Considering the short and long term should I buy or rent?
Q.
I am a 50 year old single parent with two dependent children -
ages 12 and 15. I am selling my home and moving to Melbourne. I am
not working. After the sale of the home I will have about $300,000,
plus $400 child support, a car and furniture and superannuation of
approximately $70,000. Considering the short and long term should I
buy or rent?
A.
It is usually cheaper to rent than to own in the short-term, so
it may well be reasonable to rent while you are getting to know the
local market and possibly finding a job. However, in the long-term
owning is better, because government benefits favour home owners.
Just don't over commit yourself.
Each week financial advisor Noel Whittaker answers your
questions.
