Quote:
Originally Posted by Bayson
Fast forward another 15 years, does anyone think a renter will be better off?
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We rented for about 10 years then paid cash for our house at 42. Got a mortgage for about 30% to 'prove' to the banking system our reliability, just in case, then transferred the mortgage to an offset account type which sits as fully paid. In case we want some cash back for another deposit above whats left, back renting again OS while the first one is being rented paying for a reasonable percentage of our rent here overseas.
Im a firm believer that renting long term is financially beneficial over bying early. as long as you don't want to decorate, or need the capital improvement, and are
disciplined to save the balance between renting and a mortgage. Another plus I've always lived city side or closer.
We have renovated our Australian house before putting it up for rent with fully fitted kitchen, solar, air and heat to all living spaces, new flooring, replastered, repainted, skirtings and architraves throughout, repointed, gardens, and insulation, so should also benefit from capital growth if we decide we have to sell to buy here. All of savings accumulated while renting.
I don't believe we would be in this position if we had bought at 20 years old.
JP