Rent a home or buy a home?

A common scenario faced by many a young couple or even singles for that matter is whether to rent a home of your own or go into debt and buy a home of your own.

Of course everyone’s situation is different, so there is no one answer fits all solution. Having just succumbed to being a first time renter myself (whilst our new house is being built) renting can be a difficult task in itself even without a cat, a dog and two kids. First you need to decide where you would like to rent, whether that be close to work, the kids school, shops, public transport or in my case, close to our building site.  That’s the easy part now try finding a place!

The demand these days for rentals is huge, you pull up to a home open for the first time and there are a dozen other couples lining up waiting to have a look inside. You spend 15 minutes having a look through the property and decide it seems ok, only to find out that the agent already has 6 signed applications on the kitchen bench and if you haven’t rented before and don’t have a rental reference………good luck!

The last resort for me was to ring the local real estate agent, who also coached my son’s footy team last year.  After he finished laughing when I asked “were there any properties to rent” he said “wait a minute, someone’s just walked through the door with a new listing”. When he returned to the phone to tell me about the new rental, I just said “we’ll take it”. The real estate agent replied  ”don’t you want to know which street it is on, or what it looks like?”. My reply was “No, we’ll take it”

Having found a rental it’s hard to make it feel like home, you just can’t paint the walls whatever colour you like, or hang pictures on the wall or change the carpets/blinds/garden etc , but at least it is a roof over your head. Then there’s the rental inspections……oh what joy!

Finding a rental is like finding a needle in a hay stack in the current market conditions, and on top of that landlords are increasing rents faster than the rate of inflation. If circumstances are in your favour it could be more beneficial to buy.

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