Should I rent or buy?

Not sure whether rent or a mortgage would be a smarter pick for you! Find out.

9NEWS
Created by 9NEWS (User Generated Content*)User Generated Content is not posted by anyone affiliated with, or on behalf of, Playbuzz.com.
On Nov 4, 2015

How long do you expect to live in the area?

Could you see yourself getting married or having kids in the next few years?

Do you see yourself travelling a lot in the next few years?

Are you sustainably employed?

Do you have several thousand dollars in savings?

Have you been pre-approved for a loan?

If not, do you think you would be?

Are you comfortable with minor repairs around a house?

What about maintenance (like mowing a lawn and shoveling)?

Do you have extra money each month?

How's the market where you'd like to live?

How much of your income would you need to spend on a mortgage to get the home you want?

Rent

Rent

Although it can be tempting to look at mortgages prices compared to rents, there are a lot of additional costs associated with owning a home. At this point those would probably add up to be a lot more than what you're paying now. We'd recommend you continue renting for the time being.

Buy

Buy

You seem like you're in a good place to consider buying! You have the financial and life stability to own a home or condo and seem up to the responsibilities associated with ownership. Talk to a trusted adviser about your options!

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