The ongoing debate continues are you better off renting? Or should you buy and own your own home? Let’s take a look at the realities of renting versus owning.
When it comes to renting, one major benefit is having more flexibility about where you live, and how long you live in a particular place. If you have a job which requires you to move, or have not yet decided where to settle down, then it’s often easier to give notice to a landlord, find another rental home in the new location, and move. You don’t have the hassles of having to sell one house and buying another. Remember, even if you decide to rent out the old home, you need to make sure you can afford to meet the payments on two homes, find a suitable tenant, and maintain both properties.
Another advantage of renting is that, depending on where you buy, the rental payments may be less than the equivalent loan repayments you would have to make on the purchase of the equivalent property. As a renter, you also needn’t worry about maintaining the property or paying various rates and taxes.