Renting VS Buying
The choice we make between renting or buying is we all have concerns that we’re doing the right thing, and spend a large percentage of our income just to have a place we can call home.
Whether you’re paying rent to your landlord or giving mortgage payments to your bank, you’re paying money to live somewhere. For many, getting on the property ladder is one of life’s biggest achievements, while renting suits others just fine. But is one better than the other? It’s a question that most people have asked.
They’re are lots or pros and lots of cons when it comes renting and buying.
There are many reasons Australians are choosing to rent over buy, and it’s not just because of the money, it’s also about the freedom. The ability to move whenever a lease is up is highly appealing to those who aren’t ready to settle down in one place. When you buy a home, suddenly you can’t just pick up your things and leave. You could rent out your house or apartment but that can involve a lot of hard work. You could sell your house. That is also annoying and it costs money to do so. Buying a home usually means taking out a mortgage. which involves having a debt on something which a lot of people would prefer not to owe anyone a large sum of money.
Although when buying a property there are also a lot of reasons why Australians are choosing to buy over rent. It can be an extremely exciting experience to finally get to call something your own and do whatever you want to it including renovating and not seeking approval or permission to do so. Overtime you will start to appreciate the fact that you have and asset which gives owners a sense of financial security.
Taking on the responsibility of a mortgage and buying yourself a house may really become a great investment. However, not all of us love this kind of financial deals where you owe lots of money for something and you’re about to pay it off for more than 10 years and lots of people would prefer to rent and never even buy a property in their lifetime and Being free from this kind of financial burden is precious.
When renting an apartment or a house there is much less responsibility you need to worry about for example once something is broken, you don’t have to rush and try to fix it on your own. You can send a maintenance request to your landlord that something is wrong in your place, the sink is broken or light bulb should be replaced ect and then it is the landlord responsibility to arrange for someone to attend to the repair.
The final decision is always up to you, because only you are familiar with your own financial situation and mortgage perspectives.
