How to choose? Rent OR Purchase house in Australia?
Source: propertyupdate; savings
There is common come to arguments on buying or renting the house and it is indeed a difficult decision nowadays, for Australians as well. But of course, everything has its pros and cons, so this article is talking about comparisons between buying or renting the house in Australia. Let us now looking into it.
Renting can be more flexible than buying the house in Australia. Selling the house and rebuy another new house will be expensive due to agent fee, loan establishment fees and etc., it will not be a good idea to do so. However, renters can just simply pack up and freely relocate from house to house once their lease expires.
Renting is often cheaper than buying the house in Australia. People may not afford to buy the house in a certain area, but they can afford to rent the house there. Therefore, mostly people may prefer to rent a house in a nicer area instead of buying a house in a poor area. Even though rents are rising, your monthly rental payments will often be less than your mortgage repayments if you were to buy a comparable property.
· Stability and privacy
Buying a house will surely be more stable than renting the house. For example, landlord may increase the rental fee or decide to sell the house after the lease expires, this may force you to look for another place. There are still some other problems such as pet not allowed or ignorance of landlord on fixing a leaking plumbing. Renters should also accept regular inspections for checking the house condition. But the buyers will never worry about these problems.
In the long run, buying the house would be worthy because home loan repayments eventually result in buyers’ outright owning their house and it will be their permanent property. On the contrary, even though renting allows you to experience different lifestyle, the houses will still never be yours. You are just helping other to pay off their home loans without owning self-equity.
So here are some comparisons, but whether purchasing or renting the house, it is still depending on personal situation. Some may prefer renting the house and spending money on other aspects while some may prefer choosing to buy their own house.
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