As a homeowner, you can reasonably expect the value of your home, known as equity, to increase over time as your mortgage is paid down. That, combined with regular increases in property values, can be a good way to increase your net worth.

In contrast, a person renting over the same amount of time is left with no property investment, but may have enjoyed lower living expenses.

When comparing owning to renting, you have to add up all of the figures, including the cost of your home, the size of your down payment, utilities, immediate repairs, interest rates and insurance, and compare them with how much you are currently spending on rent.

Of course, you also have to place a value on the enjoyment and satisfaction that you will receive from owning your own home.

If you’ve decided to buy, there’s a lot to consider. Our Home Buyer’s Checklist (pdf) is a great way to help decide what’s important to you and to compare homes that are for sale.