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Advantages of renting over buying

Many people spend their time striving to buy a house. Putting away every bit of money that they have over the years to hopefully one day land their dream home. But for many this is not the best option. Whether you just like to move around, or buying just isn’t a financially available option for you, owning a home may just not suit your lifestyle. Luckily, renting is a great alternative to owning a home. There are many benefits to renting a property as opposed to buying one. For some people those benefits make it more reasonable to rent than buy a property at all, but just what are the benefits of doing so?

Easier to move into and maintain

Whatever you decide to do, moving will likely be an expensive task. However, renting is by far the cheaper option when it comes to moving into a new property. For starters, the initial costs of renting are far lower than those for buying a property. There is no large down payment to get everything started and a lot less time and money spent sorting out extra fees and legalities for the long term payments that would be required for a mortgage. Instead, for renting there are a set of smaller fees that may need to be paid, initial renting deposits and the cost of movers but not much else. Making it much easier to swallow the cost. The ongoing payments aren’t too bad either. As you’ll be paying an agreed amount of rent, a payment which will be much lower than a monthly mortgage payment, leaving more money for you.

Lower maintenance costs

Another great benefit of renting is that the heavy weight of maintenance costs is off your shoulders. Whereas owners of a property are responsible for everything, renters are not required to pay for the fixes needed around the home. So when the boiler goes, the plumbing starts playing up or the roof gains some long term damage, you will not be expected to pay for the problem to be fixed. Instead, you can get in touch with your landlord or letting agents to arrange to sort the problem for you. As these kinds of maintenance costs and activities are generally down the landlord to get fixed, you should have no problem initiating this process. However be sure to check just what your tenancy agreement covers under damages and repairs. If you are letting through Complete Residential Lettings, we have an easy system where you can report a problem with your rental property.

Lower insurance costs

It is wise to always keep a home safe by taking out home insurance or renters insurance. As this protects your belongings inside the home in the case of fire, theft or any damage that may occur while in the property. This policy is personally arranged by the occupant of a property, but the costs of it do vary depending on whether you rent or own the property you are insuring. People buying a property will know that this can be a large expense to cover all belongings fully and effectively. However renters typically pay a much lower cost for renters insurance, as they are not the owner of the building they reside in. The cost of insurance is bearable as both a homeowner and a renter, however money will definitely be saved if you are renting your property.

Easier to move somewhere new

Nobody knows what is going to happen tomorrow, today you could love your home and tomorrow not so much. There are various reasons people decide to up and move home, including the requirement to downsize or upsize to accommodate their lifestyle, the need for a change of scenery or even a falling out with a roommate or partner and needing a new place to stay. If you can see any of these being a possibility in your future, then renting is definitely beneficial to you. As tenancy agreements tend to be short term, the ability to move sooner is always available to you. The process of leaving is much easier too, as you will not need to deal with real estate agents or spend time trying to sell your current property before you move on. Instead, simply give notice of your vacancy of the agreement ready for the end of the tenancy or alternatively speak to your landlord about finding a replacement for yourself sooner to keep the rental payments going and get you out quicker.

If these benefits have peaked your interest, then it may be time to switch your search to rental properties. Looking for somewhere to live in Coventry? Take a look at product listings within Coventry and see if there is a place you could see yourself living.

 

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