How To Rentvest

1. Review the numbers to ascertain if it is better to rent or own the property you wish to live in.

2. Decide whether you are looking for flexibility or stability.

3. Understand that even a home purchase might not provide stability if you can’t pay the mortgage.

4. Consider the extra costs of owning versus renting - e.g. in strata building, levies need to be paid.

5. Understand that the interest repayments on your own home is also dead money, as it is not tax deductible.

6. If it is cheaper to rent than own, and you may look at saving a deposit for an investment property.

7. Start the Property Investing process - Team, Action, Patience

When renting, some strategies to adopt:

1. You might wish to request a longer lease.

2. Sometimes it might be better not to hassle the property manager or agent for a new lease, as they might look to increase rent.

3. Look at rental properties with little competition for rental demand or in slow periods - like Christmas/New Year period.

4. Sometimes, renting above the median price of the area will see less competition.