Falling house prices and the requirement for large deposits has meant that more and more people are renting homes in the UK. While many people consider renting ‘dead money’ there are millions of people happily renting homes.
There can be lots of advantages to renting over buying. Keep reading for the top five.
Renting can allow you to be more flexible and makes it much easier for you to move house or relocate. If your job changes or you plan to move home in the next few months it is generally easier to move when you rent than it is when you have to sell your property.
Renting can be cheaper
While rents have been rising in the UK, it is sometimes cheaper to rent a property than it is to buy one. This is especially true if the costs of insurance, bills and maintenance are taken into account.
Living in a desirable area
Sometimes you may not be able to afford to buy a home in the location you want to live in. However, you may have enough cash to be able to rent a property instead and so you can benefit from living in your preferred area.
Two of the major costs that come with owning a house are maintenance and upkeep. It can cost thousands to keep a home in working order and you can face bills from gardening services to boiler repairs. Renting a property means you avoid many of these additional expenses.
House prices fluctuate and, depending on when you buy and sell, you can lose thousands on your property if you sell in a difficult economic climate. When you rent you don’t have to worry about house price changes and being stuck in a property that won’t sell.