Renting v Buying

Having made the decision to leave your parent’s home to set up on your own or with a partner one of the next decisions that you will need to make is whether to buy or rent a property. It will not come as a surprise to you to read that there are a number of factors that you will need to take into account in order to make such a decision.

So, let’s have a look at some of the things that you will need to consider: –

Buying or renting a property is not an easy decision
Should you buy or rent a property? – Image credit: John Picken Photography.


When you buy a property to live in, you are investing in the future in so much as you will hope that the value of the property that you own will increase in value. The equity that you hopefully build up over a number of years could be used to your benefit should you decide to move upmarket or it could be used to supplement your income if you were to downsize when you retire and use some of the sale proceeds towards supporting you in retirement.

However, if you were merely to rent a property, you would not benefit from any increase in the value of the property as the landlord would benefit in this respect.


If you own a property, you are able to decide how it is to be decorated both inside and outside. You can add a conservatory to it or fit double-glazing. You can have fitted wardrobes installed or put in a new kitchen. You could do none of those things if you were to let a property unless it was with the landlord’s permission and, in any case, you probably wouldn’t want to go to any great expense as there is no guarantee of being able to reside in a rented property on a long-term basis.

A rented property is more flexible in so much as you are not tied into staying in it on a long-term basis. This enables you to move around once the rental agreement has come to an end.


There is an awful lot of paperwork when it comes to buying a property especially if a mortgage is involved and considerable expense in employing a solicitor. However, with a rental property, there is not so much paperwork involved.


If you own your property, it is yourself that is responsible for keeping it in good order such as painting and decorating it or calling in a plumber should there be a leak. If you rent a property, it is the responsibility of the landlord to sort out these things.

So, as you can see, there are a number of things that may affect your decision as to whether to buy or rent a property.

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