Top 5 reasons for renting
The current property market is at an all time low. House prices keep falling and a number of people in the UK are looking to rent instead of buying. There are definite benefits to renting versus buying a property. The top five reasons why renting might be a preferrable option to owning are outlined below:
- Unless you plan to live in the house for more than 5 years, you run the risk of losing money. Five years of renting can be significantly cheaper than buying a property.
- Renters can live in neighbourhoods they might not have been able afford to buy.
- Renting allows you a peace of mind in terms of your budget as if the roof is leaking or the heater is broken, that is the landlord’s problem and not yours.
- As a renter you can sample life in a luxury apartment with porterage, or live in a Victorian home in the suburbs or even move to a seaside town outside the city.
- Renting allows you the freedom of packing up and going-all you need to do is give your 30 days notice.
When you rent, you can pick up and move almost whenever you want, with very little penalty but when you own, selling a home can take a very long time. You lose flexibility when you “put down your roots” and that can be one of the main factors why renting is seen as a better option to owning your home.