Reasons to rent a property
There are numerous factors to consider when deciding to rent a property or take the big step towards purchasing a property. There are advantages and disadvantages to either option. It’s usually only a good idea to buy property when you have a steady income and are well established in your work and personal life. While many of us are working toward this level of stability, it’s often wiser to choose to rent if you can’t commit to long-term mortgage payments. Here are some reasons to rent instead of buy.
If you are unsure of your plans for the future, renting may be a good option. Perhaps you are considering a new career in a different city or wish to travel or even emigrate in the near future. When moving to a new city, it’s usually a good idea to rent first, to test the waters, so to speak. Renting means you don’t need to make long-term commitments, so you can take the time to make important decisions for your future.
Another benefit of renting is the lower level of liability. The property owner or landlord generally bears the responsibility for repairing leaks or faulty pipes. Insurance is also less as you do not need to pay for building insurance, however it is advisable to insure your possessions as they are not covered by building insurance paid for by the property owner.
With low deposits it is much easier to rent than to put down a deposit to buy a property. This means that you can change your location in a relatively short time. Fixed income also makes you immune to fluctuations in interest rates. So as long as your lease is in effect, your rent won’t go up, regardless of what the economy is doing. This is a comfort because it allows you to budget more accurately. Good financial planning and careful budgeting mean you’re better equipped to live debt-free.
In short, renting gives you immediate, short-term housing with the freedom to relocate on short notice, and the certainty of a fixed rent can go a long way in planning your monthly budget.
Chiltern Estates has a variety of properties to rent, with properties available in Mayfair, Baker Street, London Central, the West End and more.
