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When Renting Is Better Than Buying...

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When renting is a better idea

By Nic Cicutti, MSN Money Special Correspondent

May 01 2006

The continuing positive propaganda about buying a home can be so incessant that it can be hard to accept there are times when renting a property is a better option than buying one.

Among them are the following:

When you don’t earn enough to pay off a mortgage

When you don’t have a large enough deposit and would be taking on a 100% home loan or more.

When you might be able to afford the loan but you couldn’t afford all the other aspects that go with a home purchase, including life insurance, repairs, furnishings and so on

When you your job isn’t secure

When you know you are likely to move to a different part of the world in the next year or two – why fork out all that stamp duty and then sell up months later?

When your relationship with the person you’re buying with isn’t secure

When property prices are falling: your first property is as much a roof over your head as an investment, by there’s no point in chucking money down the drain

When interest rates are rising sharply

When you’re saving up for a deposit but need a bit more time in shared accommodation to put away a bit more

When renting solves headaches (no worries being the main one) and buying creates them (what happens if…)

At least five of these are right on the money for most people's circumstances and the current economic conditions. Common sense at last! :)

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      • down 5% +
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