There are plenty of advantages of renting. However, making the decision of whether to rent or buy property in 2019 in one that continues to split opinion. Unfortunately the answer is very much in the eye of the beholder. Now, more than ever, we are seeing a marked change in both the sales and lettings markets. Unfortunately many have no choice but to rent due to affordability. Whereas others are making great use of the day to day flexibility that renting a property can provide.
According to a recent article from the BBC:
- Only one in five 25 year olds are homeowners.
- More than 40% of young adults cannot afford to buy even the cheapest of homes in their area (even with a 10% deposit).
- The Institute for Fiscal Studies stated that house prices in England have risen by 173% over two decades. However 25-34 year old incomes have only risen by 19% over the same period.
Our article is intended to shed some light on the perception of renting a property vs buying. There are advantages of renting a property that many fail to consider. Below are just a few of them….
What are the advantages of renting a property?
When buying a property, most will be doing so under the impression that they will be living there for several years. In a world where travel and relocation has never been easier, many are choosing to look at renting as an alternative. Tenancy contracts can range in length from three months up to a number of years (depending on the circumstances). By choosing to rent, you have flexibility to give just one months notice in order to move out. Note: this must be outside of the signed fixed term contract.
Renting a property is also ideal for those who wish to plan for life’s ups and downs. This can include a job relocation or separation.
Another advantage of renting a property is that there is no real long-term commitment required. Whereas this would be required if you were to purchase a property. Renting a property therefore can be a very good option. Especially if you don’t intend on staying in one place for a long period of time.
If you have your heart set on a certain area, renting a property can be a great option. Despite the fact that rental payments can often be more expensive than monthly mortgage costs. There is no need to pay such a chunky initial deposit when renting. This means that people are able to easily move to their favourite locations. We have properties located in some of the nicest parts of Nottingham. We have found this to be a big driving force behind tenant demand.
Click here to see some of our properties currently available to rent.
No repair bills/maintenance expenses
All general maintenance and repair costs within a rental property are the landlord’s responsibility. Unless you choose to go down the full management route with your chosen letting agent. Many look at this as a means of relieving additional financial stress. If anything goes wrong then a quick call to the landlord or agent should be all that’s needed. This also saves you time in having to look for someone to come out and fix the problem. Instead this will be done for you on your behalf.
Rent prices are guaranteed for the agreed time within the fixed term tenancy contract. Some tenancies are even offered inclusive of all bills! On the contrary, mortgages often track UK interest rates and can fluctuate from time to time. Renting a property allows for much more certainty when budgeting for monthly costs. Many see this as a much lower-risk way to live.
The landlord is responsible for insuring the rental building. But tenants are required to insure their own contents within the building.
This can be a major saver on insurance.
Summary – Advantages of Renting
With many added benefits, it’s clear to see why the UK is experiencing a significant shift in living behaviours. So much so in-fact that we are seeing a whole new wave of investment in the ‘Build To Rent‘ sector. Build To Rent developments are often purpose built blocks of property. They are created with the specific intent of holding and letting for the long term.
Are you a tenant wanting to rent a property? Or a landlord wanting to rent out your property?
Please don’t hesitate to get in touch. We would love to help!