New or rented house

There are a number of factors to be considered. If you are not expecting to stay in the same place for very long or if your cash situation doesn't allow you to make a deposit or qualify for a mortgage, then renting is either more economic or unavoidable. If you plan to stay in the same place for at least five years or longer and can afford to make the deposit on a house and can get (and expect to support) a mortgage, then there are usually some advantages to owning rather than renting, particularly if you buy a house that has a potential for improvement. Mortgage payments are usually significantly less than rental payments and, of course, you own the property and get to keep any profit you make when you sell it and pay off the mortgage. Don't forget to set against this, however, anything extra, such as upkeep of the property (usually included in rental payments) and local property taxes and buildings insurance (which are sometimes included, depending on the rental contract). If the house has scope for improvement and you have the time and are reasonably handy, you can often recoup what you spent on the improvements and make a sizeable profit (return) on your money.