Advantages:

You have control;

You can perform renovations as you wish to increase the home's value, without worrying about whether the landlord will agree or not.

You own an appreciating asset;

Your home is going to grow in value over time. Money paid on rent is sometimes seen as “lost money” because it is not gaining you any benefit in the long-term, whereas paying off a bond is money being put toward a secure future.

If the value of the property rises;

That means the value of your asset is increasing; whereas if the rent increases that means you have to pay more rent.

A tenancy agreement is not a concern;

The house is yours to live in as long as you want.

Disadvantages:

Moving is difficult;

Versus the flexibility, you have with rented apartments. You can't just up and go.

You are responsible for maintenance costs;

Levies, utility bills, and other additional costs that come with the home-owning experience, while in a rented apartment you can (usually) expect the landlord to cover such things.

You'll need to have building insurance;

To protect yourself against the cost of home damage, an expense that you don't have to worry about if you're renting.

Purchasing a home;

Requires you to pay a number of costs before a transfer can take place.

Variable interest rates;

Affect your home repayments when they fluctuate, whereas a rental price is fixed for the term of the lease.