Renting – 15 reasons why it actually IS all it’s cracked up to be!

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.

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