Buying a home is a dream for many, but it might not always be the most realistic choice. Personal finance expert Bruce Sellery explains the pros and cons of buying or renting a home in today’s housing market.

Financial factors to consider when buying include:

• The price of the house
• Amortization in years
• Condo fees
• Property taxes
• Utilities
• Maintenance – paint, roof, appliances, etc.
• Renovations
• Price appreciation – how much will the price increase?
• Duration: how long will you live there? Real estate commission: five per cent of the sale price ($600,000 house is $30,000 thousand).

Other important factors to consider when thinking about buying a home: