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What Are the Benefits of Renting a House?

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.

Added flexibility

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.

Stability

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.

Benefits of renting a house

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.

Less risky

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

Benefits of renting a house

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.

Should I Rent or Buy Property?

You’ve probably heard people say that renting a home is like throwing money down the drain. While buying a house is often the sensible economic decision, it’s not always the most practical.

There are benefits and drawbacks to buying your own home. Consider them all before deciding which option is best for you. ‘Should I rent or buy a property?’ is a very complex question, and it deserves a lot of thought.

The benefits of buying a home

Ownership

You don’t truly own your own home until you’ve paid off your mortgage. But once you have, the property is yours to do with as you wish.

Something to bequeath

A lot of parents take great pride in being able to bequeath a home to their children. The sooner you buy, the sooner your children can benefit.

Generate equity

While there are fluctuations, property prices in the UK are generally on an upward curve. If you’re in this for the long run, a rise in local house prices could leave you with a lot of equity. And you can use this equity to fund other purchases, lifestyle decisions or home improvements.

No one to answer to

When you rent a home, you always have to ask the landlord’s permission before you make home improvements. And even then the answer could be no. When you buy, however, you can pretty much do what you like — unless the work involves major structural changes.

It’s often cheaper

Rental homes in the UK have never been so expensive. The rise of the buy-to-let-mortgage and a chronic shortage of housing has driven rents up significantly in recent years. But when you buy, the only intermediary is the lender. And that’s why owning is usually cheaper than renting your home.

Rent or buy property?

The drawbacks of buying a home

A big financial commitment

Buying a home is a long-term commitment that must be taken seriously. If you don’t keep up with repayments, you could lose your home — and any chance of obtaining credit in the near future.

Uncertainty

Fixed price mortgages only last for a few years, after which time repayments can fluctuate in accordance with interest rates. This might complicate some of your long-term lifestyle plans.

Moving might be tricky

If you rent your home, moving doesn’t entail too many complications. Give notice to your landlord, and make plans for the future. Even if you have to wait for your lease to expire, there’s certainty in the process.

But when you own a home, you’re at the mercy of outside forces. There are no guarantees if you need to sell a house fast to fund your next move. Your plans for the future could be determined by the state of the property market at the time. But there are other options, including Sell Property Fast Cash if you need a quick house sale. This national homebuyer purchases property without the need for marketing and negotiating.

Moving home

Maintenance costs

When you rent a home, you don’t have to worry about your boiler breaking down. Big repair jobs are the responsibility of the owner.

Splitting up complicates the issue

If you live with someone, owning a home can become a real headache if the relationship breaks down. Selling a house and dividing the proceeds can be a complex legal issue, but it’s no issue at all if you’re renting (although you’ll both be responsible for rent payments until the end of the lease).

Negative equity

If property prices fall, you might find that you owe more on your home than it’s worth. If you can afford to keep up with repayments in the medium term, this shouldn’t be a major issue. But if you need to sell up and move, negative equity could trap you in your property until house prices recover.

Buying a home is a big step in life. But the pride, security and comfort it delivers are why so many people choose to buy a property of their own.

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