Rent or Buy? Many people are confused about the advantages of renting.
To be honest, there is an argument for both as they each have their own pro’s & con’s.
Whilst renting can come with restrictions, it doesn’t have to be seen as second best!!
Flexibility – You are not necessarily tied into anything long term. Circumstances can change very quickly and not being locked into a long term mortgage can be a huge advantage. If you’re ready for a change of scenery, you can pack up & move at the end of your lease – simple!
Maintenance – You are not responsible for many costs associated with owing a home, for example: Council Rates, Maintenance and many of the fees/taxes home owners pay. You also have the advantage of not having to arrange for quotes, contractors etc to carry out any work needed at the property. You simply call the agent or landlord for assistance.
Affordability – The initial outlay cost of renting can be much more affordable that coming up with a deposit to buy. You can probably rent a property in your desired area for a lot less per week than you can buy it for, thus putting extra cash back in your pocket.
At the end of the day, purchasing a property will probably give you better stability but there are plenty of good reasons to rent that should be considered. Its up to you to work out whether renting or buying will suit your personal or financial situation best, but the team at Ray White Keatley are here to assist you, whichever road you choose to take.