Your First Home: Buy vs. Rent

When going into the property market, many people believe that your best option is to purchase a new home.

However, finance expert Canna Campbell has urged people to think about all their options first. Here are the key factors she suggests people consider when deciding whether to rent or buy a property.

• The length of time you will be in the home for. Campbell says, “When you buy a property, you’re going to need to hold it for at least 7 to 10 years.”
• The cost of holding the property. When renting, you don’t need to worry about amenities such as water rates and council rates.
• Credit score. “’If you have a low credit score it may just not be the right time for you to buy,’ Campbell says.
• When buying a house you need to consider whether you could you live in the area comfortably for a long period of time.
• Campbell says, “If your gut feels that things are too expensive or, that things are a great buy and it’s a good time to get in then of course do your research, make a decision, and go for it.”