Killer Reasons You Should Rent Your Next Place

| May 2, 2015 | 0 Comments

When it comes to making a decision about your next property move, you’ll need to decide whether to buy or rent. This is the age old decision for many people, and many prefer either option for different reasons. These days, if you’re looking to move to another property you need to think about renting. If you’ve never rented before this might be a daunting prospect. Suppose you’ve lived at home all your life and you’re now at the point where you want to move out. You might not have much of an idea about renting your first place.

But, you need to know why you should rent a place as opposed to buying. There are quite a few factors that come into play regarding this decision. But here are a few of the key reasons why you need to rent your next place.

Lots of Choice

The benefit of the rental market is there’s so much more choice than if you’re a buyer. There are hundreds of thousands of properties available to rent. And there are so many avenues you can explore to find where they are. For a start, many estate agents and private landlords make their own listings. But then you have online listings sites such as London2let.com that offer an enormous array of properties in the London area. You can also use sites such as Gumtree to find people looking for tenants. The choice is vast and expansive. And whatever your circumstances are you shouldn’t have problems finding a place.

Less Cost Upfront

Another advantage of renting over buying is you have less cost upfront. Mortgage costs can be huge because you have to pay a percentage upfront. Unless you have a lot of money saved up this won’t be a viable option for you. When you rent, you’ll need to pay a deposit and a months rent upfront and then you can move in. The only other fees might be administration or agency fees if you go through an estate agent. But the upfront costs will work out much lower than they would if you were going to buy.

room

Image Source

 

No Maintenance Issues

A massive benefit of renting is you aren’t burdened with maintenance costs. When you own a property, you’re responsible for any damages. You have to pay to fix anything that breaks. When you rent, it’s the responsibility of the landlord or landlady to get things repaired. They will have to pay for maintenance work to fix things that breakdown. You avoid this burden. And that’s great because it can be expensive and stressful. The lack of responsibility means frees you up to focus on your day to day life, as well as saving you cash.

No Long-Term Mortgage

Something that’s also great is the fact that you don’t have to worry about a long-term mortgage when you rent. Mortgages can last for decades, so they’re a massive commitment for anybody. When you rent, you sign a lease for a set period. You can always extend this at a later point. But you’ll always have the option of moving on elsewhere after a year or so.

Remember that moving is a stressful, expensive and time-consuming activity. You want to make the process as efficient and economic as it can be. There are so many benefits to renting, and you need to make sure you take full advantage of renting. While you rent, you can think about saving up to eventually buy a place somewhere down the line.

Category: Personal Finance

Leave a Reply

?