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