I loved this quote from Bruce MacFarland in The Courier Mail. It perfectly sums up my attitude to renting.
For all those people who feel they are “trapped” in the rental cycle and somehow life has no meaning because you will never own your own home, it is important that you see the benefits of renting.
You don’t need a bank to rent a house.
Think about that for a moment – you owe the bank nothing.
If you rent you can live in places you can’t afford to buy. Have you ever wanted to live closer to work, the city, the beach? If you rent, you can just move there.
Similarly, if you have that rogue neighbour who is making your life a misery, the traffic build up gets too much or for what ever reason you need a change, you can just move.
Do you get nervous each month wondering if the Reserve Bank is going to raise the official interest rates? If you’re renting you don’t. In fact, your rent can only rise twice a year by law, and this has never happened to me. If it did, I’d move.
You don’t pay rates if you rent.
If something goes wrong electrically, structurally or with the plumbing, you just call the owner and they fix it for you at no cost.