Choosing from Renting or Buying a Home in Sydney

Moving to a new city for a short-term or long-term period leaves you with a number of decisions to make. One of them is the choice of whether to rent or buy a home or apartment to live in. The two have their own pros and cons. Here are some of the reasons why renting an apartment is a better choice over buying a property:

Freedom of Choice

apartmentWhen renting an apartment, you are required to sign a six-month lease for a short term accommodation Sydney or one year lease. Hence, you have the freedom to choose to renew your contract or move to a new place. However, purchasing a home leaves you with no choice but to dwell in that place for a long period of time. Unless you have a lot of money to purchase another home, you need not rent out an apartment unit. Purchasing a home leaves you tied up with a loan that often lasts for 20 to 30 years. You can always sell your home if you decide to, but the entire process is considered tedious and time-consuming. Take note that selling a home is not an instant money-back scheme as it could take weeks, months and even years.

No Debt

When you opt for accommodation in Sydney rental, the only expenses you need to think of are the utilities and monthly rent. Buying a house or property leaves you indebted for thousands of dollars for a number of years. Therefore, you are drawn to the idea of loaning money from a bank or acquire financing services. Home mortgage takes a huge chunk of money from your monthly salary.

Less Responsibility

Renting an apartment means that you do not have any accountability on the property since every expense is on the owner’s shoulder. When an electric wiring gets busted or a water pipe bursts, repair and restoration are solely the owner’s responsibility. As a renter, you need not worry about these amenities because these do not belong to you. In the case of owning the house, you pay for every piece of damage that needs fixing.

Knowing that renting a home has a number of advantages, you can choose furnished apartments to rent inner Sydney at short term or long term lease depending on your needs. Whether you are a student or employee settling in Sydney, you can easily find a place to stay, as there are plenty of them to choose from.

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