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Renting versus Buying

By Louise Morrin

If you're considering moving into a new property in Carlton this summer, you may be wondering whether it's better to buy or rent your new home.

Both options have pros and cons, so learn more about the process before you make a decision.

Buying

Owning your own home can provide you with some freedom that renting doesn't allow. You can paint the walls whatever colour you like, decorate to your heart's content and remodel at the drop of a hat. You are your own landlord, so it's up to you to decide how you want to manage your home.

Buying a home also provides you with an asset. Renting a home provides you with a place to live, but doesn't give you an asset to sell when it’s time to move on.

Once you've paid off your mortgage, your home is yours and yours alone. You're not at risk of being kicked out by a landlord.

Renting

Some people prefer to rent properties if they move around a lot, as it can be easier to choose somewhere to live year to year than it is to commit to buying a home and staying in one spot.

Renting doesn't require the same immediate large outlay of cash that buying a home does. If you don't have the money to put a deposit on a house or secure a home loan, renting may be the better option while you save.

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