The news is constantly telling us that the current generation of home buyers are simply not able to afford to get on the property ladder and face spending their entire lives renting. But is renting so bad and what are the pros and cons of renting vs buying.

There are, of course, many things to consider when making such a huge decision, the first and most important is financial but after that, there are a number of practical and emotional decisions you’ll need to make.


The biggest pro of buying your own home is that once you have paid off your mortgage, the house is yours and you won’t ever have to worry about paying for accommodation again. This is, of course, you don’t move to a more expensive home.

Your home will increase in value, which is something you should consider when buying, but this increase in equity will mean that you can work your way up the ladder and increase your home size as your family grows.

If you buy a home which needs a bit of work doing, you may have saved yourself a bit of money in the asking price but as time goes on and you make home improvements, it will naturally increase the value of the home when you come to sell on. From replacing windows to adding an extension, completing a loft conversion and generally doing some much-needed maintenance will increase the properties value.

The cost of a mortgage, depending on the deposit you put down is often cheaper than renting, so you may be better off all whilst having the added benefit of owning your own home.

However, there are a few cons which come with owning your own home. The first is the large deposit you will be required put down, this can take years and years and is often the reason why so many people end up renting because they can never save the required amount (usually 10%). Buying a house is a big commitment to make and you need to be sure it’s the right thing for you.


It’s true that many millennials are choosing to stay on the rental market and it’s not just a financial issue.

The freedom of renting is something which buying just doesn’t offer you, a change in situation, a relocation for work, a growing family, all of these changes when renting aren’t a big deal, just give your month’s notice and move into another suitable property. This flexibility just isn’t possible when you buy, mostly because moving and selling your home is a long process which can take months.

Another benefit of renting is that there are no significant upfront costs, yes you will have agency or landlord fees to pay as well as a deposit but this doesn’t usually amount to more than a couple of hundred to a thousand pounds which is affordable if not done too regularly.


When it comes to a decision about renting or buying, you have to weigh up your personal circumstance and see what you can realistically afford and how your lifestyle will fit in with either option.

Buying a home is a big commitment and one which shouldn’t be taken lightly, so take your time, speak to a dedicated mortgage advisor and shop around to see what kind of house, price and location is right for you



About Author

Hi Im Eddie. Ive been working in finance for most of my life so I thought I would start to show some or my learnings. Hope you find it useful. I have dogs too and cats. When Im not feed them Im running.

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