| Renting
|
Advantages
|
Disadvantages
|
| |
You are
not responsible for maintenance costs |
You have
little say in the upgrading |
| |
Renting
may be cheaper in the short term (this will depend on
a financial comparison - see below) |
Rent can
be increased in line with CPI |
| |
You can
move easily by giving a few weeks notice |
You can
be asked to vacate if the owner elects to move in, or
sells the property with vacant possession |
| Buying |
Properties
generally increase in value over time, increasing your
wealth |
You will
need to meet the cost of maintenance and repairs to the
property |
| |
You can
change the property to suit your tastes |
You will
have other costs such as Council Rates, Water and strata
levies if the property is strata titled. |
| |
Your loan
eventually is paid off effectively reducing your living
expenses as you are not paying rent |
If you need
to move, you are less mobile |
| |
Sense of
stability and being part of a community |
|
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