Australian data tends to agree that between buying and renting, buying is the more fiscally sound decision. However, it’s not always feasible to put together the needed deposit to live where you truly want to live and getting stuck where you do not wish to live shouldn’t have to be an option.
There is a creative solution. Live where you want to by renting. In the meanwhile you can work on buying in the long-term. There are also legitimate ways to maximize your income. If you legitimately work from home, you can get a tax deduction. You could also consider renting your investment property, or use it as an Airbnb.
Key Takeaways:
- There are few things more disappointing than saving for your dream home and then realizing you can’t afford it in the location you want.
- Australian studies support that buying a home is smarter than renting one.
- One should try to find the worst dwelling in the best location and fix it up.
“And right now, with interest rates at an all-time low and prices falling, may be a good time to think about the rent-to-live option.”
Read more: https://www.afr.com/personal-finance/live-where-you-love-buy-where-you-can-afford-20180614-h11eit