Should I buy or rent a home in Cairns?

If you have not spent a lot of time in Cairns, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision...

"The decision to buy or rent a home in Cairns, largely depends on your personal circumstances, financial situation, and long-term plans. If you plan to stay in Cairns for a long time, buying a home could be a good investment. Owning a home allows you to build equity over time and could provide financial stability in the future. However, buying a home also comes with significant upfront costs, such as the down payment, stamp duty, and conveyancing fees. It also requires ongoing expenses like property taxes, home insurance, and maintenance costs. Therefore, you need to ensure you have a stable income and enough savings to cover these costs. On the other hand, renting a home in Cairns offers more flexibility. It's a good option if you're not sure about your long-term plans or if you prefer not to deal with the costs and responsibilities of homeownership. Renting allows you to move more easily if your circumstances change, and it often comes with lower upfront costs. However, when you rent, your monthly payments go to your landlord instead of building equity for yourself. You also have less control over your living situation, as the landlord can decide to sell the property or increase the rent. In conclusion, both buying and renting have their pros and cons. It's important to carefully consider your financial situation, lifestyle, and future plans before making a decision. Consulting with a financial advisor or real estate professional could also be beneficial," commented one expat who made the move to Cairns, Australia.

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