Choosing to rent or to buy a property can be a huge task, especially if you are unaware of the financial differences and simply what each process involves. We have put together a pro and con list for each to help you understand them both a bit more.  

Buying pros and cons: 

Before buying a home there are many factors to consider from where you are in your career, different circumstances and can I afford it? (Link for other article home buying fees explained ????) 

However, you may be trying to decide is it worth it, so below are some pros and cons for buying a home.  

Pros: 

• Your money. When you purchase a home all the monthly repayments go towards fully owning your home, not towards a landlord pockets. 
• Value. The value of your house may increase due to the market, and any changes/maintenance can lead you to gaining a profit from it. 
• Permissions. When the house is yours, you don’t need permission to do simple things like redecorating or getting a pet like you would if it was a rented property.  

• Freedom. Unlike renting, you can’t be asked to leave by a landlord! 

Cons:  

• Mortgages. If you have a joint mortgage and separate it can become complicated to sell the property or take over the mortgage.  

Interest rises can increase monthly payments (however you can get a fixed rate mortgage to help you budget) 

• Maintenance. You oversee all the maintenance on the property including things that need urgent attention.  
• Moving process. The moving process when buying a property can take a long time, especially if you are in a long property chain  
• Financial consequences. If you fall behind on payments you could face many challenges like getting into debt, bankruptcy or having your home repossessed.  

Renting pros and cons  

Renting a room or a home from a private landlord is the reality for millions of UK citizens, but it can be hard to determine if it is a positive or negative experience. Below you will find some of the pros and cons for renting a home.  

Pros: 

• Flexibility. Renting a property is a flexible experience, due to most landlords giving you the ability to give relatively short notice.  

• Maintenance. When renting the maintenance is the landlord’s problem, this relieves financial big stresses and responsibilities. 
• Speed. The process of renting a home is usually a lot quicker than that of buying a home.  
• Deposit. The deposit for a rental property is smaller and the payments rarely ever change, this makes it easy to budget.  
• Affordability. If you decide to rent or may find that you can afford a larger property and nicer area than if you were buying a home.  
• Social aspect. If you are renting a room/flat sharing this Is a good way to tackle loneliness and getting to know a new area. 

Cons:  

• Questionable landlords. There is a concern surrounding landlords that fail to ensure the property is maintained properly. There is a generalised view that renting is bad mainly due to these people. 
• Insecurity. Even though when renting there is flexibility, there is also the fear experienced that a landlord would tell you to move out, with not enough notice.  
• Future. Some people will find that they end up renting their whole lives if they never buy a property, even when you reach retirement age. Once you’ve reached this time some people may find it will become increasingly challenging to be able to pay rent.   

• Expense. With prices rising everywhere, the price to rent has also increased.