There is a myth that renting a property is ‘dead money’ and it is much better to buy. But there are times when buying a property may not be right for you and renting is a much more suitable option.
As highlighted in last month’s blog the main benefits of renting a property as opposed to buying is the flexibility and affordability it offers people, especially the young.
So let’s look at the advantages more closely:-
Flexibility – once you have bought a house you are tied to living in that place for at least a few years. Whereas with renting you can move around more easily if your job changes or you fancy living in a different area.
You can choose to live with flat mates or live on your own. It can be an opportunity to make new friendships as well as splitting cost.
Renting may allow you to live in a more up market area than you could afford if you were buying.
A deposit for renting a property is usual very small when compared to the large down payment on a mortgage.
Budgeting is easier when you are renting as the amount of rent is usually fixed for the term of the contract.
The landlord is usually responsible for all maintenance and repair costs.
Generally utility bills are lower in a rented property
Insurance is generally cheaper for renters
Without a mortgage and lower running costs it is easier to save money when you are renting or you can choose to spend your money in other ways.
No worries about costly refurbishments or the value of the property fluctuating.
If you are looking to rent in the Manchester area pop into one of our offices to look at the properties we have available for renting. Or visit the Home Estate Agents website.