If you are in the enviable position of being able to have the option to buy or rent a home then there are pluses and minuses for each choice. The obvious advantages to purchasing a property are that you actually own bricks and mortar. Something tangible that is yours. Every pound or dollar that you pay in over time will only increase in value. As you old age approaches downsizing or relocating is a popular option and with it a tidy retirement fund. Or you can have leave it to your children, make their life easier getting onto the property ladder than it currently is. To revamp or upgrade your house is down to personal choice, but with you being the king of your very own castle then the choice is solely yours. Consider also that a vast majority of properties have off road parking and or garages, its not until you do not have that option that you thoroughly appreciate that this really is a privilege that should be factored in when making this choice.
The disadvantages to owning said property are that your land rates will be fairly steep even in the cheapest of areas. There is very little that is good value these days. If something is broken or replacing your pocket will be where it comes from. House needs repainting then again that is down to you. To maintain a house is a very expensive proposition, it is not just the mortgage,council taxes and land rates that you need allow for. When buying a home make sure you acquire something that is all up together and requires little to no renovation unless your pockets are very large or the price reflects this.
Renting is again a double edged sword. The pros and cons are smaller than buying firstly. The stress relief of not having to replace or maintain the place you rent is a golden chalice to many.You will have had to have owned your own property to know the differences. But this the biggest pro about renting. If it breaks or needs maintenance then it is the landlord who must do a little digging. With the building trade and materials being at an all time high, the costs for even the smallest of jobs can cost a small fortune. Life is a little more flexible also. You are not tied to any one location for long periods if you wish to move. The total cost of renting is cheaper so saving is extremely viable, allowing you to save for your dream house in later life.
While it may be a good choice to rent for a lot of reasons there are a few pitfalls to be weary of. The deposit is not an issue as compared to a mortgage its small change. But unlike buying every cent you put in save the deposit you will not see again. Your old age retirement fund is a priority as you have no way of downsizing or recouping the money. If you damage the property you lose your deposit and with it a reference for future renting. A lot of landlords do not like or allow pets in their buildings, thereby limiting your overall viable options. And lastly it can be just as difficult high end of the renting market to actually meet the landlords criteria. The better the area you wish to live in the more boxes you must tick.