To rent or to buy. It’s an age-old debate amongst people in the UK. Previously, the scales have often tipped more towards home ownership. While owning a home does have its benefits, renting has its own set of advantages that often go unnoticed. For these reasons, today’s housing market has seen renting emerge as a compelling option for many individuals and families.

Let’s explore why renting could be the better choice for you.

1.  Flexibility.

While owning a house can be a long-term investment, it also comes with long-term commitments, such as staying in a particular location. However, renting gives you the freedom of short-term agreements. This geographical flexibility can make the decision to rent a lot less daunting than purchasing a property to own. This is incredibly helpful for people who want the freedom to explore different locations and job opportunities, without being tied down with the responsibility of owning a property.

This flexibility is also beneficial to those in different life stages, not just the young and career orientated. For example, those looking to retire and downsize, or families waiting for the right time to buy a house. This flexibility allows these people to adapt their living situation to their current needs.

What is tenant protection?
Rental contract

2.  Freedom to downsize or upsize.

If you’re looking to expand your family, or adapting to an empty nest, the space you live in may need to change over time. An under-valued benefit of renting is the ability to adjust your living arrangements. In either case, owning a home makes changing your living situation a difficult process. However, once their current lease is up, renters have the choice to simply move to a new property which better suits their needs.

When you own a house, there is a large amount of work involved when trying to change your living situation. From home staging, to repairs, and navigating the property market. Renters, however, are mostly spared of this. To transition to a new rental property, tenants simply need to give some notice to the landlord and do some basic planning.

3.   Financial adaptability.

While its true that renting doesn’t offer the same kind of long-term investment as owning a home, it does offer a type of financial flexibility that owning a home often can’t.

Life can be unpredictable, from job loss to unexpected expenses. It can be harder to adapt to these financial changes when you own a home. So, having the option to downsize is helpful reassurance for renters. Not to mention, the process of moving into a more affordable, smaller rental home is much quicker than the process of selling and buying a new property.

When first renting a home, you are usually required to provide a security deposit and the first and last months rent. Although this can be costly, it is a significantly lower cost than the upfront costs associated with buying a home. Therefore, the money that you save when renting vs buying could be used for other investment opportunities.

 

 

Benefits of tenant protection

4.   Less maintenance and repair responsibility.

One of the joys of renting a property is the limited amount of responsibility when it comes to maintenance and repair issues. Unlike homeowners, renters rarely need to worry about the upkeep of their homes. This creates a more relaxed and stress-free environment, relieving the worry of potential repair costs. As a renter, a quick call to your landlord or property management company is all you need to do to get a quick repair started, typically with no extra cost to you.

This not only saves you money, but also the time that would’ve been spent on repairs or home maintenance. Instead, renters can spend this time on activities they enjoy doing, or relaxing in their property, knowing that these maintenance jobs are taken care of.

So, there we have it, 4 reasons why you should consider renting over buying. From financial and geographical flexibility, to enhanced freedom and less responsibility. Renting a home has so many benefits over buying a property. So, while being a homeowner is appealing to some, we shouldn’t be overlooking the many things that renting a property has to offer.

If you’re looking for a rental property in Northampton, need advice on renting, or are looking for a dedicated property manager, give Cotters Property a call on 01604 603450. Or email us at info@cottersproperty.co.uk.

We are dedicated to helping you find your perfect rental property in Northampton.

After a nightmare tenant with a previous agent, Sue, Carol & Jo found me a suitable tenant quickly and turned being a landlord from a Nightmare into a dream.

VC, Northampton