Why you should Not Rent
While renting a home might be seen as a attractive and affordable option there are a number of issues that people are not aware of. One of the things that many people do not know about renting a property is that rent is increased approximately 7% per year. This means that if you pay $300 for rent today you will pay $600 to your landlord in 10 years, this means that you are essentially paying off your landlords mortgage.
The Downside Of Renting
The two main cons of renting are the rental costs and the fact that due to the face that rent is constant expense, you are not forced to save money as you earn it. Renting is essentially the interest you pay on your mortgage, or the cost of borrowing an asset, the asset being the property when it comes to renting the property whereas a mortgage is just borrowing money. Not only this but there are many other disadvantages when it comes to renting. One of the main reasons is that you never actually stop paying rent, as opposed to having a mortgage that you will pay off within 25 – 30 years.
What We Can Do For You!
At No Deposit First Homes we are here to help you achieve your home ownership dreams. By assessing your financial situation and utilising the First Home Owners Grant we will successfully get you into the home of your dreams. Get in touch with us via Facebook and ask us about how we can help you own your own home.