If you are trying to decide if you should rent or buy a property, you are probably swaying towards the idea of buying. This is because buying a home is the dominant narrative in today's culture. It is what people are supposed to do. However, have you ever stopped to consider that in some circumstances renting a property may make more sense? Below is a guide to 3 occasions when renting may be better than buying.
You want the freedom to move around
When you buy a property, you are putting down some pretty big roots which will keep in a particular town or city for some time to come. Selling a house isn't something you can do quickly, so if you decide to move on or decide you want to make a sudden change, you probably won't be able to. Renting a place gives you much more flexibility. Typically, you only have to give your landlord a few weeks notice that you intend to leave, and then you are free to do what you like.
You don't want to worry about paying for the upkeep of a property
One of the most significant advantages of renting a property is that you do not need to worry about paying for the general upkeep of the property. If there is a problem with the roof or if the washing machine breaks down, you will not need to do anything except report it to your landlord. The cost of repairing a property or of replacing appliances can be very large. Not having to worry about these things can make your life a lot less stressful.
You want to wait for the housing market to cool before you buy
The housing market in Australia has been experiencing a boom for the past few years. However, reports now suggest that the market may be starting to cool. If you have saved enough money for a deposit, you may wish to hold out and rent a place for another year or two before you enter the market. If you were to buy now, you would be purchasing at a peak price, which means it is likely you will soon see the value of the property fall below what you had paid for it as the market corrects itself.
If you would like further advice about renting a property, you should contact a real estate agent or broker. These professionals will be happy to help you find the rental property of your dreams.