One of the biggest decisions that young people have to make when they finally move out on their own is whether they should invest money in buying a home or whether they should simply rent out a home. You will need to list out the pros and cons of each of these options and find out which of them suits your lifestyle best. Check out here for Balwyn North houses for sale.
Pros and cons of renting vs. buying
When listing out the pros and cons of renting a house and of buying a house you will notice that there are many more pros to buying a house outright than there are to renting out a house. However, one of the biggest negative points of buying a house is that you need to be able to afford it and it requires a much bigger amount of money to be put down at the very beginning. When looking at Hawthorn East houses for sale try and find out which of these houses offer you the option of paying for the house in small installments rather than having to put down a big chunk of money at the very beginning.
If you can find a house that allows you to pay off an installment that is more or less similar to the amount of money that you would pay as rent in the case of renting a house, you should certainly consider buying a house instead of renting.
When looking at real estate you need to keep in mind that buying a house means you are making an investment into your life and one day after you have finished paying off your installments this house will be yours and you will be able to pass this house on your children one day.
With renting however you will be giving away your money every month and one day when you leave the premises you will be at the same place in your life that you were when you first moved into the house. This said however it is important that you make sure that you can afford the investment of buying a house because another thing that could happen is that you could pay many installments towards your house and one day you may not be able to pay off installment or two at which point the bank will take over the house irrespective of how many installments you have already paid towards the house. This is one of the main ways that banks make money and this is usually listed in the fine print.