Rent/Purchase – no matter what, it is everyone’s dream to stay in a home that has every comforts. A property not only helps you to flaunt your wealth but it is also very useful at times of needs because you can mortgage it. The increase in the price of the houses in Australia due to the housing boom the country had witnesses recently; it has made it pretty impossible for most of the Australians to purchase a house of their choice. And this has shifted their centre of attention to renting an appropriate place to dwell. The debate continues as to which is the best option in the present scenario - Rent/Purchase? Well, it depends on the situation on hand and the affordability criteria too. In the present scenario it is important weigh down the pros and cons of Rent/Purchase before deciding on it.

Here are few pointers that you may consider: In case of renting a house you may be aware that your rental will be far less that the mortgage amount that you will be paying. This will be easy on your pockets but remember that you will never get to own the house in spite of paying the rent on the house of the long time. Yet another major advantage is that if you need any repair to be done to the house that you are staying, your house owner does it for you and you need not spend a single dime on it. Just in case you do not like the location that you are staying you might consider shifting your residence. However, as like in many other issues, renting a house also has several disadvantages. The main disadvantages are eviction threats, as your landlord may want you to evict the house at any moment. At times the landlords could be unreasonable in making demands. Moreover, though the rental contract may stipulate otherwise, your landlord may increase the rent.

Purchasing a house means you are investing the money and naturally you would want it value to grow manifold. Though the mortgage payment that you make may bring closer towards the ownership of the house, remember that the amount will be far more than your rental payment. However, you need not worry about bothersome landlords and rental hike anymore. You can live in peace in your own space. An owned house means you could do all the alteration that you wanted to do without getting the prior permission of a third party. Moreover, you tend to save the money by paying on the deposits, which would otherwise go on wasteful expenditures. The maintenance expenditure could skyrocket if you have some repair work to be done.The Rent/Purchase has both advantages as well as disadvantages. It is up to the individual to find out which one of these suits them the best and opt for it. It is for that reason, depending on your financial capabilities, your personal goals and your lifestyle you can decide on one these options – Rent/Purchase.