It is quite likely that, at some point in your life, you will have found yourself renting a property and thought to yourself “Gosh, darn it! When, oh when, will I finally be able to rid myself of this landlord laden game and just buy myself a place that I can call my own?” Sound familiar? You might, as a matter a fact, be in this very position as we speak!
Some of you, however, may have recognised something else here that others may have not.
It’s not a secret, as such. More of a – how should we put this? – unpopular opinion. You might have to whisper it in the shadows or exchange a distant, knowing tip of the hat across a crowded street, but it’s always there. Unfashionable. Ridiculous. Blasphemous even. Yet there’s little escaping it: renting a property, believe it or not, can be a better option than buying.
What? Is that screaming we hear? Fury? Disbelief? Did we really just say…what?
That’s right, Belvoir chums! We said it! And we’ll say it again!…Renting a property can be a better option than buying!
Now, we’re not the sort to make such fantastically bold claims and neglect to back them up. We’re not that sort of folk, as you well know. We understand that this is an uncherished view and we don’t expect you to simply jump on board with any old thing that we conjure up and scribble down. So, once you’ve finally gathered your senses and peeled your limp and dumbfounded body off the cold, dead floor, why not take a look at this tidy little list we’ve put together especially for you? If you’re still not convinced by the end of it all, well, fair enough. But we think we make a compelling case.
So strap yourself in and hold onto your hats. Cast aside any preconceived ideas and broaden your mind. Because here are 5 very real advantages of renting a property.
Purchasing: If you’re a first time buyer, getting on the property ladder can seem to be increasingly difficult. With seemingly endless price rises, a lack of availability and hiking living costs, the chance of getting a foot up can appear to some to be a step too far. It is also, let’s not forget, a massive commitment and can take some time and effort to find what it is that works for you. With renting, these issues are much less of an issue, with homes to rent widely available at costs that are far more manageable.
Deposit: One of the biggest aspects that puts people off purchasing is the prospect of a deposit. Saving up for a substantial down payment – a sizable chunk of the property’s value – can be daunting, painful and time consuming. With renting, well, you’re usually talking about the equivalent of one month’s rent. Not exactly change behind the sofa, but a lot more realistic to assemble than, potentially, tens of thousands of pounds.
Flexibility: If you are buying a property, it is quite likely, if not certain, that you are looking to live there for quite some time. This, of course, can be great. It does, however, not allow you the flexibility that staying in a rented accommodation would allow you. If things are not working out for one reason or another, or you just fancy a change, it is much easier to organise moving on. If you’ve bought the place…well…good luck.
Landlord Responsibilities: Maintenance costs can be a real headache when you own a house or a flat. They can cost a bundle and can be an all-around inconvenience. Well, if you’re renting, fret no more! Yes, you still have to deal with the fact that the boiler isn’t feeling very well or that your tap is spewing luminous green goop, but it’s down to the landlord to sort it all out for you. Chill out! Relax! It’s not your responsibility.
Future: As we mentioned a few points above, if you’re renting a property you can pretty much move along whenever you’re ready. No worrying about the property market. No sleepless nights over whether your home will decrease in value. Heck, that’s someone else’s problem. All of that stress is simply not around when you’re renting, enabling you to focus on other things in your life.
Many people who rent worry that they’ll never be able to be in a position to buy a property, but renting really isn’t all that bad. In fact, as we’ve just laid down for you, it can have some pretty spectacular advantages…It can even (puts on whisper voice) be even better than buying.
We at Belvoir Edinburgh hope you are all doing well in these difficult times. Next week, we’ll be taking a look at the disadvantages of renting a property. We hope to see you then.
Take care. Keep smiling. And Happy Housekeeping.