Renting versus buying – what is best for your lifestyle?

Buyer's Agent | November 20, 2012

One of the things many people have to choose when they move house is whether they want to rent or buy their next home. Both options have their advantages and drawbacks and need to be chosen based on your needs, style and budget. So, which one is for you?

Renting
When people first make the move from living with their parents to living with friends or on their own, many choose to rent rather than buy. This is often due to the lack of finances and the high chance that the renter’s style and needs will change, necessitating a change in location and style of home down the track.

The advantages with renting include the smaller costs in the short term, the ability to move easily and quickly and, in most cases, a smaller space requiring less upkeep. However, these positives can also be the downfalls of renting as the small costs can add up if you want somewhere permanent and a smaller home doesn’t leave much space for growth. There is also the negative of not being able to personalise the space as much as you would like (without asking for approval from the owner).

Buying
Purchasing or building a home is a dream come true for many people. It can cost a lot of money, but is an asset that will last a lifetime, with many people using the house as an investment property or as a home they will pass on to their children when they can no longer live there.

There are many benefits to owning a home rather than renting one. The major advantages include the longevity and ability to personalise the space as much as you want. Owning a home makes it solely yours, so you can do whatever you like with it and live in it as long as you want. Perhaps the only downside is the cost associated with owning or building. Purchasing a home is a large investment and you need to be ready to commit to living there for a long time and paying off a mortgage.

A good property manager, like Templeton Property, can help you make an informed decision on whether you want to rent or buy a house. They can also help manage your property if you choose to sell or rent it in the future. For more information, visit the Brisbane based property managers online or call (07) 3368 1988.