At some point in your adult life, you may run into the question: should youI rent or buy a home? It's not always the easiest decision to make. Sure, owning your own home may seem like the sensible option if you have the funds to do so, but it does also come with some pretty big responsibilities. To help you make the right decision for yourself and your finances, find the advantages of each below. 

The Advantages of Renting a Home 

You Won't Handle Maintenance 

Owning a home takes more work than you might think (especially if you have never owned one before). It requires a lot of maintenance, and, as the homeowner, you are 100% responsible for this maintenance. On the other hand, renting a home means the landlord will cover any maintenance costs, so you don't have to worry about budgeting for that. 

It Can Be Long Term

Some people assume that buying a home is more of a long-term commitment when compared to renting a property. While this can be true, it doesn't necessarily have to be. Getting a long-term rental can mean staying at the property for a long time. Plus, people who own homes don't necessarily stay there as long as those who rent – they may decide to move on after just several years. It's good to know that renting doesn't necessarily mean constantly moving about! 

You Don't Need a Large Deposit

One of the biggest things that put people off buying a home is the large deposit required. Sure, renting a house means you'll usually need to pay a security deposit and the first month's rent upfront, but this amount is typically much smaller than an entire down payment on a house. In the end, renting is more cost-effective in the short term. 

Potential Access to Amenities 

Some rental properties offer access to amenities that you likely wouldn't be able to enjoy as a homeowner. For example, some rental buildings have gyms or pools on-site, so you can enjoy those simply by paying a monthly fee. It can add a little luxury to your lifestyle

It's Easier to Move

It's undeniably more straightforward to move if you're a renter compared to being a homeowner. First, you don't have to worry about selling the home – instead, you just have to wait for the contract to complete and notify your landlord or letting's agent. It's still an enormous process (moving always is!) but it's nothing compared to selling a property. 

The Advantages of Owning a Home 

The Stability 

Owning a home feels much more stable and secure compared to renting. When renting, you may be under a contract where the landlord can ask you to leave at short notice, which can uproot your entire life! Being the property owner avoids this – you can rest assured that the walls around you genuinely belong to you, and you will only need to move out if it's your decision. 

The Chance to Build Equity 

One of the biggest draws of owning a property is that it gives you physical equity. The more you pay off your mortgage, the more equity you build. Again, this gives you a feeling of stability, only, this time, it's financial stability

You Get to Renovate and Decorate

Renting a home often comes with one big caveat – you won't get to make the space entirely your own. Sure, you can hang photos and use your own furniture, but landlords often don't allow tenants to paint the walls, and they definitely won't want them performing big renovations! That's not the case when you own your home. As the owner of your property, you can more control over your space, so you can create the homely environment that's perfect for you, whether by investing in an extension or simply painting the walls your favourite shade of green! 

No Worries About Rent Increases

When renting a home, you may experience rent cost increases over time, which can be difficult to keep up with. You often don't have to worry about that when owning a home, as many mortgages stay at a fixed price the entire time. However, there are exceptions, such as if you have a variable-rate mortgage. 

The Takeaway 

As you can see, there are clear advantages to both – the one that's best for you depends on your circumstances. If you don't have a large amount of savings but still want to live in a nice property long-term, renting is definitely an option. However, if you'd like to get on the property ladder, build equity, and feel secure in owning your property, buying a home might be the way forward.