The Surprising Benefits of Renting Your Home
When it comes to homes, we all have it drummed into us that buying is best. And there’s no doubt that home ownership comes with perks- it’s an incredible achievement and owning property can help to build financial security and offer stability in life. However there are actually a lot of benefits from renting a property too, and while you are living in a home that you don’t own for many people it’s the ideal scenario. Here are some of the plus points to renting over buying.
When you buy a home, chances are you’ll be living in that home for a long time. Sure you can move and move your mortgage somewhere else, but there’s a lot of hassle involved and it’s not a decision you make lightly. However when you rent, you can move much more freely. This is useful if you’re undecided on exactly where you want to live long term, you can rent places for six months to a year at a time and once your lease is up you can go somewhere new. You get to experience living in different locations, towns and cities and generally get a feel for different places. Doing this can mean you have more options for work, and can also be good for life experience. Even if you settle or buy a home later down the line, this is a time where you’ve got to explore a little and try new things.
When you rent a property, in many cases you get to live in a much nicer place than you could afford to buy yourself. You might not be able to raise the kind of cash needed to put down a deposit on high end houses or luxury apartments, but as long as you can afford the rent each month (which is even more doable if you’re sharing with a friend or partner) you get to live in a lovely place. You also get to live in different types of homes from flats and apartments to condos and different styles of houses. Again, once you’ve bought somewhere you’re committed to that for the foreseeable future.
As well as the upfront cost of a mortgage deposit, when you own your home you’re also responsible for maintaining and repairing it. If the boiler breaks, the electrics go haywire, a pipe bursts or someone smashes a window for example, it’s down to you to fix this. When you’re renting, providing it’s not you that caused the damage you’re not the one responsible for paying to fix it. If you buy a house and it later emerges that there are serious problems with it, this can be very expensive and stressful. This isn’t something you need to worry about as a tenant.
While buying a house eventually is an excellent goal to aim for, renting does have its perks. For certain people at certain times in their life, renting makes more sense and can give you the freedom to work out exactly where you want to live long term.