There are common misconceptions surrounding buying a home vs renting it. In reality, both have their share of advantages and disadvantages. It all boils down to your situation and financial capacity. Let’s explore what each has to offer.
Putting the Dream on Hold
Many believe that while they rent where they live, they can save up to eventually buy a place of their own. Renting a house in Australia for two to three years is definitely cheaper than owning it for the same period, mainly because of the fluctuating interest and add-on rates. Renting temporarily for a period of time may help raise money for home ownership later on.
Forever a Renter?
Renters will always be slaves to their Landlord as well as rising costs of living. They may enjoy affordability now and the flexibility to relocate quickly, but if they rent forever, they will have to shell out cash for the rest of their life. They also don’t have the option to turn their home into an income-generating venture by selling or renting it out.
Meanwhile, homeowners are free to live as they choose and can sleep soundly knowing they will always have a roof over their head. They are burdened by mortgage payments at the start, but these are bound to end; when they do, homeowners enjoy a lifetime of financial freedom.
If you’re a first-time home buyer looking for a place you’ll never want to leave, companies like Buzz Homes can help get things done for you.