Both have their pros and cons. Read on to find out.
Some will say renting is better. It’s more flexible, cheaper (no maintenance, rates, body coprorate) and you can use your deposit to make money in other ways.
Here’s a breakdown of why renting rules:
+ You’re not spending your savings on a deposit and all the costs associated with buying a home. You’re freeing up money to spend or invest elsewhere. Depending on where you invest the money, you may get a greater return on investment than if you’d bought a house
+ With renting, you’re not tied to the property long-term, and you’re also less responsible for saving for repairs, and keeping up with other expenses
+ Renting can be a way to get the home you want without having to save for a huge deposit
+ Renting allows you the flexibility to easily move when your lease expires
Here’s a few pros for owning:
+ Owning your own home certainly has an array of advantages. You can create your own garden for one. It’s well known that there are numerous psychological benefits from the feeling of owning a home (or paying off a mortgage). Stability, self-determination, accomplishment and confidence spring to mind!
+ Some say owning a home is cheaper than renting (though more expensive at the outset), and it’s a great way to start a forced saving regime
+ You can build equity by owning your own home and it’s a great way to build net worth. (Most of Australia’s billionaires have built their fortunes on property investment)
+ It’s more stable to be in one home as it allows you to create stronger ties to your community
+ You can renovate and create the home of your dreams!
There’s always a time for everything, and we hope that where-ever you are in your renting/owning journey, you are enjoying it!
