I know property is a great investment but what other pros are there compared to renting?
A: The benefits of buying a home over renting one are:
Reduced monthly repayments: If the interest rate goes down, so does your monthly home-loan repayment. On the other hand, a rental agreement is generally fixed, so there is a chance that you are paying inflated rental prices at this stage.
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The power of owning an asset: Your property is likely to be an appreciating asset, especially over the long term, and it could even be used as an investment property in the future. If the value of the property rises, the value of your personal wealth should also increase and you’re more likely to make a profit if you sell it.
Take charge: Generally, you can do anything you like with the decor and outdoor areas (subject to council or body corporate approval) and any improvements are likely to enhance your lifestyle and increase the value of your home. It’s recommended not to fall into the comfort zone of renting and for first-time buyers to take advantage of the current market conditions. Finally, if you intend to buy to let, the income from rent can be used to pay off your home loan. – Rhys Dyer, chief executive of ooba Group