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Property ladder: No regrets on buying
I bought my first place 15 years ago. Saving for a deposit was tough, because I had to save and pay rent at the same time.
I will admit that I got the final bit of the deposit from a family member, to whom I will always be grateful. But I did get the deposit together, and bought my first unit.
It was a dream - my own home! True, I remember when repairs needed doing thinking 'why can't the landlord look after it?'. It seemed way too expensive for me. I also thought this when the rates bill came in, and insurance, banks don't like you if you don't have insurance. Plus the place needed maintenance and suddenly that was my job.
But I would prefer to pay off a mortgage than rent a property. I look at my mother, who is retired. She has few expenses because her mortgage was paid off years ago. I look at others with mortgage-free homes, and envy the lack of demand on their incomes. That's one heck of a lot of cash that is freed up for spending on other things.
I'm a long way from being one of those people, but, touching wood, I will be.
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