Pros

Landlord Is Responsible For Repairs

When you are renting your home, your landlord has the responsibility of ensuring that everything is well maintained. They are responsible for any repairs and the overall structure and fixtures of the property. This will save you money as you will not be solely responsible for paying for repairs.

Move Easier

If you are renting, you have the freedom to move when you want to, without having to go through the selling process. You do not have to find someone to buy your property, all that is required from you is to give your landlord the agreed notice period of when you would like to leave.

No Mortgage Ties

When you buy a property, applying for a mortgage can be a complicated process, and mortgage payments can last 25 years or over. Whereas with renting, you have no financial ties to a mortgage, which for some people is better suited to their financial situation.

Cons

Lack Of Stability

The problem with renting is that all decisions are dependent on the landlord and their future. If your landlord decides to sell their property, you will have to move. This results in a lack of security. Not all landlords will give you plenty of notice, sometimes it can be as short as 2 months.

Can Be More Expensive

Renting can be more expensive than monthly mortgage payments. The amount of rent you pay is entirely up to your landlord and they do have the right to raise this and continue to do so.

No Financial Return

By renting, you are not gaining any financial returns on the property or any financial benefits. Whereas, when you buy, over time your property can gain value, and when you decide to sell you can raise the selling price.