The Top 4 Reasons Why Renting is Better than Buying

The Top 4 Reasons Why Renting is Better than Buying

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Renting has often been associated with ‘dead money.’ This could not be further from the truth. For those that are keen to assert their independence but do not want to face years of financial commitment, leasing provides a perfect alternative. You do not want to tie yourself to a mortgage for the next thirty years of your life.

For those that are keen to rent a home, you will probably have been met with staunch opposition from your nearest and dearest. If you are looking at winning the war of words on your decision to rent, read on. This guide will tell you why renting is significantly better than buying.

Freedom!

If you want complete freedom, renting is the perfect option for you. By renting your property, you can live anywhere in the world. You do not have to wait, potentially, years for your house to sell in order for you to move. You simply hand in your notice to your landlord and away you go. Who does not want to experience true freedom? Whether you want to live in Scotland, or seek the advice of letting agents in Chelmsford, you have the freedom of choice of where you live. It’s practically hassle free!

Renting is Cheaper

For those that crave security, getting a mortgage is important. For those that want to be free, and want more money in their back pocket, renting is the ultimate housing solution. In fact, renting is now significantly cheaper than getting a mortgage. If you want to have more money at the end of the month, renting is perfect. Rental prices are cheaper than mortgage rates in the current economic climate. Interest rates are alarmingly high, thus proving why renting is a better option.

You Can Forgo Savings

This is said in jest of course. You should never sacrifice having a healthy bank account so that you don’t have to mortgage a property. But, if you are struggling to raise a deposit for a mortgage, rental properties can be sought more quickly, and cheaply. You will only need a deposit that is the equivalent of a month’s rent, as well as a month’s rent in advance. Factor in estate agents fees and you are laughing all the way to the bank. Raising the deposit for a mortgage can take years. Furthermore, it can seriously deplete the savings that you have in your account. Don’t raid your piggy bank, rent a property and be quid’s in.

No Money for Repairs? No Problem

Renting is the perfect solution for those that do not want to be burdened with maintenance costs that are associated with buying their own home.

If the boiler breaks down, or there is a flood within your property and you do not have the available cash to fix these repairs, you don’t have to. The onus is very much on your landlord to get these issues resolved. You don’t have to worry about finding money to pay for repairs on a property that you do not own. Essentially, you have the best of both worlds when you are renting a property. You have your own independence but without the costs.