Avoid problematic landlords: Consider purchasing your own home today
Most Australians will find themselves tenants in a rental property at some point in their lives. Whether you're a student leaving home for further tertiary education or a young family saving up a deposit for your first home – most people will find themselves paying rent to a landlord.
After all, rental properties are a practical way for people to find accommodation without needing to purchase their own home. This is especially useful for those living in the area for only a small period of time, or those without the necessary funding to purchase property at the current time.
However, it's important to remember that you're still living at the whims of another person. This means that any number of things could happen that might turn your life upside down. For example, the landlord may decide to increase the rent to a point you aren't able to afford. Or perhaps they simply decide to sell the property and move on, giving you a finite amount of time to find another home.
While these issues may not be too problematic when you're young, as you begin to grow older and create a life, sudden upheaval can be un uncomfortable, stressful experience.
This could lead you to begin considering your first home loan and becoming a homeowner in the near future. The benefits of this are varied, with the security of accommodation being one of the main aspects to give thought to.
Furthermore, making weekly repayments towards your own home loan is a far better use of your money than paying rent towards someone else's mortgage. Having your own property paid off is a great way to establish yourself for the future.