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On the face of it, renting beats buying any day. It is cheaper, more flexible and less complicated. If something goes wrong, the owner pays to fix it, not you. Renting is also about lifestyle.

You might be able to rent a nice flat in Bondi or a townhouse in Clifton Hill or a house at Glenelg, but could you afford to buy it?

Renting costs around six per cent of the value of a property - or for example £6000 a year on a £100,000 property. If you owned the same house, your interest alone would be around £7000 a year, plus all the costs of buying the home, paying off the principle, repairs and insurance.

The disadvantages include:

Threat of eviction
Short and interrupted tenancies
Landlords
Frequent rent rises
Home ownership: the golden handcuff
The obvious advantage of a mortage is that sizeable asset you'll own after perhaps 25 years of repayment. No matter what a financial analyst may think, rent seems like "dead money". And there's a hard financial case to back this instinct up.

Home ownership gives you security and control. You can alter your home whenever you like. And the high real-terms payments in the early years of a loan force you to save money you might otherwise splurge.

If you want to buy ...
Invest in your home
Choose your suburb carefully and look for strong capital growth
Buy for the long-term.
Don't "overcapitalise" by spending too much on improvements in a suburb which doesn't attract high prices
Renovate carefully
Force yourself to save: pay off your home loan sooner

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