Knowing whether you should rent or buy a home depends on your personal situation, there are pros and cons to both. In terms of monthly payments, renting is typically more expensive but buying has more upfront fees, such as stamp duty and solicitor fees. Also with buying, you'd have to factor in paying for urgent repairs that can put a strain on finances. But at the end of the day, buying a house means your monthly repayments are going towards the house you own and not a landlord's pocket.