Home Buyers' Resources
Rent vs Buy Comparison
Do you think your rent payments would be better put towards paying off a home loan? Before working out the financial benefits, here are some other factors you should take into consideration:
| Renting | Renting | 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 |
