This is a question that I have been asked a lot recently. My answer is: If you can afford to buy you should buy, if not, renting is your best option. This is because everybody have different financial responsibilities and everyone should consult their tax advisor or accountant prior making a decision.
Today's market is a great opportunity to buy because there is thousands of houses available and sellers are willing to negotiate in order to settle a sale. Before making a decision do the math.
It is an investment, make sure your treat it like one.
There are many expenses other than the mortgage payment that goes with owning a house. Get them all down on your calculator when starting to think about buying.
Can you make the deposit?
We all need a cushion during times of trouble (negative equity these days is unacceptable!). As a rule of thumb, if you can’t put a down payment of at least 10% to 20% of the purchase price of the property, you shouldn't be thinking about buying.
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