Everyone has the itch to own property and renting feels like a step backwards. But is it really? Here are some things to consider as we attempt to answer that question.
1. Maintenance
Depending on where you rent, ie apartment, unit, townhouse, etc. the maintenance schedule will vary but generally as a tenant it is the landlord’s or even the strata manager’s responsibility to maintain a property.
For example, the lawns could be mown by the strata manager. This saves you the tenant time and money, both of which would be your cost or responsibility if you own a property.
2. Council Rates
Council rates are paid by the owner, again depending on the property this can escalate into thousands of $$’s every year which tenants do not have to pay. Yes, it is a tax deduction as a landlord but as a tenant it’s money that can safely stay in your pocket.
3. Repairs
Assuming that the damage done isn’t intentionally or caused by a tenant, all repairs are paid for by the owner. The air conditioner stops working? The landlord will pay to repair. Issues with the plumbing? The landlord is responsible once again.
In conclusion, there are multiple advantages to renting over home ownership. The key to making the most of this is to put that extra money to good use!
If you need any advice regarding the above please contact us at https://www.blackpropertycc.com.au/contact/
