True or false statements

An advantage of home ownership is that, once the mortgage has been paid off, you will not need to spend any more money on your house.

• True

• False

Renting can be a good option for people who need to frequently move to different parts of the country for work reasons.

• True

• False

If you buy a house and then later sell it, you will make a profit from the sale. In comparison, you never make a profit when you rent the house you live in.

• True

• False

One of the disadvantages of renting is that you are responsible for all repairs and maintenance on the property, which can be expensive.

• True

• False

Home ownership can be thought of as a way of saving for retirement.

• True

• False

An advantage of renting is that rent prices are often lower than mortgage payments. In addition, if you get into financial difficulty, it is easier to organise a cheaper place to live.

• True

• False

Using a mortgage to help buy a home is often better than saving to buy a house without debt. This is because property prices usually increase, meaning your savings goal would also need to increase over time.

• True

• False

A disadvantage of buying a house is that you are then ‘stuck’ with it. You therefore need to be careful to make sure you buy a house which suits your family now, and will also be suitable for your retirement years.

• True

• False