The choice between renting and buying is a very personal one. Many factors come into play when it comes to making this choice and not one household is the same or has the same situation. There are of course some things each household should consider when making the choice and it seems that there are benefits and downfalls, for lack of a better term, related to each.
Which is better?
The first thing to mention is that current figures show that after 30 years there is not a lot of difference in the amount of money spent on buying compared with renting. There is often the case that the monthly repayments on a mortgage are only slightly more or even less than the monthly rent.
However, having said that, it takes a lot more careful budgeting and planning to own a home and there are many more bills to consider. To begin with, you need a deposit and the ability to pay lenders insurance, amongst others.
Following this, you need to take into account paying rates and water; if you are in a townhouse or unit, there will be body corporate fees. If there are any repairs required then these are your responsibility. To many, these are small disadvantages because what you have in the end is an investment to sell or hand down.
As a renter you will pay your weekly rent and the water charges or excessive water charges depending on the rental agreement. If something breaks down such as your oven and without your fault, then these are not liable to be paid by yourself.
The choice you need to make is whether you mind paying nearly as much as an owner but without the extra responsibility and no investment or do you prefer to take that plunge in order to really call the place your own. This is a personal choice only you can make.
Naturally, the first thing that will come into play is the borrowing power you have. This will certainly govern your choice if you are unwavering on where and how you want to live. If you are flexible on the suburb you reside in and the amenities you want nearby then this increases your options greatly.
Ray White Burpengary has the perfect real estate surrounds for you to choose from regardless of whether you are renting or buying. As experts in the field we can offer you fantastic advice on the choice between renting and buying and help you reach a decision and achieve your goal.
Visit Ray White Burpengary online to view our buying and renting options at www.raywhiteburpengary.com.au or give us a call on 07 3888 2566 to discuss your options.