Is it cheaper to rent or buy a house?

Several factors come into play here, but ultimately it is cheaper in the long term to buy rather than rent.

If you own the house, it’s an appreciating asset, boosting your wealth if it rises in value and increasing your potential profit from selling it. In contrast, if the value of a rented property increases, you pay higher rent.

It’s true that with a rented property you don’t have to pay maintenance costs, but the downside is you can’t make renovations that will improve its value.

When it comes to getting on the property ladder, sooner is best. Better to not fall into the comfort zone of renting, and better to be paying off your home loan than someone else’s.