The age-old dilemma of whether to rent a home or buy one rages on. It’s a difficult decision to make, so what are the pros and cons of each option?

Renting

Renting is still seen as the worse of the two options by the vast majority of the population. We worship the idea of home ownership, no matter what the drawbacks of doing so are. But should we be so quick to dismiss the idea of renting a property? There are plenty of benefits to renting, and, for a lot of people, they don’t really have a choice. So, let’s discuss the main pros of renting rather than buying a property.

For a start, renting means not having to commit to a property for the long-term. You can move about and take on different rental agreements and then leave when you get bored. That allows you to discover new locations much more easily. This is more important than you might realise. There’s nothing worse than buying a home and then getting bored of it or deciding that you bought in the wrong location. Once you have a mortgage, it’s too much hassle to sell up and move on again.

Renting is also great for young people who don’t have the funds to be able to buy a property. The vast majority of people who end up renting for their whole lives didn’t intend to do so. Most of them decided that they’d rent while they saved up and then ending up liking the arrangement they found themselves in. This is something that you might discover too.

But there are, of course, some downsides to renting a property rather than buying it. For example, you have no solid assets in your possession. This is why a lot of people talk about renting as being akin to throwing money down the drain. No matter how much you pay out in rent over the years, you don’t own anything.

Buying

The main reason why buying a home is seen as the best option by a lot of people is that it is secure and safe. Once you hand over the money to buy the property, it’s yours, and no one can take it away from you - as long as you carry on paying the mortgage! This is something that rental homes can’t offer. A home of your own can also be passed on to future generations to help secure their future. This appeals greatly to a lot of parents.

Buying a home is also seen as a way of maturing and growing up. For a lot of people, it’s a genuine milestone in life, and one that they take very seriously. It is true that going through the process of buying a home does teach you a lot and force you to grow up and take life a bit more seriously. The pressure of having a mortgage is huge, and you have to become more stable and secure.

It’s a big step though, and a lot of people simply can’t afford to buy a property. It’s becoming more and more difficult for people to take that first step onto the property ladder.


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Verdict

There’s no easy answer to this dilemma. You have to weigh up your own situation and decide which option will make your and your finances most secure. It’s a huge decision, so don’t rush into making it.