Here are a few reasons why renting might be better than owning your own home

1. Free up savings

By choosing to rent, instead of home ownership, you are not spending your savings on a deposit and all the costs associated. You are able to free up your money to spend or invest elsewhere, either in shares or other investments.

You may obtain a greater return on investment than if you bought a house. As we have seen over the last 2 years with home prices increasing, with mortgage rate rises, it could be a better financial decision to rent, rather than buy.

2. Flexibility

Renting gives you the flexibility, as you can freely relocate from home to home and live in the area you want to live. There are huge costs associated with buying and selling, which means less flexibility.

3. Diversify
When you purchase a home, this means your savings go towards the deposit, maybe not all of it, but some of it. Renting allows you to use your savings across other investments, but diversifying which you can put your hard earn savings into a broad range of investments, ie shares, superannuation etc.

Even though there is a demand for rental property in the Bundaberg region, sometimes renting is the better option as prices of homes to buy have exceeded many people’s expectation and as we know interest rates are on the increase, renting can be the better option.

If you want to know more, speak to our Property Management Team at First National Real Estate Bundaberg.