See the link to Business Tech below:
"There’s a right time for everything, including when to buy, and when to rent a property, according to Rawson Property Group’s, Wayne Albutt.
“The first of these is whether you think you are ready to stay put for several years – or might still want to relocate for work or other reasons. Buying a home involves many expenses other than the purchase price and if you have to resell too soon, the value of the property may not have the time to grow sufficiently for you to recoup these expenses.
“So if you move frequently for work or like to travel a lot, you would probably be better off continuing to rent for now,” he said.
You need to assess whether you are financially ready to buy a home.
“It is not easy to get a home loan these days unless you have a substantial deposit saved, plus enough cash to cover transaction costs such as transfer duty, legal fees and bond registration charges.
“Also consider the fact that very few homes will suite your needs and lifestyle perfectly which means that some initial alterations and customisation will be required – this could include things like; security systems, curtains and blinds, additional furniture, painting, gardening and home maintenance tools, extra appliances, etc. which all add up,” Albutt said.
Lenders will want to see that you would have sufficient income left every month to cover the home loan repayment – after you have covered any other current debt repayments, your regular living expenses and allowed some leeway for interest rate increases and emergencies.
Lender will also want to see a credit record that reflects a history of paying your debts on time and in full.
At most other times, however, you would be better off buying a home if you can possibly afford to do so, bearing in mind the following often-stated benefits of home ownership:
Home ownership is a financially sound investment and makes both financial and lifestyle sense, but renting a property is a wise decision regardless of the financial cost when you either cannot afford to own a home or in the event that flexibility is required, Rawson Properties said."