With a mortgage comes monthly repayments, which over time gains you equity. Paying off a mortgage is one of the best ways to save large amounts of money over time.

Inflation causes most things to increase over time. If you choose a fixed rate mortgage your repayments will remain around the level originally agreed, which increases your ability to budget for the future.

Renting leaves you under the control of a landlord which means rent inspections, renewing leases, possible eviction notices and restrictions on pets. You make the rules in your own home.

The biggest reason to own your own home is simply the possibilities. You are free to decorate, renovate have pets and change whatever you want. It's all yours!

Sure you may be able to get a rental for a bit less than what you pay in rent, might even get a great deal where your rent doesn't rise for a year or two. Eventually rents will go up and so will house prices. If you'd bought back then your house would now be worth more. With rent you don't acquire equity, so all that money pays for today but doesn't give you anything for the future.

When you own a home you are responsible for it's upkeep and maintaing the ongoing value of your prized asset. Depending on your lease you may be required to do less maintenance on the property you rent. Remember though, new homes come with warranties, and it's brand new, so there's decades before you'll have to worry about the type of maintenance that is usually required on old rentals.

In theory if you don't like your rental you can get up and move somewhere else. There is the hassle of losing bond and trying to find another available place, but essentially you're free to move as you please. Same is true for your own home, when you're ready to move just sell up and upgrade. When the markets right you'll make a profit and be able to upgrade.