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Compare renting v. buying

Renting has the advantages of convenience, flexibility and potentially lower cost. But sometimes buying a home can be the smarter option, especially if you dislike having a landlord and want to build your financial worth.

• Start by seeing what homes are available and get an idea of home prices in your area
• Even if buying a home costs more, consider the benefits of tax breaks, appreciation, the chance to build wealth and the ability to borrow against the equity in your home. Plus, you'll never have to worry about annual rent increases and fees

Read about the cost of buying a home

Create a ‘Home Wish List’

Write down everything you want and need in a home. Use this as a framework for what houses to look at; you may find that now is not the time for you to buy.

• Consider your family, career and interests, and come up with the type of house that fits your lifestyle
• Ask questions like these:
• • Where will you be in 5-10 years?
  • Do you have children or plan to have them?
  • Does your job require you to move around a lot?
  • Do you have time to maintain a home and garden?
  • Do you want to live near work?
  • Do you want to live near shops, restaurants and nightlife?
  • How much living space do you need?
• Study your list. Refer to it when you view houses, or you may decide to hold off on buying. For example, because of the costs of buying a home, it doesn't make financial sense to buy if you expect to move within five years