When would rent be better than buying a property? Currently paying abt $13,000 in rent p/a, do I get anything in return, well I get a shelter for one year. If that amount of money can be used for mortgage repayment, at least I’ll get more than a shelter.
The ugly side of the mortgage that I have seen apparent among my workmates is they work SO HARD to pay it off, usually it will mean that the wife will also have to work. I don’t want to live that kind of life, where I have to work two jobs and Lina has to work as well (and putting our kids on childcare).
It is my aim then to own a two bedroom unit in eastern suburb close to church and UNSW, with the repayment that will not kill us even with only me working. In order for it to happen, a substantial downpayment is needed and of course a good job for me would help too. Will my dream come true next year? Not sure. It doesnt look that hard to own a 2 bedroom unit around here for us, but maybe I just oversimplify things.