Whether it’s our parents, grandparents or other family members, there always seems to be someone nagging at us to get saving for our own home. Especially, when there seems to be this notion that renting in the UK should only be a temporary solution until we can buy.
However, there are actually lots of advantages to renting a property rather than buying, which means more and more people are choosing to rent long-term.
Renting Gives You Flexibility
When you own a home, you tend to be stuck with that home for years, as selling and moving can be stressful and complicated. Which means, if you want to relocate for a job or partner, it can be difficult as you have no true time-frame on how long it will take to sell your property. Whereas, while you’re renting, it can be far easier to move properties, as you either have a set time before your rental is up for renewal or you may be able to give notice and end your tenancy early.
This is an ideal scenario for those who don’t want to be tied down to a certain city or for those who have a temporary job that makes their future uncertain, as most tenancy agreements last from 6 months to a year. If you need to move before the end of your agreement, you may even be able to finish your agreement early if you find your landlord a replacement renter.
You Can Live with Your Friends – and Make Future Friends!
Often, when we fly the family nest, the idea of moving to a property by yourself can feel both daunting and lonely. Instead, by choosing to rent over owning your own property, you can choose to live with a number of friends – just like you did in university. Which means, every day together becomes fun as you enjoy meals and nights out together.
Even better, if you do rent a home with strangers, these roommates have the potential of becoming your best friends in the future, meaning you’ve made yourself a friend for life. Or, if you don’t feel like you’re gelling with your fellow renters, it’s not hard to move on to a new property.
Renting isn’t just for singles, though, as these days many couples are renting along with other couples. Not only does this save you all money and allow you to make friends, it also gives you a test run of living together. Which means, if you’re not compatible, you won’t have a joint mortgage to try and split.
The Property Ladder is Difficult to Get Onto
Over the last few years, people in their 20s and 30s have found it increasingly hard to get themselves onto the property ladder. This is mainly due to the fact that both property prices and the cost of living have become more expensive. Which means that, in order to save for a home deposit, these people would have to stay at their parents. That is, unless they choose to rent!
Renting a property can give people both the independence of living away from home as well as time to save up for a house deposit in the future. Indeed, some people enjoy renting so much that they’re in no rush to buy a property.