5 Reasons to Consider Renting

As property prices have skyrocketed in the last 20 years, it comes as no surprise that many are choosing to rent instead of committing to a property purchase. It’s also no secret that trying to save up money to afford a deposit and everything you require to furnish your home, as well as any extra fees, can be extremely hard to do.

Even though the majority of people’s goals is to own a home eventually, this isn’t always for everyone. Renting has become a popular way for those looking to fly the nest to do so, as well as being an excellent option for those who don’t want that full commitment of owning a home.

It is important to remember that choosing to rent isn't necessarily ‘throwing away your money’, as sometimes buying a home isn't always the right decision. We have taken a look at these five reasons you should consider renting.

Flexibility 

Until you really know where you want to live, renting may be a better option until you have decided. Renting a home gives you the flexibility to try out living in different locations, and this works well if you want to try new careers in different places. As such, you can easily leave your rented property after you have finished your tenancy; you can just pack up and move elsewhere. 

No Maintenance Costs

One of the most attractive aspects of renting is that you will not have to worry about paying for any maintenance costs such as a leaking roof, faulty plumbing or a boiler problem. If anything was to go wrong or break, it would be your landlord’s responsibility to fix these issues. 

No Risk

Due to the everchanging property process due to economic issues and much more, owning a home can actually be risky due to increased interest rates and property value fluctuations. However, when renting a home, there isn’t much risk involved at all, only if you are looking to rent for the long-term as your landlord may want to sell the property or increase the rent. 

Fewer Costs

As a tenant, you will still have to pay the normal household bills, but some landlords actually include these in the rent! However, it might not just be bills you are saving money on but also costs such as insurance. When owning a home, you are required to have buildings insurance, contents insurance and more if you purchase a thatched house or listed property. As a tenant, you will only be required to have contents insurance!

Additionally, there won’t be that many up-front costs if you rent when compared to buying a home. If you choose to rent, you may need the first month’s rent in advance, a deposit and agent fees for things such as a credit check. However, this is hardly anything when compared with the costs of buying a home which includes expenses such as Stamp Duty and solicitors’ fees which can cost thousands of pounds. 

Area

Another reason to consider renting is that you may be able to live in an area which you may not be able to afford if you wanted to buy a home there. Not being able to live in an area close to your workplace, near a good school and even local amenities can be frustrating, and that is why choosing to rent may solve this problem.

Of course, owning a home is a great investment to make, but if you aren’t in the position to buy a property or are not ready to commit, renting could be a perfect choice. From having the flexibility to move elsewhere to living in an area you wouldn't be able to afford if you were buying, there are some excellent reasons you may want to consider renting instead!

If you are looking for houses to rent in Okehampton or the surrounding area, then please do not hesitate to get in touch on 01837 54504 or have a look at our extensive list of rental properties which can be found on our website.