It is likely that your parents have always told you from a very young age that you should buy your home rather than renting it. They got to enjoy the perceived benefits of that but what they fail to understand is that properties were affordable many years ago and now they are definitely not. It takes a considerable amount of money to come up with the initial deposit for a home and even then, you are not guaranteed that your lender will approve the mortgage.
It is a very stressful time and ultimately, you may be disappointed. That is why many people prefer to rent the property rather than buying it and it is turning out well for the majority of them. They have done the essential homework and research and arrived at the right decision for them. After all of this due diligence, they then go on to pay over market rental prices for a property when they could have just used Rent Rabbit to help them to find the right property at a more affordable price. It doesn’t make sense to pay through the nose for a rental property when you can compare on this website and make an informed decision.
The following are just some of the many benefits of renting a property rather than buying it.
- No major upfront costs – You will be asked to provide first and last month rent and a deposit but this is money that you get back anyway. Buying a property involves coming up with a significant deposit like 10 to 15 percent of the property’s value. Typical properties in Australia in the big cities are 1 million dollars, so you do the math.
- No expensive repairs – It is up to the estate agent or your landlord to fix any major repairs and so you don’t have to put your hand in your wallet or purse. They own the property and so for major structural repairs for example, they pay for remodels or any other unexpected repairs. When renting a property, you are expected to keep the property clean which is quite natural for you to do anyway.
The other wonderful thing about renting is that you are not bound to that property and so if a life opportunity comes up, you can take it and just move on. If your neighbours are not the nicest people in the world, you can move but if you own the property, it is a much more difficult thing to address.
