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Buying a property, can be a solid long term investment and can provide you with security for the future as once paid, you will have an asset that is yours to do whatever you choose.


You will see that rents are rising all the time, and you can pay as much to rent a house, as you would pay on a competitive mortgage, so you may be of the opinion that why should you pay someone else’s mortgage when you could be paying your own, and giving yourself a little security for the future at the same time.


There are also advantages to renting, and owning a property and taking on the huge commitment of a mortgage is definitely not for everyone. Some people like having the flexibility to move as and when they choose, and a mortgage and owning a property can certainly take away that freedom. If you cannot see yourself in an area for a long period of time, and are not completely settled, then tying yourself down may not be the best ideas, so renting would definitely be a better short term option. You may also need flexibility with work to be able to move at short notice, so again, renting would be a better option.


Just as rents can rise, owning a property can have its own risks. Property prices can go up and down dependant on market conditions, so if you are buying a property, you should be prepared for periods where you may see drops in the value of your home and possible negative equity. Always take a long-term view when investing in property, in the hope that your home will be worth more in the end than you paid for it.


Maintenance is always a key thing to remember when owning or renting a property. There are costs associated with running and maintaining a property, and whether you rent or buy will determine who is responsible for these costs.  If you rent a property and anything goes wrong, then your landlord and their insurance company are responsible for repairing the issue and ensuring that you are not inconvenienced as a paying tenant.


If, however you own the property and the roof blows off, then you are responsible for this damage and getting it fixed. You therefore need to make sure that you have the right insurances in place and access to any cash that you may need in extreme circumstances.


You should also consider your financial situation to ensure that you have job security and if the worst happens then you are still able to meet your monthly repayments. This is a risk to both renters and buyers, but if you are a buyer your home is at risk if you fail to pay the mortgage and you could be hit with a large bill if your home is repossessed and you are in negative equity, whereas if you rent you may be able to get housing benefit or worst case stay with friends and family if you are no longer unable to afford your rented property until your situation improves


There are lots of factors to consider when you are trying to understand if buying or renting is the best option for you. The most important thing is to consider your personal circumstances and draw up a pros and cons list to see what suits you best. Do your sums and don’t overcommit and everything should work out fine, whatever you choose to do.