Renting or buying?

 

There comes a time in your life when you want to get a place of your own and have your own space. But the big question is whether you should buy or rent? While both have advantages and disadvantages, and most agencies will push you towards buying, the decision is ultimately yours and what is best for you and your current life stage.

 

When looking to buy or rent you need to consider what you can afford, which means either route you tend towards you need to have a stable income stream. And whether you are buying or renting both options will provide a roof over your head and a place to call home.

 

One of the biggest things people have against renting is the idea that you are not paying off your own bond but rather your landlord’s and therefore making renting a waste of money. However, you need a place to live, and this costs money either way. And while you are not building towards your own equity, not all costs of homeownership are towards building equity.

 

Renting comes with the benefit of flexibility, it is much easier to move once your lease expires than it is selling a home (unless you sell with us ), giving you the ability to move around as much as you please. You also have fixed costs, and in some cases, landlord’s may include your monthly utilities in your rent, making budgeting a lot easier.

 

When you rent you also are not responsible for the maintenance of the unit, or property insurance – which removes the risk of having to suddenly pay for a burst geyser or other unexpected issues that arise with homeownership.

 

Homeownership comes with a sense of pride especially as a first-time homeowner. It builds your equity and gives you a sense of stability. You can do renovations and design it in a way you prefer making it your own.

 

Homeownership can come with various unexpected expenses as life happens and repairs and maintenance are at your own expense. The value of your home is likely to appreciate, meaning when you sell you could potentially make a profit, building your personal wealth. 

 

While there is no best perfect answer whether buying or renting is best, the answer ultimately depends on your personal situation – your goals, finances, and lifestyle.