I am in my mid-20s and bought my place around 18 months ago, by myself. Yes, my expendable income is now almost non-existent, particularly when there are times between renters (I rent out two rooms to help cover the mortgage) - but it's been a massive eye-opener in terms of realising how much money I had simply wasted before. I don't mind not spending money on new clothes and cars and other things which will eventually end up worthless, like my friends do - mine is going toward a huge asset which is setting me up for financial security. Any spare money I have goes on holidays and nights out, because these are the only money-sucking habits I really miss :)

I'm a home owner for 2 years. We were careful and 'fussy' about which home we chose to ensure it would not need any work on it apart from the odd maintanence items. I'm not a DIYer and nor is my partner so it was essential to get a house that needed nothing done to it. I did find however that I am so much more chilled out in my own house. When we did rent we had a bad run in with our landlords and it really put me personally off renting. I would stress out whenever they would come around to inspect because they would look in MY washing machine! Like you said those it's comparing apples and oranges. I would not convince someone either way I think it's what works best for you and your situation.

Here's how I see it: when you rent you keep on paying money to someone else, but you don't get to keep the house. You need shelter all your life, so eventually there will come a time when you've paid out enough rent that if you added it all up there would be enough to buy a house. Wouldn't you rather have used that money to buy a house you can keep? Also, as a Wellingtonian I have to think about my retirement. Rent is expensive here, and I don't think I could afford the cost of living if I was no longer working. But by the time I retire my mortgage will be paid and my living expenses will drop significantly, so I can stay in the city I love and not have to retire to some cheap yet nasty place in the provinces. I grew up in the provinces and I do not EVER want to go back there. And then there's providing for your family. If I get hit by a bus tomorrow (I hope not, but with some of our bus drivers you never know) my life insurance will pay the mortgage and Mr Louisette will have his very own house. Property is about playing the long game.

I have always been living with my parent until we're "inherited" the house last year, and since then we've taken up a home loan (fraction of the house value) to renovate and doing it up a little. So went from the bliss of freedom and free-board to full responsibility of owning a house and with mortgage is quite a change.

I have a lot of possessions and finally we have established solid assets. I think it is important to obtain this asset secureness if you can get to there, it'll make your credit life so much more solid and easier - only if you have the mean to pay them back of course.

Also, as with any home ownership with mortgage, banks will want a home insurance taken up first before they approve the mortgage. So the home owners will have home and content insurance arranged, any repair jobs can be claimed through insurance company - which may or may not affect your insurance premium.

Renting can be very convenient and probably served ideally for short-mid term, but for longer term and for that sweet retirement purposes a home to call your own is almost always ideal. Having said that, not everyone can meet that paradise should fate been tough on them at much later stage. Banks also look at how long can you afford a mortgage before your retirement. So if you're on 45-50, looking to own a (first) home, it may be hard to get bank to lend you money unless you have huge deposit ready.

It is never a clear answer to whether renting is better or owning is better. Each has its own benefits.

"This means you can pull down other loans by building up equity in your house."

One reason for buying a house is so that you can more easily borrow more money? ...

You say a mortgage is twice what the rent would be, this was the case for us when we bought our first home 6 years ago. Now it would cost us about the same to rent compared to our mortgage. In 6 years time the rent will probably be twice the mortgage, and in another 6 years after that rents will be higher again but we will be mortgage free. This is the real benefit of home ownership compared to renting.

I have been a renter for the past 12 years after selling my aging liability of a house for less than I bought it. I didn't have the money to do it up, was propping up the bad-paying tenants and overall just felt trapped by it. I have enjoyed moving when I felt like (though hate the moving process with a passion) and calling the landlord in the early morning recently to say that the 2 yr old dishwasher had caught on fire ... I felt sorry for him, but it wasn't my problem. I have been extremely lucky with landlords (some I am still in contact with. I may possibly buy in the future, but currently it is not a compelling goal.

Jeeze, did you have to write this blog the day we put a tender in on our first house?! Hope it's a good omen. Please all keep fingers crossed!

Another big positive I've noticed while visiting different properties for sale is the huge difference in quality from rentals. People really look after the houses they live in themselves but many landlords don't give a toss about the condition of their rentals. Houses to own seem much warmer and drier.

Power to long term renters though, just because home ownership is ingrained in NZ culture, doesn't mean it's better. Around the world people cope as life time renters and NZ had way over priced houses.

I recently changed from renter to owner. Currently own the flap of the letter box and maybe one or two of the plants. But it's a start on a long term investment.

It does mean that money is a lot tighter at the moment as the mortgage payments are a bit higher than the rent payments were. But not insurmountable and I'm keeping focused on the fact that I will eventually be able to stop making those payments. Something that doesn't happen when renting.

I rent, and where we are, the house prices are still quite high so the interest alone on an average house with an average sized deposit would be at least $130 more a week than what we're paying in rent - without considering the principal at all. We're lucky I guess in that we have a great house to live in (better than what we could afford to buy) with a good property manager. Our landlord lives overseas and sees our home as a long term investment so he's happy to have us in the home long term. If he decides to sell I guess we'll look at our options then, but we're very happy renting and saving. Each to their own really!