According to Finder 2022, 86% of people living in Britain want to own a home, however, with rising house prices and cost of living crisis, it is becoming increasingly difficult for people to get onto the property ladder. As it stands, Generation Rent states that 13 million people in the UK rent from a private landlord and our current generation are known to rent. So, let’s dive into what’s better, renting or buying a property.

Advantages of getting onto the property ladder

Disadvantages of getting onto the property ladder

Advantages of renting

Disadvantages of renting

Now that we have the advantages and disadvantages of owning a property and renting, I can conclude that it is all dependant on your goals and what best suits you at the present moment.

Most commonly, renting is a better option for people seeking short-term accommodation, whereas buying a property is better suited for long-term commitment. If you’re someone who prefers to move around or travel, buying a property might not be the best course of action. On the other hand, if you’re someone who wants a future investment or stability then getting a mortgage would be best.

Before you go … 

If you’re someone who understands that property is an amazing force to aid you in creating an income, but you don’t have thousands of pounds in the bank for a deposit to buy investment properties, then click to get your FREE guide.

Before you go …

If you want to learn how to buy property and thrive in a volatile market, click to get your FREE guide.