Archive for the ‘Renting Property’ Category
Owning a property is a goal that many of us have wished to achieve for a number of years. However, given the state of the economy in recent times, many people have reordered their priorities, deciding to rent property instead of own it.
Surprisingly to some, renting property does have its advantages. Whilst many might think that rental might only benefit the owner of the property, there are in fact many advantages for the tenant as well.
One benefit of renting is that tenants have the option to move to a different house once their lease expires. Home buyers do not have this benefit and must wait until their home sells. This can often be a long time, especially given the current state of the housing market.
Another benefit of renting property is maintenance – or rather lack of. Those who rent property needn’t worry about the state of the house as far as repairs and gardening go. The landlord is responsible for all maintenance and general upkeep of the property.
Depending on the owner of the property, the costs of renting may also include utility costs. For example, flats in Leeds often offer agreements that allow free use of amenities such as big screen TV’s or tumble dryers or whatever else might accompany living at the property. Certain taxes and other special assessments are also expenses that only concern the landlord and not the tenant.
Finances can also play a significant part in a person’s decision to rent rather than buy. Before renting a property, a deposit is often required which is likely to be significantly smaller than the down payment needed to purchase a property. Better still; the amount saved can be invested in stock or savings, or as a future down payment to buy a property when you’re ready.
On a related note, renting property whilst saving to invest into the property market is a wise idea, especially if a 15-30 year term fixed mortgage is beyond your expense. If you can’t afford a mortgage then you should not risk acquiring one. Risky moves such as these can often lead to foreclosure.
Those looking for flexibility would do well renting a property, especially those facing the possibility of change. Marriage, relocation and a growing family requires a certain degree of flexibility, meaning renting would be more convenient than buying.
If you don’t plan on settling at a residence for longer than three years, or you don’t want to deal with the responsibility of maintaining property, or simply can’t afford the expenses associated with buying property, then maybe renting is for you.
Dane Cross writes on behalf of One UK, a UK based estate agents who specialise in flats in Leeds.