Its common knowledge that buying seems to be the more ‘sensible’ decision when it comes to finding somewhere to live. Renting isn’t exactly cheap in many circumstances but it also has a vast catalogue of benefits that people seem to forget. Whether you’re struggling financially or aren’t ready to commit to something as serious as a mortgage, renting is probably the answer to your prayers and these are the reasons why…
No massive deposit
I think we can all agree that saving a deposit for a house is both crippling and sometimes unrealistic. Even with government schemes in place, not everyone is in the position to live off super noodles and while they desperately save because let’s be honest, that’s not much fun at all, is it? If your main goal is to buy your own home then great, say goodbye to the next year or two of your life. But if like me the thought of not being able to socialise is more traumatic than the cost of an actual mortgage, renting is the way forward for you. It may cost you more in the long run but renting will definitely leave some spare pennies in the piggy bank for a rainy day.
You don’t have to pay maintenance fees
Its one thing saving for a mortgage but it’s another paying for repair after repair when your house starts falling apart. Imagine booking a dream holiday to Bali and then discovering that your boiler has packed in. Goodbye sunshine, hello credit card debt. You may not consider these factors when you’re window shopping at your local estate agents but trust me when I say, these things do happen. At least if you’re renting it’s the landlord’s problem, not yours.
You won’t be affected by decreasing property value
The property market spins in roundabouts. One minute its up, the next it’s drastically down but as a renter, you’ll never really be affected by this. The value of a home can have a lot of negative implications, a biggy being that your taxes can go up and your actual mortgage could increase too. In a day and age when the housing market is like tumbleweed caught in the wind, buying is a substantial risk and unless you have a solid back up plan in case things get bad, I’d consider renting instead.
It’s more flexible
Fancy taking a year out from your work to go travelling or maybe you’ve been offered your dream job in a different city and need to relocate ASAP. Do you think you’d be able to do any of these things with a massive mortgage holding you back? Absolutely not- hence why renting is far more flexible. You might not be the spontaneous type, but you never know what’s lurking in the future and securing your anchor in one place isn’t always the best decision. Renting means no commitment and nothing is set in stone, so what could be better for a millennial?
You can live more central
Good luck finding a lovely semi-detached house with a garden in Manchester city centre. You’ll probably have more hope solving world hunger but while you’re figuring that out, you might as well rent a lovely apartment instead because it may take a while. Don’t get me wrong, renting in a popular location can be costly but at least it’s a possibility, right? The fact of the matter is, it’s far easier and cheaper to rent in the city centre than it is to buy, so why waste your time looking for a ‘forever home’ when the chances are it doesn’t exist?
