Renting vs buying
Lesson 1 of 12 in our free Buying a Home guide: a 5-minute money game with the key points below.
Reading is cool. Playing is cooler.
This lesson is a 5-minute game. Free, no sign-up needed.
The story so far
Dex: Renting is literally throwing money away, bro. Paying someone else's mortgage. Sheep behaviour.
Nana: And mortgage interest is paying the bank's profits, Dex. Neither is 'throwing money away' — you're paying for a roof.
Chip: Buying builds ownership over time but ties you down and has big upfront costs. Renting is flexible and the landlord fixes the boiler.
Questions you'll answer
Mo might move cities for work within 2 years. What usually makes more sense for now?
Renting while saving towards a deposit. Yes. Keep flexible, keep saving. Buy when your plans are steadier.
Quick facts
- Easy to move for a new job → Renting. Give notice and go.
- Paying off something you'll own → Buying. Each repayment chips away at the loan.
- The landlord pays for big repairs → Renting. Boiler dies? Not your bill.
- More freedom to decorate → Buying. Paint the walls neon if you like.
- No big deposit and buying costs upfront → Renting. Just a capped tenancy deposit.
- Fact: “Homeowners pay for their own repairs and maintenance.” — Roof, boiler, damp — all yours now. Budget for it.
- Myth: “House prices always go up.” — They can fall, sometimes for years. You can owe more than the home is worth.
- Fact: “Renting can be the right choice even if you could buy.” — If you might move soon, flexibility can be worth more.