Potential homebuyers are finding it increasingly more difficult to get a foot on the property ladder than ever before. With property prices having skyrocketed in many parts of Australia, and the increased cost of living squeezing household budgets, saving for a deposit is no easy feat. In addition, rising interest rates are reducing buyers’ borrowing capacity, impacting how much they can spend on a new home. But, it’s not all doom and gloom there are many benefits to owning your own home.
If you’re wondering whether you should continue to rent, or take the plunge into home ownership, there’s a lot to consider. While the decision will ultimately depend on your financial situation, along with your investment and lifestyle goals, there are other important factors to consider too. Here’s a rundown of the pros and cons of both renting and buying, so you can better understand your options and make the right decision.