Shelling out a large sum of money for either option is not easy.

This is why you should weigh all the pros and cons to get the most out of your budget. But what aspects should you consider to get the best deal? To help you make the right choice, I made this short comparison between buying and renting a house.

Renting

This is often seen as the cheaper option between the two. It also allows you to easily move from one location to the next. You won’t have to worry about repairs and other similar expenses either. This is because your landlord will be the one to handle those for you.

However, there is no guarantee that the cost of renting a house remains the same. Your monthly fee is subject to increase as time goes by. You also won’t be able to freely decorate or renovate your home. Be sure to always read your lease contract carefully before moving into the place.

Buying

This option is more expensive. You are put in charge of costs for utilities and repairs on top of paying for the mortgage. Moving from one place to the next isn’t an easy option either. But, on the bright side, you have full control over what to do with your house.

Another bonus is that your mortgage fee remains fixed throughout the years. You won’t have to worry about price changes in the future. This lets you plot your budget monthly with ease. If you have your eye set on buying a home, managing your finances earlier helps.

So, Should You Rent or Buy a House?

Renting is an option to consider if you move around frequently due to work or other reasons. If you aren’t thinking of settling down for a while, this is the better choice for you.

On the other hand, buying a house is the best option if you wish to start a family and settle down. It also works if you’re single and you’ve chosen a location to stay for good. This option doesn’t necessarily chain you down to a spot. If you so desire, selling your property can be done easily too.

In the end, the decision rests on your hands. Think of the things that you want and work your way from there.

It always helps to have expert advice when you need it.  I can say this with the experience helping buyers get into their own homes for over 13 years. This saves you from pitfalls and guesswork.

Reach out to me if you have concerns. As a mortgage broker, I will lead you through the process. I’m not just here to assist you in making an informed decision but I’m also eager to help you complete the pre-approval process.

Will Bell Mortgage Broker is a mortgage and finance broker based in Melbourne specializing in residential home loans.  Will is all about the average Australian understanding just enough of the broader economy to take action on your own personal economy.  He is the host of the My Personal Economy Podcast which you can check out here.

Additionally, you can follow him on Facebook