When it comes to finding a property to live in you will have to make a choice between whether you want to rent or buy your home.
Of course, each has its own unique advantages, but when you think about the benefits that come with renting you may find it to be a much better option.
Selecting properties for rent – as opposed to buying – could certainly be a more cost-effective choice.
Unlike purchasing a home, you do not have to spend months building up a downpayment – which typically accounts for several thousand pounds – just to get a mortgage.
Although you may have to pay a month’s rent in advance, this is likely to be much less than any amount you will require for a deposit.
Choosing properties for rent will also mean that your finances will not be exposed to sudden changes in the Bank of England base rate. Homeowners with a variable or tracker rate mortgage will find that their monthly payments can alter dramatically should the Bank’s Monetary Policy Committee (MPC) opt to raise interest rates, something which could mean they are forced to pay out more money.
Renting a property should remove this liability and regardless of the MPC’s decisions your payments should stay the same, giving you an element of financial stability.
Monthly rental rates also tend to be cheaper than those for mortgages and selecting the former also means that you do not have to pay solicitors’ fees or conveyancing bills.
In fact, renting has become a positive lifestyle choice for many people – including couples and families – during the difficult financial climate and it can offer you a wide range of homes to choose from at an affordable price, including terraced properties in suburban areas and city centre apartments, which buying often cannot.
You should also find that renting can be less stressful than owning a home, as several responsibilities you would have to deal with yourself in the former will be assumed by your landlord.
For example, they – not you – are legally obliged to make sure that your bath, toilet, sink and heaters are in good working order. They are also required to maintain water and gas pipes, electrical wiring and deal with any problems to the structure or exterior of your property.
In addition, there is no need to worry about taking out building insurance – they will be responsible for this – although if you want protection for your personal possessions than you may still have to invest in home contents cover.
Should any part of your property need upgrading – perhaps kitchen appliances require replacing or the living room has to be redecorated – your landlord may also be able to do this for you. However, it is a good idea to speak to them – or the estate agencies you contacted to find a home – first to discover who is responsible for doing such work.
Depending on your agreement, you may find that utility bills are included in your monthly rent, giving you even less things to worry about!
Choosing to rent can also give you a much greater sense of flexibility and allow you to move around properties freely. You may need to move to a new town because of work commitments or you just fancy living in a different area. Renting means you are not tied down to a mortgage and you could be able to take up residence in a new home within just a few days of seeing it advertised.
Whatever your circumstances, you are likely to find something on the rental market that suits you.
