Renting or owning
Owning a home is often considered the better investment, but the answer depends on where you live, how long you will live there and interest rates. In this guide you make an honest comparison and also weigh the factors that are not about money.
You will need
- Your current rent and housing costs
- The price and monthly charge of a comparable home
- The bank's loan calculator
- The amount of your savings
- An estimate of how long you plan to live in the area
Steps
Decide how long you will live there
If you only plan to live in the area for a few years, the purchase and sale costs can eat up the benefits of owning. A longer stay usually favours owning.
Calculate the costs of renting
Calculate the costs of owning
Consider the alternative return on your own capital
Assess the risks
Weigh the flexibility
Compare over 5 and 10 years
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