While home ownership has clear benefits such as freedom to remodel and access to equity, it is not always the better option. For some people, the perks of renting make it a far more sensible solution. What are these perks? This post delves into some of the pros of renting.
Low upfront costs
The reason that many people choose to rent is because they simply cannot afford the upfront costs of buying a home. Mortgage lenders require a huge deposit of tens of thousands of pounds. And then there are additional costs such as legal fees, a home survey and potentially taxes like stamp duty. When renting, you may still need to put down a deposit, but it is often much cheaper. Those who are looking for their first place and want to move out quickly often choose to rent because of this – saving up a deposit when you don’t have the help from family can take years.
No repair bills
When you rent a property, you don’t have to pay for structural repair bills. Yes, you do still need to pay to repair any appliances that you have bought yourself. But it is up to the landlord or housing association to pay for expensive repairs like roof repairs, plumbing repairs, window replacement or electrical repairs. Having less unexpected costs to worry about can make renting more affordable for many people on a low income. Landlord or housing association failing to carry out repairs? Don’t hesitate to call upon the help of housing disrepair solicitors – it is your legal right to be looked after.
Less commitment
Buying a property means being tied into a mortgage that is often 20+ years. You need to build up enough equity before you sell, otherwise you’ll have no money to go towards moving. Rental terms are often 1 year – with some being even less than this – and you get your deposit back after. This makes it easier to leave a property if you need to relocate. Just be wary of exit fees if you decide to leave half-way through your rental term.
Option of free furnishings
Some rental properties already come pre-furnished. This means that you don’t have to worry about buying furniture or appliances. This can be another huge saving – plus, in this case, it is up to the landlord to carry out maintenance on these furnishings. Of course, you do need to take care not to damage these furniture or appliances – any damage that isn’t wear and tear may be your responsibility to pay to fix, or it may come out of your deposit when you leave.
Option of shared amenities
Some rental properties also come with shared amenities like laundry rooms, pools and gyms. Such amenities typically wouldn’t be affordable if you were buying a property and maintenance of them is taken care of for you. You do still need to pay a fee towards these amenities (which may be included in your rent or paid separately), but many people find it to still be worthwhile – especially those living in cities where buying a property with a pool or gym is unlikely.