Here in the UK we have a greater number of UK residents buying homes than following the trend on the continent and renting. There are many benefits to renting your home compared to buying which will greatly benefit you in the future.
No Long-Term Commitments!
Initially, buying a house and taking out a mortgage can be very expensive. It also mean that, if you find yourself with a tracker mortgage now and the Bank of England's base rate increases, that your mortgage payments will increase too, preventing you from moving anywhere anytime soon.
Renting your home, on the other hand, doesn't require a mortgage, meaning that the initial fees you need to pay for the house are greatly reduced.
You've Entered into Flexible Living
If you don't know where you want to live, and don't want to make the commitment of buying your home, rented accommodation is perfect for the job. Not only does it give you the flexibility of moving around once your contract has ended, it also reduces your moving fees.
As you haven't had the need to take out a mortgage, you aren't tied down by payments and, as you don't own the house, you have no need to worry about selling it before you leave. Having that little extra cash in your pocket also allows you to save up on a deposit for any future accommodation you intend on living in!
Bills? What Bills?
Another downside to buying your own home is that you're completely responsible for it. Any maintenance fees such as electrical malfunctions, broken fittings and fixtures and general wear and tear, you are solely responsible for. Can you afford the cost of buying and running a house as well as enjoying the finer things in life?
Renting your home places all of the maintenance costs and repairs on the landlord. You don't have to worry about bills for rewiring the house or for dealing with the plumbing coming through your letter box. All you have to pay for is what you use; rent, council tax, water, electricity, gas etc.
Take it from us, renting is far easier than owning your own home! If you're looking for a competent, efficient letting agent in Sutton Coldfield, don't hesitate to contact us today on 0121 321 3388. For the latest news you can also keep up to date by following us on Facebook and Twitter!