Sydney is one of the world’s 10 most expensive cities for prime residential property, and since Sydney is an important hub for business, the building industry flourishes as the demand for new spaces is constant. The need for affordable housing, apartments and office buildings are much greater than ever. But because of the soaring prices of Sydney homes spurred by interest-rate cut months earlier, more people are facing financial stability risks. If you’re wondering how high the prices are, well, it’s been reported that the rise has been thrice as fast as the growth of the capital markets in the city.
The house price growth in Sydney continues to outpace all other cities, but homeowners aren’t feeling any richer. In fact, most are struggling to pay their mortgages. To help them pay for their mortgages faster and with less burden, some homeowners have come up with brilliant ways to handle their mortgage problems.
Since Sydney has become the most expensive city for renters, some have thought of sharing their houses to earn a little, just enough to help them with their mortgage and maybe make more savings.
Because of the shortage of affordable housing in Sydney, homeowners build tiny houses or backyard apartments popularly known as granny flats to rent out. Granny flats are considered a legal rental unit and are rented out at the price of $550 to about $680 a week.
Renting out other spaces
In Sydney, every space inside a house is valuable and some consider renting out spaces in their homes because it would mean earning about $200 or more than a month. There is a big demand for this type of rental as some people are looking for spaces to occupy for a short period of time.
With the rapidly increasing housing prices in Sydney, more and more Sydneysiders are finding it hard to repair their credit. Having a very low credit score can affect you negatively.
Living with bad credit is tough as it can make a lot of things difficult and even more expensive. For instance, banks routinely check credit scores before giving out a credit card or a loan.
If you have a bad credit, getting a credit repair is extremely important. Start by paying your past due accounts and aim of being current. Remember, a better credit score opens up new opportunities to a person – from employment, to starting a business and to buying the dream home. Knowing you have a good credit score also gives you the security of knowing you can borrow money anytime you need it.