Is it better to rent or buy? Why this couple opted out of the first-home buyer race

During a time when so much is unknown, and the future feels very much out of people’s control, grand plans left and right have been put on the back burner; from weddings and travels, to buying a first home.

For Sydney-based couple Natalie and Ricky Kradolfer, who run a music education business for primary school students, the COVID-19 crisis brought into sharp focus how important it was for their growing young family to have space.

The only problem? They had been renting for the past seven years, deliberately living in small and modest apartments so they could save as much as possible to buy their own home.

“After we had our first child, Audrey, we outgrew our one-bedroom rental apartment in Mascot and moved into a two-bedroom apartment just around the corner,” says Natalie Kradolfer.

“While the location came with its many conveniences such as cafes, restaurants, and grocery stores all close by, the place itself was a bit old and rundown.”

Regardless, the couple made do, as they continued to save for their first home, with a few unsuccessful attempts to buy a property – even coming close in 2014, missing out at auction by only $1000.

“We were determined to stay put until we could afford to buy a property that would suit our needs, but when our second child, Ralph, was born, we quickly noticed that, once again, we had outgrown that two-bedroom apartment; so much so that Ralph took up residence in our walk-in-wardrobe.”

Although this period was very challenging for the couple, with very little sleep and a growing business demanding a lot of their time, by January 2020 they finally felt like they had found their groove as a family – that was, of course, until the lockdown took place.

“When lockdown hit, our business was massively impacted, having to work around the clock just to get by, all the while our two toddlers were demanding our constant attention, both full of energy that was impossible to burn off in an apartment,” Kradolfer says.

“It forced us to become more creative parents, coming up with activities for the kids, but quickly we realised that apartment living with a family only works when you’re able to go outside.”

The coronavirus-related lockdown forced the young family to make a tough decision: stay in their tiny rental and keep saving to buy? Or sacrifice their savings to rent and be happier in a bigger home?

About four weeks into lockdown, the couple had reached a breaking point, forcing their hands to extend the wait in becoming first-home buyers by moving to a new rental – one that would afford them their desired lifestyle sooner rather than later.

“We knew that it was very unlikely to get the type of house we were after in Mascot, so we started looking in the inner west and ended up finding a place in Tempe that ticked all of our boxes,” says Kradolfer.

“And so we made the move, in search of more space, better suited for our family.”

Upsizing from a two-bedroom apartment to a four-bedroom home as a growing family of four has certainly made all the difference, with enough room for everyone to live, work, and play – and an added bonus of a backyard and a spare bedroom for their parents to come and visit.

“We completely underestimated how life-changing this was going to be, and it’s been so amazing watching the children do kid things; like run around in the backyard, dig holes in the dirt, and play in the mud,” Kradolfer says.

“Audrey has learnt to ride her bike, and she actually has somewhere to ride it – there are even kids living next door, and across the road, that are around the same age, so both the kids and ourselves have made some new friends.”

So while things didn’t exactly go to plan, a familiar theme during this far from normal year, the Kradolfer family feels content in pressing pause on their goal of becoming first-home buyers.

“Given all the uncertainty in the world at the moment, we are happy to simply enjoy what we have right now,” Kradolfer says.

“I’m very much looking forward to our first summer here – I think the kids are going to love setting up a sprinkler in the backyard to cool off.”