For some people, their financial circumstances make buying a house impossible. For others, there is a choice to make. Both renting and buying have their own advantages and disadvantages, all of which must be considered before making a final decision.
Advantages of Renting
It is quicker and easier to rent a property than to buy one, especially important if the move is urgent. You will also have fewer upfront costs, not just from the deposit and mortgage, but additional payments such as stamp duty. Many rental properties come at least partially furnished, reducing the need to buy other expensive goods, and you will not be responsible for maintenance.
Renting is also flexible if you only need accommodation temporarily, such as for a short-term work contract. You can stay for six months, then move on again to a new location without too much difficulty. It also allows you to move in with a romantic partner without the commitment of a shared mortgage.
Disadvantages of Renting
Costs for renting may not be as high as for buying, but a deposit and a month’s rent can be expensive, with all the money going to your landlord, not to your direct benefit. You also lack control. Landlords are not always prompt with repairs, could decide to increase your rent at any time and may even try to evict you. Meanwhile, you cannot even decorate for yourself.
Advantages of Buying
Buying a home offers you more security in the long run, as well as more control over maintenance and decoration. Your monthly mortgage payments mean that eventually, you will own the home completely. If you do eventually choose to sell, the property can be a good investment.
Disadvantages of Buying
It takes a long time to save for a deposit. Then you also have to worry about legal fees, for instance for a transfer of equity solicitor such as https://www.parachutelaw.co.uk/transfer-of-equity-solicitor, as well as stamp duty, plus potential rises in interest rates. Houses also have ongoing maintenance costs, which are entirely your responsibility. The value of your house and your ability to sell it is highly dependent on market fluctuations, so your ability to make a profit or move again is limited.
The final decision on whether to rent or buy will be highly personal, based on your individual circumstances, but it is important to consider every possible factor when assessing the best course of action.