Is it better to buy or rent?

With house prices seeming out of reach for some, many are probably wondering whether they will be better off renting, or should make the investment in buying their own home. Of course nobody can make these decisions for you, but I’ve made a list here of the pros and cons of buying and renting in the hopes that it might help you out.
Why Buy?
  • Buying a home can be a great investment, and it’s one that will put a roof over your head.
  • Buying forces you to put money away and save.
  • One of the great things about buying is you can add value to your investment by making improvements to your home.
  • And the best thing about buying – the home or property is all yours to do with what you like. No needing to ask landlords if you want to hang up a picture or bring home a pet.
Why Not Buy?
  • While buying a home can make you a lot of money it can also cost a lot of money. Not everybody has the available income to make a deposit on a house or make subsequent repayments.
  • Investing in a home can initially feel like you have a lot less money to spend on things you may have indulged in previously.
Why Rent?
  • Renting can offer people more freedom. If you want to pack up and go back-packing around the world, it is a lot easier to end a lease then organise someone to rent or look after your property while you’re away.
  • Rent is often cheaper week to week than mortgage repayments
  • You don’t have to worry about rates, body corporate or house repairs
Why not rent?
  • Renting unfortunately offers little security. At the end of your lease landlords can increase your rent, or worse, make you leave.
  • When renting you’re staying in someone else’s property, so you need to follow their rules. This means you may not be able to hang those pictures up or invite your household pet.
  • Chances are if you are renting you won’t save as much in the long-term as you would have if you bought.
While the above points are just an overview, they may help you to better decide what it is YOU want out of your living situation, and whether or not you think you would prefer to rent or buy.
If you would like some more personal advice or would like to find out information on buying properties in Bacchus Marsh then please leave me a comment or get in touch with me at Arbee Real Estate.