If you're thinking of moving, particularly into your first home, you may be wondering what's the best option for you: whether to buy or rent a property. 

At Homeward Legal, we know how important your home is to you, so we have produced a guide on whether you should buy or rent a property to help you decide. 

The pros and cons of buying a property

If you are considering buying a property, it is important to familiarise yourself with some of the pros and cons when deciding to buy your home. Let's take a look: 


  • you have a substantial investment which builds equity
  • you have the comfort of stability
  • your monthly accommodation payments benefit you rather than another person such as a landlord
  • once you've paid your mortgage, you own a property and it becomes your asset
  • you make decisions so there is no need for permission, for example, to redecorate 
  • there are tax benefits


  • there are substantial initial costs
  • there are large ongoing costs
  • if things break you may have to pay
  • you pay maintenance
  • if property prices drop, you could lose money
  • joint mortgages can be problematic if you sell 
  • the process of moving can be lengthy
  • if you are late with mortgage payments it can have serious implications such as repossession or bankruptcy
  • if you buy a property with another person, it can be difficult if you then break up

The pros and cons of renting a property

There are also both pros and cons to deciding to rent a property. We list some of the pros and cons of renting your home here:



  • your landlord may decide to raise your rent
  • your landlord may suddenly choose to sell your home
  • there are upfront costs in terms of deposit and rent in advance
  • you can't control when maintenance work will be done
  • it can be difficult to get your deposit back

Deciding to buy or rent

Deciding whether to buy or rent is a decision only you can make depending on what suits your situation. There is no right or wrong answer. You will likely consider, for example:

You may have heard that when you rent a home you are wasting your money each month. But spending money on a home and having a place to live is not our idea of money down the drain. Whilst it goes to another, it pays for your home. 

Are there better times to rent or buy?

There are no specific times when it is better to rent or buy a property. However, many factors can affect what may be better at the time. For example:

  • whether interest rates are high in terms of getting a mortgage
  • the property market ,in terms of house prices
  • demand for renting which may affect rental prices
  • your credit rating
  • your financial situation
  • your life situation in terms of being ready for commitment and settling in one place.

Which is cheaper?

When you consider just the accommodation cost every month, it is normally cheaper to rent your home. In February 2022 average rental prices were £1069 per calendar month in the UK.

Although your mortgage may be lower than rent, the overall cost of buying tends to be higher. Typical expenses associated with buying your home are:

  • property taxes
  • solicitor's fees
  • moving costs
  • water bills (although you may have to pay these if you rent)
  • property insurance
  • repairs
  • maintenance
  • interest payments on a mortgage

However, it is, of course, possible that renting can be higher than buying depending on your lifestyle. Also, there has been an 8.6% increase in the cost to rent over the past year. However, with renting a home, you have expenses which tend to be regular and predictable.

Which is better for a first property?

It is not necessarily better to rent or buy your first home. Ideally, many of us would prefer to be in a position to buy a home as soon as possible and get onto the property ladder. However, when you choose your home you may not be far out of your teens and not necessarily at a stage where you wish to commit to a mortgage. Therefore, when you get your first home, you will decide if buying or renting your home works out better for you at that stage in your life.

If I decide to buy, how much deposit should I save?

If you decide that buying your home rather than renting is for you, you will need to ensure you have the required deposit. Whilst it is possible to get a mortgage with absolutely no deposit, you should note that there are pre-conditions attached to these.

The usual amount of deposit you need to get a mortgage to buy a property is a minimum of 5%. So, if the house you want to buy is worth £300,000 the deposit you need to save is £15,000. However, you can get a 95% loan-to-value mortgage. Basically, the more deposit you have the lower your monthly mortgage payment will be.

If I decide to buy, what are my next steps?

If buying your home is for you rather than renting your home you will want to know the next steps to owning your own property. There are certain things you will need such as:

  • your deposit (minimum 5%)
  • good credit to enable you to get a good choice of mortgage deals
  • Ideally, your first six months express to cover bills and mortgages.

The key steps to buying a house are:

  1. Completion of ID documents and instruction forms
  2. Your conveyancing solicitor will pass the seller's solicitor the contracts to review
  3. Your conveyancing solicitor will make enquiries with the seller's solicitor
  4. Searches will be carried out such as with the environment agency
  5. You and the seller agree on terms and make a date to complete the sale
  6. Contracts are exchanged between you and the seller
  7. Your sale is complete and you move into your property

Decided you want to buy a property?

If renting is not right for you and you have decided you want to buy a property in the UK, you will need help with the buying process. If you have decided that buying rather than renting is for you, the conveyancing process may be new to you particularly if you're a first-time buyer

You must have a conveyancing solicitor to help with the conveyancing property process to get the legal work carried out correctly. At Homeward Legal we can help you with all of this and make sure you are on the right path to buying your home.

Contact Homeward Legal on . Whatever your conveyancing needs, Homeward Legal can always help.

If you are buying a new home you will take part in what is called conveyancing. You will also do this when you come to sell your house or if you decide to remortgage. The conveyancing process when you buy a house is not easy and you will need help navigating your way around it.  You will certainly need a good conveyancing solicitor with extensive experience in buying property. This is where we at Homeward Legal can help. Our solicitors are all regulated for legal services and conveyancing services and are excellent at helping people like you buy a property.

Homeward Legal can look after all your residential conveyancing needs so if you need assistance, you have come to the right people. Now that you have made that decision to buy a house in the UK rather than rent a property, you are likely keen to get going as soon as possible. At Homeward Legal we appreciate that and also that you want to make no mistakes in the process, so we will lead the way. You can rest assured you are in the best hands with us no matter what your conveyancing needs.

If you are buying a house, contact us today at If it is easier, you can also get a fast quote online with Homeward Legal.

Contact us for help with your conveyancing needs

At Homeward Legal, we not only help you buy property but can help you with a range of conveyancing needs. We pride ourselves on making buying your property a stress-free and enjoyable move with the help of our experienced property solicitors throughout England and Wales.

Let Homeward Legal help you with all your conveyancing needs. Call today. Or why not get an online quote click here.

Last updated 14.02.23

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