This flowchart could help you decide whether to buy or rent a home

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Should you buy or rent a home?

The flowchart below may be able to help you decide.

Like with most money questions, there's no one, universal answer. Instead, it depends on your own situation, from the state of your savings to whether you're willing to coordinate getting a leaky faucet fixed.

When going through the chart, keep in mind that your answer is just for now - if the chart says you're better off renting, it certainly doesn't mean you have to rent forever.

In six months, a year, or even a matter of weeks, your situation could change and so could your answer.

For more insight into any of these questions, check out the explanation from financial experts.

Skye Gould / Business Insider

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