The answer to this question is not straightforward. In fact there is no right or wrong answer. It comes down to personal circumstances, market conditions and is always a hotly debated topic. The case for and against both options can easily be made. Fundamentally it depends on your choice of lifestyle and personal circumstances.
1. You're investing in your future
If you own your home and have a repayment mortgage, rather than an interest only mortgage, you are investing in your future and creating a valuable asset.
2. Freedom
If you own your home you can do what you like to it (within the planning regulations of course).
3. Discipline and experience
The house buying process can be a daunting one, but when you have done it once, the process is very similar for future purchases.
4. Community
An often overlooked advantage of buying your property is that you're also becoming part of an existing community that makes up the local school, church or shops and create lifelong friends and support.
1. Flexibility
Renting allows you to choose pretty much where you'd like to live – subject to budget!
2. Free from financial responsibility
As a renter you are not going to fall foul of any housing market related conditions.
3. No maintenance costs
As a tenant it is the responsibility of your landlord to maintain the property, pay for decoration and its upkeep.