What is better for you, buying or renting?

The Courier Mail published an article on 27 November 2023, which stated that 53.3% of home in Queensland are cheaper to buy then they are to rent.  This is significantly higher than the national average of 36%.

There are benefits to buying your own home.  Instead of paying off someone else’s house, you could be paying off your own.

There are several old sayings:

• that rent money is dead money;
• Bricks and mortar are the best investment;
• Owning your own home, is the Australian dream.

You should always make the decision that if best for you and your financial situation.

It can be a big decision to jump into the mortgage market and for most people your mortgage will be the biggest debt you ever get yourself into.

There is a lot to weigh up when making this decision, and the decision should not be made lightly.

The other thing is that nothing is permanent.  If you buy a house and something happens and you can no longer afford to keep it, you can look at selling.

As always you should always do your homework and speak to your financial advisors.