The Difference of Owning and Renting Your New Home

By First Home Australia In News No comments

Wow! Do you know how many differences there are between renting and buying your own home? Sometimes, these differences feel like they can really weigh you down, especially if your rental contract is only set for a shorter time frame. Then the feeling of not having a place to live can become quite scary. And moving everything you own over and over can be more than exhausting, not to mention the utilities you need to disconnect and reconnect as well! It might even involve moving your whole family around to locations you don’t necessarily want to live at.

Let’s take a look at some of the key points of difference between Buying and Renting a home:

Buying secures your location long term vs. Renting which may end at the completion of lease or sometimes even before.

Buying your own home gives you privacy vs. Renting which usually always involves an agent or landlord doing regular, open inspections.

Buying a home is a great, long-term investment vs. Renting which is essentially known as “dead” money paying for someone else’s home mortgage.

Buying allows you the freedom to change structural features or even the colour of your walls vs. Renting which usually gives tenants little or no say at all in decisions.

Buying gives you the feeling of long-term security vs. Renting which can definitely feel unsure for many reasons combined.

Buying gives you the opportunity to expand financially, maybe using the home to buy more real estate to invest in later on vs. Renting which is not achieving any long-term financial goal except securing a place to live which is not always assured.

Buying allows you to express yourself from the type of garden you want to the amount of people staying at your property, including pets vs. Renting which usually denotes certain amounts of people, pets and other regulations which have to be adhered to keep the contract secured.

Can you think of anymore? There are so many reasons to buy your own home. Security, freedom, long-term investment, having cuddly pets and many more. All of these positive factors can help individuals to grow, and knowing you have your own piece of paradise can bring great benefits to you and your family long-term as well. Feeling at home in a place you are striving to own can even help to uplift your health, your positivity and your own feeling of self-worth for the long term…so what are you waiting for?