According to the Office for National Statistics’ 2011 Census, of the 23.4 million homes surveyed, 8.3 million of them in the UK are rented. This is a substantial percentage of the residential market, which leaves us questioning why so many people rent.
At Belvoir, we understand the advantages of renting your home, and here we’ll show you the advantages you can have if you choose to be a tenant.
Renting can provide you with more financial stability than you would have owning a property.
As well as not having to worry about mortgage payments, monthly utility bills are often more predictable than if you own your own property. This means you have more control over your money, without any nasty surprises or sleepless nights.
Maintenance costs are usually the responsibility of your landlord, so you won’t have to fund any repairs that the property requires as long as you are not responsible for them.
By renting, you’re also less likely to be at financial risk in accordance with the property market. As you don’t have a direct investment in your property, if the market falls and property prices decrease, you don’t lose any money. If you rent your property, you’re protected from market fluctuations and the impact of the financial climate.
If you choose to rent, you have the advantage of complete flexibility with regards to where you live.
Renting a property can also give you the opportunity to live in a more desirable location than you might be able to afford if you were buying a property. This means that you can be closer to where you work, to local amenities, and to the city centre.
Renting also allows you to change where you live depending on your situation. For example, you can easily move homes if you choose to co-habit with your partner, have a child or need to downsize without having to worry about selling your property.
At Belvoir, we understand the advantages of renting a property, and we can find you the perfect property to suit your needs and requirements. If you’re interested in renting a property in Birmingham, please contact our professional staff today by calling 0121 212 0122.