If you are renting you’ll often find that people are quick to let you know about the negative aspects of renting. They might say that you are wasting money or that you are at risk of getting asked to leave if the landlord needs their property back. However, having worked in the lettings business for over 30 years, the Wrights team know that in fact there are many benefits to renting a property and we have lots of happy tenants on our books who are happy to agree with us!
So in this blog we’ll take a look at 5 reasons we thinking renting could work for you.
1. No maintenance costs
Being a homeowner means that you are fully responsible for your property so when the boiler breaks down or the roof leaks it can also make a big hole in your pocket. When you rent you have none of these worries as the landlord is responsible for the majority of property maintenance issues. At Wrights we even have a 24/7 emergency hotline so that any major problems with your property can be dealt with quickly and efficiently.
One reason that many younger people like to rent is the flexibility that it brings. As your lifestyle changes you will look for different things from a property. A young couple may want to live in the centre of town near bars and restaurants, but a family may place a higher value on being near to great schooling options. When you rent you usually only need to give one month’s notice to leave your property so when your circumstances change it’s super easy to move to a home that suits you better.
3. You can often rent a larger property than you could afford to buy
A paradox of the housing market is that you can often afford to rent a better property than you could afford to buy. This is due to the fact that mortgages are based on multiples of your salary. That means that if you choose to rent you could have a far better selection of properties on offer to you than if you were looking to buy.
4. You don’t have to worry about the economy
As most people are aware property values are closely linked to the economy as a whole and can be affected by issues such as Brexit or a general election. When you buy a property you make a big investment but as with most investments property prices can go up or down. As a tenant house prices are one less thing you have to worry about. Renting also means that in times of recession, if wages decrease or if you face redundancy you will be able to downsize easily and quickly to save on money.
5. You can be debt free
A mortgage is usually the largest debt that people will take on in their lifetime and can take up to 30 years to pay off. When you rent you have the freedom of not owing the bank money and you can choose to invest your spare cash in a range of other options.
So, as you can see, there are plenty of positives to renting and it could be the ideal solution for you and your family. If you want to find out more about our services for tenants click here to visit our dedicated tenants page, give us a call or pop into your local branch and we’ll be happy to help.