Most people would prefer to own their own home. Unfortunately, sky-high house prices and strict eligibility rules preclude millions from doing so. But what’s so bad about renting a home?
Depending on your circumstances and your plans for the future, renting might actually be the best option. Not convinced? Here are a few benefits that might change your mind.
Renting a home gives you the flexibility to move on quickly. If you might have to relocate at short notice, this flexibility could be vital. You can also reduce your costs fast if your income suddenly falls.
If you sign a long lease, you can manage your finances without too much hassle. You have the peace of mind that comes from knowing how much your rent is each month. And even if the rent increases after the initial lease, you always have the option of moving out.
With a mortgage, an interest rate increase of just 2% can put your monthly finances under strain. If this is the case, you can sell your house fast by turning to Sell House Fast Cash. We buy houses in as few as seven days — helping you to reduce your outgoings as quickly as possible.
Maintenance and repairs
If you rent your home, you’re not liable for significant repairs and maintenance costs. Replacing a roof or a central heating system can be very expensive. If you own your home, the responsibility is yours. If you rent, your landlord must attend to the repairs as quickly as possible.
Move in for less
Most people in the UK need to find a 10% deposit in order to buy a home. And let’s face it; most people don’t have the £20,000 needed to cover the cost of purchasing the average home in Britain. But when you rent, you’re only likely to need a deposit and two months’ rent.
If your employment status is less than solid, buying a house represents a big risk. If you lose your job or your income is suddenly reduced, falling into mortgage arrears becomes a serious possibility. And having your house repossessed seriously hinders your ability to obtain credit for several years afterwards.
Not only do you lose your home, but you also lose all the money you’ve invested in it. All the fees you incurred during the purchasing process are also wasted.
Moving away is easier
You never really know what it’s like to live in a house until you’ve tried it for a while. What happens if your neighbours cause you serious problems? What if your home just doesn’t “feel” right?
If you need to move away quickly, the process is faster and simpler when you’re renting. If you own your house, however, you have to find a buyer first. And the legal process is always subject to potential delays and issues.
If you decided to buy your home but now need to find a buyer quickly, Sell Property Fast Cash can help. We buy houses directly from owners around the UK. We work with partners to complete property purchases within just a few weeks. Contact us today to get the ball rolling on a free, no-obligation home valuation.