Pros of renting
It can be a very difficult choice to make, whether you should rent a property or buy a property outright. To help assist in this decision, here are some pros to renting:
Freedom and flexibility to come and go
Renting a property gives you far more flexibility than owning. This is ideal if you’re not ready to settle down, or are unsure where your career may take you. With buying, you are making a significant responsibility and commitment to stay in one area for a considerable amount of time. This is due to the sheer cost of sellers fees, stamp duty and remortgaging.
Moving out is also a lot easier for a tenant rather than a homeowner. As a tenant, you have no responsibility or stress of finding someone to take over the tenancy, it’s all down to the landlord. With buying, you have to go through the hassle of finding another buyer to purchase the property. When multiple chains are involved in the sale or purchase of a property it can cause a lot of stress and upset.
No repairs or maintenance to worry over
If the kitchen sink starts to leak, or a door hinge breaks, there’s no need for you to head down to the local DIY store and tend to this yourself. Instead, all you need to do is ring your landlord, since it’s their responsibility to repair any maintenance problems you may experience. Buildings insurance is also covered by the landlord, the only insurance you have to worry about is contents insurance for your own possessions.
Additional money in the bank at the end of the month
With no home loan, tenants don’t have to worry about putting additional funds into paying loans. Budgeting is far easier when renting, since you pay a fixed monthly amount with no interest or additional fees, except bills. This allows you to have the opportunity to invest or save money. Renting also helps with your credit score by creating a history of on time rental payments, helping you to build a good credit score.
Less spending money upfront
When buying a house there are a lot of additional initial payments you have to make. These are: a substantial deposit, a home inspection, mortgage set-up fees, solicitor’s fees, the list goes on! With renting, all you have to worry about is paying 6 weeks - 2 months of rent up-front and an initial deposit that you can get back at the end of your tenancy. Also, forget about the large amount of interest you have to pay as a tenant on the worrying mortgage.
With everything, there are some drawbacks to renting. You don’t have as much as freedom to alter and style the property to your tastes. Plus, occasionally landlords do not allow pets or smokers. If you’re not quite ready to settle down fully, or you want to save money to purchase in a more expensive area, renting is perfect for you!
If you are looking to rent then why not check out our rental properties in Kent. We always have properties coming onto the market, so why not give us a call at Classic Lettings and see whether we have any suitable for you.