The Advantages of Renting Property
Of course, there are pros and cons to both buying and renting property. For those who have a regular, steady income and are settled in their work and personal life, stepping onto the property ladder may seem like the most sensible move to make. However, for those who are unable or unwilling to make the long-term financial commitment, renting is the only viable option available.
Those who choose to rent property instead of buying, often do so if they are uncertain about their immediate future. Perhaps you may be considering a new career that will require relocating elsewhere, or you may also have a longer term goal of moving to a warmer climate or somewhere closer to friends and loved ones.
If you are moving to a new town or city, it can often be a good idea to rent first, enabling you to become familiar with the various local areas and allowing you to decide which is most suitable for you. In short, renting provides the freedom to move around until you find something that’s suited to your lifestyle.
Many tenants are attracted to renting by the convenience and lower levels of responsibility that it offers. If the roof springs a leak it is the landlord’s responsibility to arrange for the repair, as well as covering all related costs. Similarly, the tenant doesn’t have to worry about building insurance either. However, it is worth noting that contents insurance is still recommended, given that this is normally not covered by the buildings insurance that the landlord will take out.
Furthermore, the tenant needn’t worry about property values falling or interest rates rising, as the rent that is agreed initially is fixed for the duration of the lease. Therefore, any downturn in the economy won’t directly affect the occupier.
Renting also suits many people in terms of the financial implications involved. More costs are fixed when renting properties, allowing the tenant to budget a lot more easily and minimise the likelihood of getting into financial difficulty further down the line. In addition, there is also a much smaller amount of cash required up front when renting, making it a much more viable option for those needing a place to stay at short notice.
Whilst for many people there are, of course, advantages to buying property; the freedom and financial certainties that can be gained if you rent property can far outweigh the benefits of buying.