Save your money
Although you will need to make monthly payments whether you are buying a home or renting, the difference with buying is that your loan repayments are instalment payments towards your ownership of the home. Therefore, through your loan repayments, you are actually setting aside money every month to buy your house. Once you have completed repaying your home loan, the property will be yours.
Although taking a home loan will increase your borrowings (debt) at first, assuming you keep your house for at least 30 years, your borrowings will decrease as you repay your home loan. At the same time, your share of ownership of the house (equity), which is lower at the start of your home loan, will gradually increase to 100%.
With renting, the monthly rental payments are simply money going out of your pocket – Once you move out, you will be left empty-handed.
Buying your first home may seem scary because the process might seem confusing. However, if you want a secure future and to put your money to better use, as long as you can afford it, then it could be time for you to put down your roots with your first home.