Do you think your rent payments would be better put towards paying off a home loan? Before working out the financial benefits, here are some other factors you should take into consideration:

Renting

Advantages
You are not responsible for maintenance costs

Renting may be cheaper in the short term (this will depend on a financial comparison – see below)

You can move easily by giving a few weeks notice

Disadvantages

 

Buying

Advantages
Properties generally increase in value over time, increasing your wealth

You can change the property to suit your tastes

Your loan eventually is paid off effectively reducing your living expenses as you are not paying rent

Sense of stability and being part of a community

Disadvantages