Trying to make a direct comparison between renting and buying is a bit like comparing apples and pears as there are lots of different variables according to your personal circumstances.
Like we said in our recent blog, ‘Are you ready to buy a house?’ [link to Are you ready to buy a house], buying a house needs no introduction – it’s a significant financial commitment and the process can be a long and stressful one. We also said that buying a house can be very rewarding – not least of all because it’s about making a house a home, whether that is just for you or for you and your family.
Similarly, renting a house needs no introduction as it can be equally as stressful but there are also some great advantages, which is what we cover in this blog so that you can start to weigh up your options and decide what’s right for you.
Advantages of renting…
- 6 months vs 6 years! Ok, you won’t necessarily want to move after six months or six years even, but if need a short-medium term living solution, some tenancies start from as little as six months, after which you are ‘free’ to make your next move
- Relationship building… If you are thinking of moving in with a friend, family member or partner, renting allows you to test the waters before committing to buying together
- A career on the move… If you are embarking on a new career in a new location or your career has the potential for travel, renting allows you the flexibility to be ‘footloose and fancy free’
- If there’s a hole in your bucket… Liza or Henry (being the landlord or the property management company) have to fix it! One of the greatest advantages of renting is not having the responsibility to cover routine maintenance and repair costs, which in turn allows you to closely predict and monitor your monthly/annual living costs. That said, it is important that you treat rental properties with care and respect and report maintenance and repairs to your Liza or Henry as soon as possible to avoid any nasty surprises
- It’s a numbers game… Perhaps the most obvious advantage is the initial outlay costs. Whilst the cost of renting can be high, the cost of getting on the rental ladder is ultimately far less than becoming a homeowner
If you are thinking of renting (or buying), we recommend that you get in touch with one of our friendly team at your local branch (https://johnshepherd.com/contact-us/) who will be able to help you make your next move.