rent your way to riches!
We’ve said it before and heres some more about it, you can rent your way to riches!
Renting where you want to live in the short term is cheaper than paying a mortgage.
Buying a property is a long term investment. So with lifestyle changing between single income, double income, kids, family, empty nesting, renting makes sense.
So invest in assets that give you capital growth, income and best of all leverage to compound growth over a long time. Buying and selling your home over many years will incur lots of transaction costs, stamp duty, real estate agent fees.
Over time rents will increase way above your mortgage repayments. When your income reduces in retirement you will likely have paid off our home and only have rates, insurance and maintenance costs. When you need aged care accommodation you have an asset to pay for it.
Here’s some more in the Sydney Morning Herald.
Nathan Morris is a Fellow of the Taxation Institute of Australia, and associate of CPA. He has over 13 years experience in tax and business advisory services. Nathan's difference is in educating his clients and extended network all things tax and business to "get ahead".
Establishing his own practice in 2007 he has grown this small tax practice into a successful tax and business advisory practice with over 5 staff servicing over 600 clients.