Buying vs. Renting: Is Renting a Home Better Than Buying

Buying vs. Renting: Is Renting a Home Better Than Buying or the Other Way Around?


It’s an age-old question. But does it have a definitive answer? Our estate agents in Newham believe it does and it is up to you. Keep reading to learn more about the pros and cons of renting a property as well as the benefits vs. disadvantages of owning a property so that you can decide which option best suits your needs, budget, and goals.

If you are looking to rent, let, buy, or sell a property in East London, contact our Newham estate agents at 0207 055 0441 today and they will assist you in making the most profitable deal.

What you can find in this article:

Pros of Renting a Property


With interest rates rising and making it difficult for first-time buyers to climb onto the property ladder and with demand way exceeding supply, renting a property vs. buying one is a reality for many. But is renting actually a bad thing?

Our Newham estate agents believe it is not. In fact, here are at least 5 reasons why renting may actually be better than buying a property:

Lower Costs

Renting obviously comes with fewer upfront costs as well as long-term maintenance costs. For one, when renting a property, you won’t need a deposit higher than a month’s rent. Buyers, on the other hand, need to have an average deposit of £62k to purchase a property.

This high cost makes it impossible for many to save up such a high amount, making renting a more attractive option. Renting is also a more attractive option for those who prefer to put their money to work and make different investments instead of spending it all on a home.

While we are on the subject of costs, renting also has another advantage. That is, no maintenance costs. When you own a home, you are also responsible for keeping it in good shape and making necessary repairs and maintenance and refurbishment works, especially if you don’t want your property’s value to go down.

Renters, however, have the luxury of calling their landlord anytime something breaks or needs repairs in the home, from the plumbing to the heating and appliances.

More Flexibility

When you buy a home, you make a huge commitment not only money-wise but also location-wise. And as much as you invest in your property to bring it up to standards and make it your own, you will never be able to change where it is located. This means you either have to settle or spend time and money putting the home on the market should your situation change and require you to move out.

When you rent a home, moving elsewhere is easy if you change jobs, find a better location, or want to escape the neighbours. All you need to do is give your landlord a month’s notice and you’re out of there.

More Predictability

Homeownership costs are not only high. They are also unpredictable. With interest rates rising at a worrying rate, it’s difficult for homeowners to predict their finances, particularly in the long run.

The main advantage of renting, in this case, is the fact that it offers predictability. You know exactly what your home costs each month, no matter how the interest rates rise and no matter what maintenance or repair works the property may need.

More Luxury

Buying a home in an exclusive area is not for the weak of heart. Or budget, in this case. However, renting a home in an exclusive area may be easier. This means that, as a renter, you can afford to live in a better area than you would live as a homeowner.

More Safety

There is no denying that the safety standards imposed on landlords are high. Landlords are required to meet many requirements and ensure their properties are up to date when it comes to safety equipment and maintenance. This makes properties for let safer than properties for sale and allows you, as a renter, to not worry about any of the costs associated with meeting these safety standards.

Pros of Owning a Property


Now that we’ve seen what the main advantages are when it comes to renting a property, let’s take a look at the pros of owning a home.

More Freedom

The main advantage of owning a home is that you can make it your own. There won’t be anyone telling you you’re not allowed to put a painting up or make your living room wall bright red. And there won’t be anyone telling you that you can’t have five cats if you wanted to.

While renters don’t have to worry about maintenance, repairs, or refurbishment, they also do not have the freedom to choose how the home looks, what decorations it has, or who you can share that space with.

More Security

It is true that, when you rent, you can move out anytime you want. But, on the other hand, the landlord can also tell you to move out even when that is not what you want.

Owning a home gives you more security and a higher sense of well-being.

More Potential for Income or Savings

The costs associated with owning a home can scare many away from buying. However, there are two sides to each coin. In this case, this means that a home can also generate income, not just spend your money.

If you own a home and make improvements to it or if you buy in an up-and-coming area like Newham, the value of your home will go up. In some cases, the difference between the purchase price and sale price can be quite significant as our Newham estate agents well know.

In addition, as a homeowner, you can also decide to let your property and have it generate constant income.

Last but not least, if you are able to save up and have a large deposit when buying a home, you will find that buying is actually cheaper than renting.

If you are looking for a new home in East London, our experienced estate agents in Newham can ensure you have access to the best properties and will help you secure the best price. Contact our experienced agents today at 0207 055 0441 to learn more.

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Our Agents

Estate Agents Qaiser

Qaiser Masood

Estate Agents Rizwan

Rizwan Ashraf

What Our Customer's Say

Samarpan Thorat
Samarpan Thorat
They have multiple options.
Lana Matta
Lana Matta
Exceptional service! Always on time and proactive!
Adetola Ajala
Adetola Ajala
From just a walk in to prompt service delivery. Adil took time to explain about property market and was very professional in every aspect of negotiation and final house letting process. So far property management has been satisfactory.
Amit Bains
Amit Bains
I chose REMAX and Adil specifically to manage my property in the Canning Town area because I could tell the enthusiasm and customer service levels were extremely high. I have not been disappointed given the current market and global situation over the past year and more I could not have asked for a more attentive agent then Adil and the wider REMAX team
Adnans Syed
Adnans Syed
Remax barking is best agents Mr Adil is best Man to deal with we take House From Mr Adil in 2018 now in 2021 we are moving From house But There service is very professional and decent I moving my house but in many years no problem with them regarding anything I live in U.K. since 15 years but this is the best agency we had if you guys be with remax barking road you never be a disappointed that’s for sure great service see you in future Mr Adil thanks for you kind service god bless you 🙏
Thunicia Moodley
Thunicia Moodley
I approached REMAX after being dissatisfied with another agent in the area, who was very poorly responsive, negligent with our property, & unable to rent it out for 3 months. From the first interaction, Adil was highly responsive, provided advice on what was required to bring the property back up to standard, and swiftly obtained quotes for all work that needed to be carried out. REMAX oversaw completion of the extensive work & secured tenants in approximately 4 weeks. I initially contacted REMAX, amongst other agents, due to their high Google ratings. Based on my own experience, I rate the level of customer service & professionalism 5 star. Thank you Adil & Team.
Anam Asghar
Anam Asghar
Excellent Customer Service and prompt action been taken when finding property for my self… Highly Recommended 👍🏻
Nitu Mariana
Nitu Mariana
I have just secured a new apartment using the REMAX Canning Town Branch, and during the whole process, Mr Masood Qaiser was very helpful. I contacted him through Facebook regarding the available property. He was very professional, good communicator. Patient and reliable. Explained all the processes and followed up with emails and calls, which helped put my mind at ease and helped me throughout the whole process, making the process smooth and easy. Even he helped me with switching the bills. So I very much recommend this agency. I had a positive experience with them.
Martin Parvanov
Martin Parvanov
I saw so many properties to rent in Facebook . You have so many advertises and when I ask Julian if they are still available He doesn't reply to me. Even not only him ..There is another guy I can't remember his name and he doesn't answered on my messages as well. This is the reason to give you only one star
Saugat Budhathoki
Saugat Budhathoki
I've used Remax Canning Town Branch for Letting my apartment in Rathborne Market. Mr Rizwan is reliable and goes the extra mile to help and secure the professional tenants as I wanted. On top of his knowledge and experience, Rizwan is kind and personable, a pleasure to work with him, and I recommend REMAX wholeheartedly.

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