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Buying a property can sometimes be a stressful and lengthy process. Renting has the benefit of giving you the freedom to move around without being tied down to a chain. When renting a property, you will have a clear idea of how long your tenancy is. This gives you plenty of time to plan ahead and either look for alternate accommodation or renew your tenancy. It also gives you the flexibility to relocate to anywhere you want without the added stress of finding a tenant to replace you!
Should your circumstances change at all and you need to move or end your contract early, this, in some cases can is a possibility. Again, adding another level of flexibility and another benefit of not being tied into a mortgage.
As a tenant, you don’t have to carry the burden of maintenance. It would be the landlord that would be responsible for the majority of maintenance, repair and decoration work of the property. Not having to worry about forking out for any additional costs will make it easier for you to predict your monthly outgoings, helping you save money in the long run.
Landlords are also responsible for the building or homeowner’s insurance. Some tenancy agreements may also include bills in the monthly payments, always double-check!
Renting a property also means no mortgage and no huge deposit! A mortgage is one of the biggest debts you would ever need to take out, and can take years to pay off. Missing a monthly payment can have a damaging effect on your credit score and holds the risk of the property being repossessed. Whilst there are also repercussions of missing a rental payment for tenants, there may be some circumstances where an agreement can be made with your landlord.
Although tenants are required to pay a deposit to secure a property, this is usually considerably lower than a deposit for buying a property. Not only that, it is also refundable, given that there are no damages or rent arrears acquired at the end of the tenancy.
When renting a property you have the benefit of not being restricted to one area, you may even find it affordable to rent a property in an area where you may not be able to buy!
“Buying a house in a desirable area might be unaffordable, but the rental costs for this area might be within your price range. Renting gives you extra flexibility if your circumstances change and the most desirable benefit, you don’t have to pay property taxes.” Amy Dawber – Lettings Manager
Mortgages are also often set to strict criteria when it comes to borrowing boundaries. With renting, it’s slightly more lenient. As long as you have the deposit, can afford the rent, and pass the reference checks, you are in a fantastic position… much easier than the hurdles you would face when buying!
If you find a property you like, try to book a viewing as quickly as you can by calling 01204 535353. The lettings business is exceptionally quick and in certain regions, properties can be let only hours after going to market. Our representatives are flexible and will help you to find a property that works for you. They’ll arrange a time that is mutually agreeable for you to view the property, and they will come around with you to answer any queries or concerns you might have.
Selling a house is very stressful but Karen and her team were always available and dealt with any questions promptly.
They go above and beyond for you so I would highly recommend to anyone selling or buying a property to go with this agent.
A fabulous estate agency. Very knowledgeable about the local area and got me a buyer in record time! Can't thank you all enough.
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