When you’re renting, people tell you that it’s a waste of money, that you’re not investing in your future, but we’re here to tell you about the many, many benefits of renting over buying!

1. It’s often cheaper. As mortgages must also cover not only a loan repayment, but also interest the monthly payment can be higher.
2. You get to change your mind. Don’t want to live in your property anymore? Don’t like the area?  Easily and quickly move.  Not so easy when you own your own place!
3. You’re not fully responsible for the property in terms of maintenance and repairs. Your landlord has full responsibility for the boiler, the heating or the water.  Subsidence occurring? Not your problem!
4. Save time, energy and money on finding contractors, maintenance and overseeing repairs and works. Need to find a contractor?  Not your problem.  Big costs for repairing the boiler?  Not your problem!  It’s up to your landlord to source contractors for the repairs and maintenance required to make your property liveable.
5. You can more easily move or scale up as your family changes. When you choose to live with a partner, have children or simply have a new job which requires you to move – you can do so, and often much more cheaply than if you owned your property.
6. No worries about “negative equity” as the housing market changes
7. No commitment. Flexibility is highly sought after by young professionals – with moving multiple times in a short space of time often required for making the way up the career ladder.  Career progression is quickly becoming a priority for millennials, meaning that they will actively forego the choice to purchase in favour of the flexibility afforded to them with renting.
8. No need for a large deposit. To rent a property you will likely only need a deposit of 5 – 6 weeks’ rent (depending on the size of property) as a deposit, which is also returned at the end of the term.  For a purchase of a home, you must have a minimum of 5% of the total property costs (10% for pre-owned homes) which is an expensive undertaking.
9. Rental properties must adhere to specific standards. As a renter, you are protected for some health and safety requirements which your landlord must adhere too.  It’s that bit of peace of mind.
10. You can move to areas outside of your budget when sharing properties. Want to move to London for a job but can’t afford it? You can choose to share a property and your budget will stretch further.
11. Furnished properties save on furniture costs. Looking to move to your first home?  Lots of renters won’t have a huge amount of furniture to hand, or even the budget to purchase this.  You can save the money and get a property which you love, fully furnished and ready to move into.
12. Access to other amenities. For properties such as flats within complexes, there are often additional amenities including swimming pools, gyms, bars and restaurants.  Great extra benefits for young working professionals.
13. No stamp duty. The tax implications when you purchase a home can make the purchase significantly higher.  Not only do you require a minimum of a 10% deposit (non-help-to-buy purchases) but you will also be required to add an additional amount for stamp duty.  For example, if you wanted to buy a home at £530,000 you would be required to pay an initial deposit of £53,000 PLUS an additional £16,500 for stamp duty!
14. More flexibility in affordability. When you are looking to move, the cost of doing so is far cheaper than an owned property due to the avoidance of solicitors costs and conveyancing.
15. Easier to downsize if things get tough. Finding the rent a bit much?  It’s much easier to downsize and find alternative properties which can suit your budget.  If you owned your property and were finding it difficult to meet your mortgage payments, you are in the difficult position of potentially foreclosing on your property if you get behind.

  Owning your own property is on the decline, especially for people within the 25 – 34 year old age bracket, but owning your own place is still one of the top “life goals” of millennials and Generation X alike.  So why is owning your own house awesome?  Here are our top 5 reasons:  

1. It’s yours. You get to do what you want.  Once you reach a certain age, having the control to manage, design and create your own home becomes something which is highly appealing.  But, more than that, you get to use it how you wish!  No need to ask permission to make aesthetic changes to the inside, no need to check your lease allows pets – you can get a pet if you just want to.  It’s yours, so you get to choose. 
2. You are investing in your future.  Every time you make a mortgage payment, you are making a small deposit into your future.  People who rent and never buy a home must do so for the rest of their lives, meaning that deep into retirement, they will still be making rent payments.  In addition, once you own your own home outright and have completed your mortgage payments – you could choose to downsize your property to release some equity which can finance retirement, holidays or simply an adjustment in your lifestyle.  It’s a major benefit.   
3. You get to live there – no landlord to force you to move.  When you are renting, you are reliant on the landlord maintaining the property, responding to your requests and not selling the property out from under you.  Providing you are meeting your mortgage payments, you won’t be forced to move based on someone else’s circumstances.
4. You get to live rent free eventually.  Once your mortgage is paid off, that monthly payment can go straight into your pocket – whether that’s saving for that special once-in-a-lifetime holiday or whether it’s financing your future retirement plans.  Equally, if you choose to downsize before the end of your mortgage, you can pay off the deficit and start living rent free early!
5. You can profit if prices rise.  As the market changes, so does the property value, meaning you can be in the privileged position of gaining positive equity in your property – you get to make   Choose to downsize at this point and come out with a profit and some cash in your pocket or sell early and take the opportunity of the house price increase to make the next step up the ladder.

