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From a renter's point, owning a home looks pretty good. Find out what you're really getting yourself in for. NestingWhat warms a house into a home? Many assume a house is a home. Others disagree - a house is only a home when they own it. Usually injecting individuality adds more value than the financial investment involved. That gives home owners a sense of real value. Crafting personalityOne of home ownership's greatest joy is crafting personality. You own a home and a sense of becoming part of a community; meeting and sharing with your neighbors, and getting involved in local issues. The lifestyle can be attractive, especially for families with children. Maintenance responsibilityGuess who fixes the hot water heater when it breaks down at night? Guess who pays for building maintenance when time takes its toll? Where's the landlord?! Less Disposable IncomeMoney to an extent really provides quality of life. Owning a home means you will have less money for the exciting share market, cool holidays and extra tuition for the kids. Instead, wait for the plumber or paint your kitchen. Saving for the Down PaymentSo difficult to save so much, yet it pays only such a little portion of the home costs. It's sad to part with your blood, sweat and tears but you'll need at least 5-30 percent of the purchase price down. For a $300,000 home, a 30 percent down payment is $90,000. That's a nice chunk to pay, but there's still legal costs, stamp duties, bank fees and other hidden costs to come. Monthly costWhen renting, you pay shelter costs such as rent and utilities while the landlord picks up investment costs such as council rates and maintenance. When buying, you pay all costs incurred. Ten years later when selling your home, you may have saved lots of money buying a home; but on a monthly basis, you'll be spending more than expected.
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To buy or to rent?
