Five Great Reasons to Rent a Property Instead of Buying

The UK has something of an obsession with homeownership, but is it really the best option for everyone?

Of course, there are obvious benefits to buying a home, like owning the property when you have finished paying off the mortgage, but there are also lots of benefits to renting too, which many people aren’t even considering in their longing to own bricks and mortar.

Some people also find a stigma attached to renting in Britain, which just isn’t present in many other European countries. France and Germany, for example, have much lower homeownership rates, and there is no shame in being a cradle to grave renter. In fact, in big cities, renting a property far outweighs ownership.

So when trying to decide between climbing onto the property ladder, or if a tenant is feeling like they’re failing by not having signed up for their first mortgage yet, here are five ways renting makes an excellent choice.

More Freedom

While selling your home is usually an option, for some people in the early years of their first mortgage, or if they have ended up in a negative equity situation, for example, selling up may not be possible. Deciding to rent a property allows you to travel from place to place more eaisly.

Even if selling is a possibility, it’s a costly and lengthy process and not a decision to be taken lightly.

Renters, on the other hand, have much more freedom and, as long as they have fulfilled their contract length, are free to up sticks for new job opportunities, to reduce the miles of a long-distance relationship, to make a change of lifestyle or for any other reason.

Perhaps you know where you would ultimately like to settle down, but you want to try out lots of different towns and cities beforehand – renting offers that flexibility.

There are a variety of rental contract options to go for, so seek expert advice from the likes of Hopewell letting agents who offer short, medium, and long term lets, allowing freedom to move around and take advantage of work and other opportunities wherever they arise.

Better Options

When looking to buy a home, your options on where you are able to live suddenly start to narrow. What you earn and what you already pay out is put under great scrutiny, and there are strict criteria mortgage lenders apply when calculating how much you are permitted to borrow.

This, along with what you see your long-term plans to be, massively reduces your options on the locations and properties you can consider.

With renting, you have a much broader choice – as long as the rent is affordable to you, then there is little to hold you back from your choice of property.

For example, if you want to live in a highly desirable area, you can opt for a studio flat and achieve that goal. It doesn’t matter that one day you hope to raise a family so will need more space, when the time comes you can very easily move house.

Fewer Responsibilities

One of the biggest bonuses to renting a property instead of buying one is when something goes wrong with your home; it is generally someone else’s responsibility to put it right. For example, the cost of repairs such as a burst water pipe, boiler breakdown, or structural upkeep are not something a renter needs to concern themselves with, a simple phone call to the landlord or letting agent and the problem is out of your hands.

Less Debt

It’s pretty obvious that a mortgage will saddle you with a fair amount of debt, and while the commitment to paying rent is no less pressing, having to make sure you have the money to cover a mortgage, especially when the amount you pay every month can fluctuate according to interest rates, might be a responsibility you’re just not ready for.

More Financial Options

Many people fall into the trap of thinking the only way to get a good return on your money is by buying property.

There’s no question that buying a home can get you a good return on your investment, but other options can equal or even better that return.

If you have saved up your deposit but feel that now is not the ideal time to buy a home, investing that cash in stocks and shares instead could be a better option.

Between 1900 and 2016, it is suggested by the Credit Suisse Global Investment Returns Yearbook that the stock market returned 5.1% per year, so with that in mind, there’s certainly no need to rush into the property market before you’re ready.

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website.

You May Also Enjoy

Breaking News

BREAKING PROPERTY NEWS – 19/08/2022

Daily bite-sized proptech and property news in partnership with Proptech-X.   Estate Agent Networking partners with Property Tech Show The ultimate property tech show is coming to London in February 2023 and Estate Agent Networking have been chosen as a media partner. The importance and the increase in interest of the subject #PropTech remains strong in 2022 and…
Read More
Home and Living

4 Reasons to Install a Loft Ladder at your home

While there’s no legal requirement saying that you need to have a loft ladder, investing in one can be incredibly smart. Sure, it’s perfectly possible to own a loft and make good use of it without a ladder, but it can become quite impractical at one point, especially if your family is growing or you…
Read More
Estate Agency delays
Software & Tech

Brief guide for managing time!

Time management is very important for everyone. It doesn’t matter what age you are and what kind of work you are busy with, it is important that you manage time. In the past there was no such way to keep track of time but today you have online time calculator by calculator-online.net and task manager…
Read More
Software & Tech

How Social Media Can Help Your Real Estate Business?

Selling or buying a property is a crucial decision. Most of us are full of doubts, queries, and problems while undertaking this endeavor. This means your clients are seeking someone who has more expertise than just a license to become a real estate agent. They are looking for agents who will look out for their…
Read More
proptech show
Breaking NewsProptech News

Estate Agent Networking partners with Property Tech Show

The ultimate property tech show is coming to London in February 2023 and Estate Agent Networking have been chosen as a media partner. The importance and the increase in interest of the subject #PropTech remains strong in 2022 and industry experts expect this trend to continue through 2023 and beyond. 15 – 16 Feb 2023…
Read More
property price crash looming 2022 2023
Estate Agent Talk

MSN Scaremongering again? Property Market Crash reports

We all know, or at least by now should be waking up to, that MSN delivers mostly inappropriate / fake news and are countless times accused of political agendas when it comes to reporting on what’s going on in the world. What newspaper can refuse a controversial headline these days regardless to how legitimate the…
Read More