Want to talk to someone about getting on the property ladder?  Get in touch with one of our team today and see what options you might have – there are more than you might think.

This is a great question and one which causes some issues both sides of the equation – but we’re here to dispel any myths around it and to provide you with some answers too. First:   Landlords are legally allowed to reject or restrict applicants based on whether they have children – that’s because some properties are simply not suitable for families!  The property may be a flat which is close to student housing, or because they have a pond in the garden which it is not possible to make safe for families with young kids. That being said, there are reasons why they can't restrict or reject your application. When can’t Landlords restrict or reject applicants? Landlords can’t refuse to rent to you for the following reasons:

• Age
• Sexual Orientation, Gender, being or becoming a transgender person
• Married or in civil partnership
• Pregnant or on maternity leave
• Disability including Mental Health concerns
• Religion, Religious beliefs, or lack thereof
• Nationality, Race, Citizenship, Ethnicity or Colour

These are “protected characteristics” and mean that discrimination against people who hold these characteristics is illegal and could result in action (civil or criminal). They also can’t positively discriminate – which means only accepting people of specific characteristics (ie. White people, or only men).  This means they would be discriminating against other people. What should Landlords consider in light of renters with families? In answer to your question, whatever the reason for not allowing families to rent their property, they should be aware of sex discrimination laws and laws protecting people who are pregnant or on maternity leave.  For example, sex discrimination laws are relevant to property rentals if the advertising of the property or the restriction or rejection of your application could be considered as discriminatory based on the gender of the applicant.  

• Marketing:  Their marketing should be designed to target their ideal client but not to using language which could discriminate – ie. Specifics such as gender, ethnicity etc.  Look out for marketing which showcases the positive aspects of your property – ie.  Perfect family home - for ideal properties for you.  The marketing might also note reasons why the property is not suitable for families (usually in a positive way) – ie. The stunning garden features a large decorative pond.  Or – The vibrant neighbourhood is perfect for working professionals.  This way they will attract suitable applicants but won’t be discriminating against others.

 

• On Application:  Landlords can choose to reject applicants, for other reasons such as –
  • If they don’t believe you can look after the property correctly
  • They don’t think you can afford the rent
  • Bad credit or county court judgements
  • Poor references
  • They have the “gut feeling” that it is not a good fit.

However, these reasons may not be suitable as they could also unlawfully discriminate against you without realising it or even indirectly discriminate.  Ie. They require that a person must have been living in this country for over 5 years – this would discriminate against migrants.  They have rejected because they don’t believe you could afford the rent based on your job role – This could discriminate against people of a specific race or a specific religion who generally perform this job role. They cannot unlawfully discriminate against you in any way, so you should be aware of being given specific reasons for why you might be rejected.  For example, “you’re pregnant so you will be on maternity leave and won’t be able to afford the rent” - this would be discriminating against pregnant women. So, what can you do?

• Check out the Code of Practice – You can read the Government’s code of practice for landlords here: This goes through how they should be avoiding discriminatory practices and provides some more information for renters.

 

• Make sure the landlord has fair practices – Landlords should treat everyone the same, fairly and have the right procedures in place. This includes making sure that they have the correct information to provide to prospective tenants regarding the documentation they require, and allowing time for you to source this as well.

 

• Get some help – This probably all sounds rather confusing, so we recommend getting some expert help! Our team can help you navigate the renting of your property, the Right to Rent checks needed, ensuring landlords have transparency with their rental properties and ensuring that they do not have any unlawful discriminatory practices in their rental procedures.  Get in touch with one of our experts today to discuss any concerns you may have – we can help here.