The Advantages of Renting
A fifth of the UK population now live in privately rented accommodation, the English Housing Survey revealed in its latest report for 2016/17, accounting for 4.7 million households. This number is only expected to increase, with a quarter of households in the UK expected to rent privately by the end of 2021. And it’s not just ‘generation rent’ upping the numbers, the number of middle-aged renters has doubled from where they were ten years ago.
Whilst the rise in renting is often framed as doom and gloom, surveys of renters suggest that the majority are very happy with their accommodation, and that attitudes towards renting are shifting. The English Housing Survey revealed that 84% of people who rent are satisfied with their accommodation, indicating that rather than being obliged to rent, it is a positive choice made by hundreds of thousands of people.
The letting market has changed. The sector has stepped up its quality over the last ten years, with the proportion of ‘non-decent’ homes declining from 47% in 2006 to just 27% in 2016. So, what is it about renting that is so appealing to so many people?
The amount of money needed to start the process of purchasing a property is astronomical. Renting a property is much more cost effective than buying. You don’t need to secure a mortgage with a substantial sized deposit that can take many years to save for. Not to mention the serious drain that can cause for your bank account, so renting can help you be more financially secure.
As a tenant, you will have fewer outgoings each month. So, you’ll have more cash to spend without needing to worry about hefty mortgage payments or funding any property repairs or renovations.
Renting a home allows you to be far more flexible than you ever could when owning a home. The flexibility applies to a number of different factors:
Aside from having fewer outgoings each month, renting allows you to be flexible during unforeseen circumstances. If you get into financial trouble and you need to reduce your living expenses, this is much easier to do when you rent.
When you rent, you’re not locked into a location if the job market shifts or you decide you want a change of career. Owning a home can mean you’re stuck in one area for many years at a time; when you rent, you can up and move for a job much easier than you’d be able to if you own a property.
You will have access to a larger variety of residential areas when you rent than if you were buying, as you will be able to afford a higher calibre of property. So, you’ll have a wider breadth of choice of area as well as property type, increasing your quality of life.
Low Maintenance Costs
A big advantage of renting is you are under no obligation to pay for or organise the repairs or maintenance of the property. If nearly anything in the house breaks, it is the landlord’s responsibility to fix it, including the cost of repairs and the time required. This includes the internal and external structure of the building, fixtures such as the sink and toilet, the heating and hot water, gas appliances and electrical wiring.
No Long-Term Commitment
Buying a property is a huge commitment, not just financially but to your overall quality of life, too. Owning a home ties you to a community, it’s more difficult to pick up and leave to take advantage of new career opportunities or to get your child into a catchment area for a certain school. Renting offers a much shorter commitment that can still be extended into a long-term commitment if you find the property suits you.
No Market Risk
When you buy a property, you take the risk (and the potential reward) of the property’s value changing. This puts your capital that you have invested in the home at risk, and you could find yourself in a situation where the value drops and this influences your ability to change course.
Whilst both renting and owning a property share similar stresses and hardships i.e. the moving in process, sorting the admin and paperwork etc. owning a home certainly outweighs the stress of renting in a lot of ways. There is far more admin, and you are responsible for all of it, as opposed to renting where your landlord deals with the more complex aspects themselves.
Renting has many advantages, and you may find that the rental market is much more suited to your needs than outright buying. At Easylet & Sale, we can help find the right property for you. If you’re looking for an estate agents in Hastings or an estate agents in Brighton, contact us today and we will endeavour to help you find your future home.