Of course, there may be some of you who aren’t sure about renting. Perhaps you’re wondering if renting or buying is the best option for you. Buying gives you complete ownership of the property, plus the money you spend each month builds equity.
That may make it seem like an attractive option. However, there’s plenty of pros of renting too. Let’s take a look at some of them.
When you buy a home, you lock yourself into a long-term mortgage. This limits your options if you need to move. You’ll have to go through the whole selling process, plus there may be fees involved if you try to end the mortgage early.
That’s not an issue with renting. Typically, you’ll start on a six-month contract, with many landlords switching to rolling monthly contracts after that. If you know that you’re on the move a lot, or if you’re looking for somewhere to live while you save for a house, renting is the best option.
Low Maintenance Costs
When you own a home, everything inside that property is your responsibility. If the boiler stops working or a window breaks, you have to pay money to get it fixed. Furthermore, you also have to spend valuable time looking for contractors and can’t be sure you’ve made the right choice until they do the work.
All of those burdens are lifted off your shoulders when you’re renting. Your landlord or property manager handles all of the maintenance concerns. Of course, you have to pay for anything that you damage yourself. However, general wear and tear is the responsibility of the property’s owner, not the tenants. You can also feel safe in the knowledge that your landlord has chosen contractors that can do the job, so that’s another weight lifted.
Lower Initial Costs
The initial cost of buying a property is enormous. Not only do you need to save a deposit, which can often end up being in tens of thousands of pounds, but you have all sorts of additional fees to worry about. Lenders and legal professionals all take a slice of the pie.
The cost of moving into a new home decreases drastically when you rent. Typically, you’ll only pay a month’s worth of rent up front, plus a security deposit. You also get the deposit back when you leave the property, assuming you haven’t caused any damage.
That lower initial cost means that it’s far easier to handle the moving in process. It also means that you have more money to spend on the essentials that you need for your new home, such as your furniture and white goods.
The Final Word
It’s important to note that both renting and buying have their pros and cons. This just gives you an idea of the benefits you’ll enjoy when renting.
If you need more advice or would like to discuss your options, call the team at PRG.