Renting gets a bad rep! Everyone speaks of the advantages of owning property, the need to get your foot on the ladder and have your own piece of the pie. The truth is, it’s very easy to get caught up with this societal expectation without first asking, ‘is it right for me?’ There’s a lot of advantages of renting and you could find that in your circumstances, it does in fact pay to rent! Here’s a little more about why you shouldn’t jump at the first chance of home ownership.
Slash Those Maintenance Costs
Let’s face it, property maintenance doesn’t come cheap. If your boiler brews up a temper or your roof is a little leaky, there’s a landlord who’ll pick up the bill for repairs. If you own a property, this is all down to you. When renting landlords have certain obligations to you – for example it’s unacceptable to let tenants live in an unheated or poorly maintained property. If you’re a home owner and you can’t afford boiler repairs, your best option is to grab the closest blanket. Of course there are plenty of insurance providers that can help homeowners but ultimately the financial responsibility relies with the individual.
Can’t Afford to Buy
Here’s one of the biggest issues with home buying. It’s so expensive! Even if you manage to build up enough cash for a deposit and you secure a mortgage, there’s a strong possibility you couldn’t afford to live in some of the more desirable areas. Of course rent prices rise when you approach a more sought-after area but it remains a more obtainable option.
Minimal Upfront Costs
One of the most unattractive parts of buying a home is the huge upfront costs that come with it. There’s lots of hidden charges just waiting to sneak up and bite you. When you’re renting, the upfront payments tend to remain pretty standard; a secure deposit, a month’s rent and any fees the Lettings Agency charge.
Sudden Change of Circumstances? No Problem
Life’s unpredictable, circumstances can change dramatically and without warning. A spouse leaving or sudden change of job can be traumatic for homeowners. If you can’t pay your mortgage, your home will be repossessed. If you move, it’s going to be a very stressful time in your life. Renters on the other hand can find a stable footing quickly. Usually tenancy agreements will have a break clause and within a month you could find something more affordable.
Scared of Commitment?
If you’re the type of person who doesn’t like to settle down or doesn’t want to plan too far in the future, renting is the best option. You can jump ship (reasonably) easily and without financial burden. The lack of a need for long-term commitment makes renting a far more flexible and attractive option – especially for the younger generations.
As a tenant, you can sleep easy at night knowing there are regulations keeping you safe and secure. We mentioned earlier about how landlords have obligations to fulfil, this goes further than just maintenance and upkeep. Gas, electrical and fire safety standards must all be adhered to. There are a lot of legal requirements put in place specifically to protect the wellbeing of a tenant.
If you’re interested in staying in the rental sector, don’t let inventories become a thorn in your side. No Letting Go’s inventory services can remove this necessary but frustrating part of the rental process. Whether you’re a landlord, tenant or lettings agency find out more about how we can help you here.