It’s a fascinating question for me because I look at the say I’m a longterm renter and I think a lot of people in this day and age are okay with longterm renting. The fascination with wanting to own is something that’s always going to be completely individual and I think that’s the part of the question there to say if you have to own physically to feel like you have succeeded or if that you feel like you’re secure. Yeah, that and you can raise a family and that’s what you need. Then I would say if that’s always going to be the fear, I’ll I will would deem that there’s probably always going to be a bit of confirmation bias that you always think it’s going to be better to buy than to rent and it comes down to what is your mindset? Are you comfortable never owning where you live, but still creating wealth elsewhere?
So fundamentally you can do so many predictable algorithms to say; I’ve got x amount of growth. If interest rates stayed here, if I went on a principle interest repayment of this year, then it’s going to lend. Then therefore say that my spreadsheet will tell me that this is the best time to start thinking about buying or selling or continue renting or vice versa, but I think that you could do that to the cows come home and you could stress yourself out and you could run through a million scenarios and you can basically get to different outcomes every time. For me it more comes down to what is the really, what is your passion and where does the fundamental need lie here and if you can get past the deemed yeah, I guess social pressures of owning your own home and knowing that your creating wealth and setting up your future, your family’s future and other markets.
Then those discussions kind of become redundant, so if you can’t, then for me it comes down to saying, I’d say jump in as soon as you potentially can afford to jump in because what will end up happening is you become disappointed in the fact that you didn’t buy when you should’ve bought and you’ll always find a reason and you’ll always second guess your decisions and 100 percent and you say it so often. You see so very, very often and typically what Lisa to people doing nothing. And that is usually the worst scenario. I’ve got actually quite a number of clients who I’ve been speaking with for almost, you know, some of them I can think of two or three years and we’re in. We’re at ground zero still and they’ve had capacity to start investing a long, long time ago and it’s not even one market. Now. We’ve talked about buying one market. Now we’ve stopped buying in that market because the growth has come. Now we’re in a different market and they’ve not chosen to buy in that market because they thought, well, well I’m just gonna. Hold out for this market and the pattern is obvious and I think ultimately comes down action and letting perfection get in the way of profit is always going to be the drama for most in that position.