Benefits of Renting
Thinking about renting property but still need a little bit of persuasion before taking the plunge? Don’t worry, we have you covered. For many reasons, renting can be an attractive alternative to starting the lengthy (and expensive) process of buying a house. Here are a few benefits to renting:
1. Firstly, renting offers flexibility.
If you’re someone who doesn’t like to stay in one place for a long period of time, renting could be for you. You can choose to stay at the property on a short-term or long-term basis; if your plans change, you have the freedom to pack up and move to the next place (given that your tenancy agreement has ended). The freedom of renting might also be pull factor if you’re planning on making a life change; if you’re planning on starting a family you can move to a larger property more easily than if you were to go through the lengthy selling/buying process.
2. It’s easier to manage costs
When you rent a property, it is the landlord who covers the cost of insurance and maintenance. If the boiler breaks during a harsh winter, don’t worry about scrambling to find an engineer; here at Space, either we or the landlord will have contractors who can come to your property to fix the problem. Furthermore, we will maintain regular contact with you to keep you up to date with repairs. With the landlord covering these expenses, its much easier to manage your out-going expenditure. You can spend the money on other, more exciting things!
3. The world is your oyster!
You might have your eye on a highly sought-after area but for various reasons – be that financial or circumstantial – buying is out of the question. In this case, renting in that area could be the next best thing. Going back to flexibility, you can experience what is it like to live in the area you want to buy in – a taster if you like – to see if its for you. If you decide it’s for you, great! You can wait for a property to become available to buy. If you decide the area you have rented in is not for you after all, again you have the flexibility to move.
4. Avoid extortionate deposits
One of the main issues that first-time buyers struggle with is the dreaded deposit. As house prices soar, buyers now have to save up more and more to be able to afford a deposit for a property; it can take years! Whilst there is a deposit with renting, it is a lot more feasible for tenants – just one month’s rent in most cases!
5. No need to buy new furniture
When you start your rent search, you can look for properties to let which are furnished or unfurnished depending on your requirements. One of the joys of renting a furnished property is that you don’t have to spend money on couches, tables, chairs or kitchen units. This is especially beneficial and cost-effective if you don’t own any furniture to bring with you to the property. When buying a property, however, you will most likely have to start from scratch when decorating and furnishing it.
Ultimately, rushing to get onto the property ladder might not be the best option. With deposits, a mortgage, and various other hidden costs it takes to run a property, you could find yourself in debt; you must ask yourself is it really worth it? Depending on your situation, renting could be a much more affordable alternative, and with the flexibility it offers, it’s definitely something to consider.