To rent or to own, which one is the best choice for your immediate future? Sure renting seems like the most viable option right now, but what is best for you in the long run? To rent means to pay someone else’s mortgage for a fixed rate of pay each week. To be perfectly candid, renting takes the stress away from the resident. A reduced rate of pay to submit each week, not a worry in the world about land tax and insurance, just a simple payment and reliance on the real estate, nice, simple and easy, but is it yours? When you own your own property, every decision is yours and yours alone, one need not worry about pet applications, putting nails in the walls to hang pictures and the mortgage you’re paying is your own. People will say now could be the worst time to buy a property, but ask yourself this, when will it be a good time? So, to set your mind at ease let’s look at the benefits of both renting and buying a home in order for you to make the best decision for you.

Property equity – Land Owners

An equity loan lets you borrow against the equity in your home. Your home equity can be used instead of a cash deposit to buy an investment property. If you are planning to sell your home, the higher the equity amount, the more cash you will get out of the sale. For most, the equity built up in a home is the largest financial asset and an incredible way to build wealth. Equity means security, security means you need not worry that you will need to up and move every 6-12 months.

Freedom of flexibility

The freedom to move from place to place and to live in many beautiful homes is greatly admired by the more adventurous individuals and groups. When renting you can live with family, friends and even by yourself in a multitude of homes. Since many individuals don’t plan on living in one place for the rest of their lives, renting is a great option that allows you to move locations quickly. Moving every 6-12 months and respecting the property you reside in is also what gives you a fantastic rental ledger which is perfect if you end up deciding to eventually purchase property.

Whilst those are just few of the many perks of buying and renting a property, a full account of the benefits can be accessed on the following site. https://www.nab.com.au/personal/life-moments/home-property/buy-first-home/rent-buy

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