Renting or buying – most people have already formed their opinion on this issue.
Having done both myself, I am in a very good position to form a view on which I think is the best as well.
The most obvious way people will live in their own home to begin with is to rent their own house. It is nearly impossible to accrue enough money for a deposit, which these days is well into five figures.
The best part of renting for me was the lack of real responsibility. If something broke, it was the landlord’s duty to come and fix it (luckily for me I have always lived with decent landlords.)
The knowledge that I could easily leave that property should I wish to, only having to give one month’s notice, was also somehow satisfying.
The main disadvantage of course is that you’re not getting anything for your money at the end of the day. When you buy, there is a very satisfying knowledge that at the end of the mortgage period, that house will be yours and yours alone, even if that end date is a long way away.
There is extra responsibility but it depends what sort of person you are as to whether you want this responsibility.
I think age is a huge factor in this debate. When you are younger, renting is brilliant and doesn’t tie you down. But when you reach pension age, do you really want to have that worry about how to pay your rent when you can’t work anymore? Or do you want to be in your own home without fear of being kicked out?
Of course there is a third option, and that is to live with parents. There is no doubt how much money you save but the lifestyle restrictions don’t allow you to come and go as you please.
The truth is that it depends at what stage in your life you’re in. Whatever you decide, you’ll be alright in the end!