In the UK, you may start to notice that it’s not uncommon to hear people talk about wanting to stop ‘wasting’ money on rent or paying for someone else’s mortgage, but is owning a home really the be-all and end-all? Is renting instead of buying really that bad.
We'll explore why renting could actually be a viable alternative to buying and in some cases, even better than buying a property - depending on your situation.
Let's start with the freedom that renting can buy you. You'll be able to upsize, downsize or re-locate at a rate a homebuyer could never achieve. Mortgages can restrict homebuyers from moving regularly, unlike the flexibility renting allows, with some rentals being available on 6-month contracts. Renting is also far simpler than the complex process of buying and selling a property. You can, if you want to, try out a number of different areas and move more often.
The cost-saving associated with maintenance repairs can often be overlooked - but it shouldn't be. Does your washing machine break? contact your landlord. The boiler broke down? contact your landlord. The kitchen ceiling fell through? contact your landlord. Even smaller maintenance jobs like leaks, repairs and general wear and tear all fall under a landlord's responsibility and if you owned your own home, you'd have to foot the bill yourself.
When you buy a property, you're taking on a huge long term financial commitment - which isn't for the faint-hearted. It's a huge amount of money to be tied to and missed repayments could have serious consequences. With renting, you can sleep peacefully at night in the knowledge that you don't have this financial burden. When it comes to renting vs buying, it all depends on your personal situation and what's best for you may change over time, but it's clear that renting does provide a plethora of benefits. Not only does it allow you the flexibility to move around and no maintenance costs - it's also a much simpler process than buying your own property.