Renting can often be written off as a ‘fall back’ option for people when compared to buying a property. Often seen as something to be used as a temporary step in people’s journey onto the property ladder. Yet, as house prices increase year on year renting is becoming a more and more viable option for so many people. Currently, Britain has the highest number of renters across the UK and so we want to help by busting ‘those’ renting myths!
Renting is dead money
Whilst this perception is understandable, it is simply not the case. Renting can offer you a freedom when it comes to location that buying cannot. You can end up in a much nicer property in a more convenient location for what you need. This is especially true if you are living in a city centre, renting gives you the opportunity to live right in the thick of it, in a decent property instead of settling for something on the outskirts with a long commute and lower appeal.
Renting is for people who can’t afford to buy
Generally, the opinion is that renters tend to be younger in age and less financially stable in terms of being able to buy a house as opposed to renting. Yet, year by year we see the average age of renters increasing.
Renting allows the renter a lot more freedom and less commitment than buying a property outright can. There is a flexibility within renting that allows you to try what kind of areas you want to live in, experiencing different places without the commitment of a mortgage deposit hanging over your head. Often times landlords are very accommodating for those who do not want to be in a ‘long term’ commitment to a property
As well as the positives, traditional offices, like anything, do also have their negatives:
Landlords are all bad
Yes, there are bad apples in every orchard of life. There will be landlords out there that are out to get every penny they can from you, there is especially a problem within student populated areas. But like all things in life communication is the key to ruling out this problem from the start.
If the risk of stumbling upon a bad egg is the reason keeping you away from the prospect of renting, let me reassure you that this should not affect your decision. A study undertaken last year by BDRC Continental showed that out of over 1,000 tenants, 79% were satisfied with their current landlord, and 85% felt like the home they rented was theirs.
Renting isn’t worth the fuss
Renting can actually be a much easier option for some, there is a lot less responsibility involved as opposed to owning your own home. A lot of the heavy responsibilities do fall within the landlord’s lap instead such as insuring the home, electrical and heating bills etc. There are minimal tasks that you as the renter have that fall into your hands, so if these tasks are the kind of thing you like to leave out of your daily stress it’s the perfect solution. Generally, a large number of rental properties tend to come at least part furnished as well, saving you money on purchasing larger items upon moving in like the typical beds and sofas needed. This frees up even more money in your pocket to spend on other areas.
Also, renting is a much easier option should you need/want to relocate at any time. Lease lengths vary and can be very freeing should you go through a big life change. Not having to worry about putting down a mortgage deposit can take a bit of weight off of your shoulders when things are up in the air in your life.
NO PETS ALLOWED
If you’re anything like me, pets are a must. They are the bread and butter of a household and there can be a misconception that rental properties all have a strict no pets allowed policies. But you’ll be happy to know that your fluffy friends are as welcome as you! It is not an uncommon thing for rental properties to allow you to have your fur babies on the premises. Of course, this can vary from property to property, but landlords can no longer issue blanket bans on tenants with pets and instead have to provide a legit reason to object against your pet.
So, as you can see the classic myths surrounding renting no longer hold wait like they once did within the property world. It is something that’s pros and cons can vary for each individual but, hopefully this has helped by busting some of ‘those’ renting myths that can cause worry when looking for somewhere to live.