The Rent Increase That Led to Home Ownership

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Buying: Comfortable Renter to Homeowner: When Rising Rent Forced a Change

Snippets: Flood risks for a US$295 mil. property, redirection scams, and a Right to light ☀️

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From content renter to homeowner: Mitch's Journey

Twelve months ago, we chatted with Mitch, a Canadian software developer who was perfectly content renting his two-bedroom apartment near work. For nine years, he had no plans to change - until his landlord surprised him with a 30% rent increase.

This sudden shift forced Mitch to confront a decision many face: continue renting at a premium or weigh up your options, and assess the leap into homeownership.

Like many first-time buyers, he found himself navigating unfamiliar territory with significant concerns.

The prospect of massive debt made him uneasy:

The property market felt like a maze without a map. Who should he be talking to? When should he bring in professionals? Even basic decisions weren't straightforward - should he hire a conveyancer or a solicitor?

Horror stories about maintenance issues and unreliable contractors weighed in on his decision making. And looming over everything was the fear of making a costly mistake that he'd be stuck with "for a decade".

Yet despite these concerns, Mitch approached the challenge methodically. He knew he wanted to avoid the pressure of auctions, preferring the flexibility of private treaty sales.

When evaluating properties, he developed a practical approach similar to when he found his rental: "Picture yourself living in it," Mitch shared, and focus on everyday details like natural light, views, and sitting on the sofa. Be aware of, “how do I feel?”

Was the rent increase the catalyst he needed? "Probably not," Mitch reflected, explaining he would have preferred to continue saving for a larger down payment.

Stay tuned for Part 2… where we'll discuss what helped Mitch have the confidence to purchase his first home.

Snippets

• Flood risks for this US$295 mil property for sale, being described as the most expensive property currently for sale in US.

• Right to light - what rights to light do you have in this state and why do we need it?

• Savings lost to redirection scams

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The Property Hack Team

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