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Over the past few decades buying a house has become increasing more unattainable for many people because house prices have steadily increased faster than average salary increases and mortgages are difficult to obtain as lenders require a 5%-10% deposit .
Consequently more and more people, particularly in urban areas, are opting to rent property. Renting is especially advantageous and the preferred option for students and young professionals.
The three main advantages of renting over buying are:-
Flexibility – Properties can be rented on short or long term contracts. Short term contracts are particularly good for people who are between house moves or having their home renovated and for students. Short term lets are usually fully or partially furnished and inclusive of all costs. Long term contracts, often unfurnished, vary from 6 months upwards. Once the contract time is up you can move. Flexibility to move enables people to try living with new partners or friends. If it doesn’t work there are no financial complications. Flexibility also allows people to change jobs and change locations more easily.
Affordability- although renting can be expensive it is significantly cheaper than getting on to the property ladder. All the building maintenance, building insurance and service charges are covered by the landlord. So it is easier to budget monthly expenditure. Costs can also be reduced by sharing a property with other people, making it possible to live in more desirable areas.
Maintenance – rented properties have to conform to safety standards and are professionally managed to ensure all routine and emergency repairs are carried out, so tenants do not have the responsibility of finding contractors to carry out work.
If you are looking to rent, but unsure of which area or type of lease would best suit you, get in touch for advice from our friendly team at Home Estate Agents.
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