Not surprising, I get asked this question in social situations quite often however not enough from the young to middle gen - the generation I really think should be asking the question and considering the question seriously.
Not in a one-day scenario but in a 'I got to make this s*%$ happen' today scenario!
Regardless of age or gender the other questions that go with the opening question 'to rent or buy' should ALWAYS be followed by
1. If interest rates rise 1,2 or 3% what does that increase repayments by?
1. What am I prepared to give up day to day to see the year-to-year benefit?
Currently our economic landscape in Cairns, 9 times out of 10 it is cheaper to buy than it is to rent however (and it’s a big one!) however, you need to have done some hard work in either saving a deposit or built capital in a property and have access to that money.
The other side of this is the capital growth over time – and that is what I mean about the year-to-year benefits!
My wife and I still ask each other these questions each time we look at a property - they're big questions when taken seriously because it's about delayed gratification - something that, including myself, is lacking in so many decisions these days!
Take my quick quiz above - whether you're looking at your first property or an investment property or your 5th investment property!
I use a broker to help me with these question, Greg Stallon from QPF helps me with the 'hidden costs' on all my purchases - if you need help securing money because you've worked out that buying is better call 0417 606 851 or your preferred broker.
If you prefer to talk to a real estate agent that is purchasing property in today’s market, give me a call 0437 427 543