Buying or renting: the pros and cons

buy or rent

If home is where the heart is, does it really matter whether we own the object of our affections or simply rent it?

Truth be told, there are advantages and disadvantages in both these scenarios.

So let’s look more closely at buying versus renting.


Buying: the pros


Depending on your mortgage deal – and there are some good ones on offer right now due to an all-time-low base rate of 0.25 per cent– a monthly mortgage payment can be significantly cheaper than renting. But the best bit is you’re investing with every penny.


You can indulge your own tastes and change anything to get your home just the way you want it. No more checking with a landlord whether it’s OK to paint the kitchen crimson. Big jobs such as re-doing the bathroom will add value. Time to crack open that paint pot.


You’re master of your own destiny. Stay as long as you want and, once the mortgage is paid off, you’ll have somewhere to live cost-free. Or sell up and move when the fancy for a new home takes you.

 . . . and the cons

Upfront costs

When it comes to buying a first home, the challenge is having enough money for upfront costs, not the mortgage itself. These include a deposit, solicitors’ fees, removal costs and, depending on the value of the property, Land and Buildings Transaction Tax (LBTT).

Ongoing costs

Bear in mind, if you live in an apartment or house with communal areas, such us roof, entrance hall or garden – every owner will be asked to pay a share of repairs or regular upkeep.

The buck stops with you

Home insurance is something you have to take out with your mortgage. Happily this will cover you for a variety of unforeseen costs, such as accidental fire or flooding.


Renting: the pros

No shock bills

One of the chief attractions of being a renter is, if the boiler breaks down or the roof blows off, it won’t be you having to fork out to fix the problem. One call to your landlord is all it takes.

No maintenance

Unlike home owners, a large chunk of your time and money will not be sucked up by repairs or upgrades.


If you’re offered a dream job in another city, you don’t have have to sell your home before you can move on. Simply give your notice and you’re on the road.

. . . and the cons

An uncertain future

For some, the instability of living in rented accommodation can be a worry. Your landlord could choose not to renew your tenancy if they want to sell or move back in.

It’s not your style

While most canny landlords offer neutral décor to attract renters, not all do – you may find yourself mentally painting over the psychedelic living room wallpaper every time you sit down.

Lack of investment

Renting means you’ve not yet stepped on to the first rung of the property ladder, as your rent money hasn’t been invested in your own property.

Why not help make up your mind by a looking at the very best properties to buy and rent on s1homes?

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