The debate over renting vs buying is always being disputed and unfortunately it lacks a clear answer. Whilst many feel as though buying is better than renting, there are some instances that do suggest the opposite. This article aims to explain why renting is advantageous for many of us.
When purchasing a property, you’re usually required to live there for at least a few years. But when renting, you have the option to move around if your situation changes.
No repair bills/maintenance expenses
When renting, all the maintenance and repair costs are the landlord’s responsibility, relieving you of financial stress.
Fixed rental price
Rent prices are guaranteed for the agreed span of time, which means as long as you’re in a fixed term contract, it’s easier to budget your money so you’re aware of how much you need to pay.
No large deposit
Financially speaking, those who rent get the better deal than those buying a house, due to the required size of each deposit.
Lower utility costs
Due to rental properties having a simpler floor plan, renters will encounter lower utility costs – a major money saver.
Insurance that renters need to pay is much cheaper what home owners need to pay – another money saver.
Local property values
Fluctuating property values of different areas affect homeowners in a significant way and renters less so, if at all.
Are there any other advantages to renting that you think we’ve missed? Let us know on Twitter @haart_uk!