in most rental homes.
Up to when will you tolerate these conditions?
In the past, the only solution for the worriment of renting is just buying your own house. But now, corporations are keen towards developing “Build-to-Rent” properties.
Build-to-rent properties are housing complexes or apartments that are developed for the primary purpose of renting. Contrary to the “Build-to-Sell” concept where developers sell the properties to individuals, the developers rent out all the built units to tenants.
Corporations are now the handlers of your rental property.
The Property Council of Australia mentioned that this setup allows longer lease terms with rent pegged on just the inflation rate. Also, a concierge and onsite maintenance crew are on standby for your assistance. No more “where are you” and “why is this like” charades with the Landlord. Certainly, an advantage in a partnership with a big firm.
And with longer lease terms, the new Landlord permits leasehold improvements.
You will now have the privileges of a house owner while renting. Customizing every room and fixture in your house is now possible. Your house can now feel more like a home for your family.
With Australia’s housing problem, is this the solution? Will the adaptation of this idea prevent the bubble from bursting?
We will not know for certain. But, for what it’s worth, this is a brilliant compromise for our needs for the future. At the very least, we now have another smart choice for that Great Australian Dream.