Rental Properties vs. Homeownership: Deciding the Best Path for Your Goals

Choosing between renting and homeownership can be a tough decision. There are alot of factors to think about, your lifestyle, your budget and what your goals are in life. In this post I weigh up the pros and cons of both renting and owning a home.

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FINANCIAL

Renting is such a great example of being financially flexible. Especially as your monthly rent is really the only thing you need to pay on your home each month. Usually all other aspects like repairs and home owners insurance is covered by your landlord or renting estate agent. It also means that you have more freedom to move if your rent gets too high.

Owning a home on the other hand is such a great way to invest some of your money. It may involve hiring real estate lawyers at some point which can be costly. But it’s worth it.

STABILITY VS FLEXIBILITY

Owning a home offers more stability. You own the house so there’s little to no chance of you being asked to leave or having to move at short notice. It also means you have free rein to make the house your home. You’re free to renovate anything you like.

As mentioned, renting does over more flexibility as you can pick up and move whenever you please.

MAINTENANCE RESPONSIBILITIES

Owning home means you are responsible for all of the maintenance and repairs, and those costs can really start to add up. Some examples of this are any major or minor fixes, which are completed by body corporate management. In that way, renting can look more appealing especially for younger people who have just left home.

CONCLUSION

It’s a hard decision deciding whether to own a home or rent. There are many lifestyle and financial factors that come into play when making your decision.

Olivia x