Renting Vs Buying

Renting Vs Buying

by | Aug 10, 2022 | Latest News

Few decisions impact your lifestyle, personal goals, and financial health than choosing to rent or buy a home. 

This post will look at the pros and cons of these two options. You’ll soon have a keener understanding of whether you should rent or buy a home. 

Pros and cons of Renting 

Pros of Renting a Home 


Depending on where you live, renting is often cheaper than owning a home. Flexible 

One major advantage of renting is having the flexibility of moving whenever you want to. Fewer Maintenance Responsibilities 

Unless you have caused the damage, your landlord is responsible for covering the property’s general maintenance and repair. Your landlord also handles home insurance and council rates costs. 

Cons of Renting 

No Investment Potential 

Regardless of how long you pay rent, you will never own the house. Limited Home Freedom 

With renting, you can move whenever you want. However, renting restricts the number of renovations you can make to the house. 

Pros and Cons of Buying 

Pros of Buying a Home 

Wealth Creation 

Your home’s value might increase over the long-term, depending on the property and local housing market. By buying a home, you could be building wealth for the future.

You even have the option of renting the house out and generating an alternative source of income. 

Personal and Financial Security 

Buying a home offers more security than renting. Owning your own place frees you from the risk of being forced to move simply because the rental agreement expires. 

More Freedom 

Buying a home gives you the freedom to make renovations. You can custom-fit your house to suit your needs, style, and preferences. 

Cons of Buying 

High Costs 

Buying a home includes large upfront costs. Additionally, homeowners have ongoing costs they must cover such as general maintenance, insurance, and council rates. 

A Home’s Value Might Decrease 

Your home might decrease in value over time, leading to your losing money in the long run. 

What’s the Better Option: Renting or Buying? 

There is no outright better option between the two. The stronger choice for you depends on your financial situation and personal goals. Some might find it more beneficial to own their home while others prefer the ease of renting. 

If you are interested in renting, the experts at Active Agents can help you find the perfect rental property. Call us today on 1300 141 446, tell us your specifications, and let us find the perfect home for you.

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