Big life decisions

Should I buy or rent a home?

Buy, rent or plan to buy: seven questions about money, plans and staying power.

Should I buy or rent a home? The quiz

Big moves feel scary because they matter. Let's look at this one calmly. Your answers stay on your device; nobody else sees them.

1Will you stay in the same area for at least five years?
2Do you have a deposit saved plus 3 to 6 months of costs?
3Is your income stable?
4Would the mortgage be similar to or below your rent?
5Do you want the freedom to move for work at short notice?
6Are you buying mainly because people say renting is wasted money?
7Would you enjoy maintenance and repairs?
7 questions

The five-year rule

Buying has big one-off costs: taxes, fees, moving. They usually take about five years to earn back through equity and avoided rent. If you might move sooner, renting is often cheaper.

Questions people ask

Is renting a waste of money?

No. Rent buys housing and flexibility. Owners pay interest, taxes and repairs, which are also "wasted". The better choice depends on how long you stay and what the numbers say.

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TheHardChoices gives general life guidance, not professional advice. It is not a substitute for medical, mental health, legal or financial help. If you are in crisis or feel unsafe, contact local emergency services or a crisis line now. Full disclaimer