Is It Cheaper For You To Buy or Rent?

As mortgage brokers, our perspective on whether to buy or rent a property would depend on several factors, including your financial situation, goals, and personal circumstances.

In capital cities, 6.3% of suburbs were cheaper to buy houses than rent. We also see a similar pattern in regional cities with 27.3% of suburbs cheaper to buy houses than rent.

In general, owning a home can provide certain benefits such as building equity over time and having more control over your living space. Additionally, owning a home can provide potential tax benefits, such as being able to deduct mortgage interest and property taxes from your taxable income.

On the other hand, renting can provide more flexibility and freedom to move without the constraints of a mortgage, property maintenance, and repairs. Renting can also provide more financial stability as rental costs are typically fixed and predictable over the lease term.

Ultimately, the decision to buy or rent a property depends on your individual financial goals and personal circumstances. We can help you understand your financing options and provide guidance on the costs associated with owning a home, such as down payment, closing costs, and ongoing maintenance expenses.

It is recommended that you also consult with a licensed real estate agent and financial advisor to help you make an informed decision that is right for you.

If you would like assistance in buying your new or next home please call me on 0403 539 934

Jason Cuerel

Mortgage Innovations