Is Renting Better Than Buying?

Is Renting Better Than Buying?

The pitfalls of renting are always shouted about: too expensive, dodgy landlords, broken appliances and so on and so on. But what about the positives?

With rental reforms on the horizon and changes to eviction rules in full swing, let’s explore why being a tenant is the best choice for some people.

According to research by the HomeOwners Alliance, 86% of people want to own their own home. But sometimes, the dream of buying just doesn’t make sense. High interest rates, a lack of savings and additional costs can put that first step on the property ladder out of reach for many.

Home without commitment

A mortgage comes with lots of strings attached. You’re committed for several years, you’re bound by terms and conditions, and if you miss a payment, it’s going to have repercussions. If you prefer a carefree lifestyle, renting is the way forward. You’re only committed for the short term, you can bow out after a short period, and you won’t have a large debt hanging around your neck.

Flexibility

Renting gives you freedom of choice. You can move from one area to another, you can try out different property types (according to your budget), you can even try living with other people. Unlike when you buy a property and you’re tied in for the long haul, renting contracts are shorter and more flexible.

No repairs or maintenance

When you own a property, there’s always something to do. Repairs, improvements, changes… your free time is never really free. In a rental property, repairs and maintenance aren’t your responsibility. If something goes wrong or needs to be fixed, you might have to spend some time on the phone organising its repair, but otherwise, you don’t have to sort it out yourself.

(NOTE: If you’re responsible for any damage, then it may incur a cost or result in a reduction of your deposit.)

No legal fees or obligations

When you buy a property, as well as the cost of the house/flat, you’ll need to pay for things like surveys, stamp duty, conveyancing costs and agent fees. When you rent a property, you’ll have to pay for the deposit upfront, but other than that, you’ll just need your monthly payments (rent, bills and so on).

Are you looking for a property to rent? Contact our team at Oliver James today – we’re ready to help.