Rent or buy a home? Questions to ask before you decide

This is general information to help you think, not financial advice. For a big decision, talk to a qualified adviser.

Renting and buying are both reasonable. Which one is better depends on your situation, and it can change over time. These questions help you see your own situation more clearly.

How long will you stay?

Buying usually makes more sense when you expect to stay put for a long time, because the costs of buying and selling are large. If your job or city might change soon, renting keeps you flexible.

What can you comfortably afford?

• How much you can pay upfront without draining your emergency savings.
• Whether a monthly loan payment would still feel comfortable if your income dipped for a while.
• Costs beyond the price: registration, brokerage, furnishing, maintenance and society charges.

What does flexibility mean to you?

A rented home lets you move for a better job, a better school or a shorter commute. An owned home gives you stability and control over the space. Neither is free of trade-offs.

Try the numbers side by side

Put your own figures into our rent vs buy calculator and the rent affordability calculator. They will not decide for you, but they show how the choices compare for your numbers.

If you decide to rent for now, start with apartments to rent.