Nowadays, more and more UK citizens are realising the worth of renting, and no longer view it as merely money wasted.
While it has been common in the past for people to focus only on the benefits of buying, and the disadvantages of renting, opinions are beginning to change, with more people highlighting the positive aspects of renting.
As such, the rental market has continued to grow in the UK, and there are a wide array of properties to choose from, whether you’re a single person wanting to live alone, a student or young professional searching for shared accommodation or a family in need of a multi-bedroom house.
Why should you rent a property?
If you’re struggling to decide whether renting a property or a room is the right choice for you, the following 7 benefits may convince you that doing so, is the right choice. If you prefer to make money from rent, you can also become a landlord or start a rent to rent company.
1. Live on your own terms with property rentals
One of the most significant advantages of renting a property is that it gives you the chance to live on your own terms. Indeed, when you buy a property, you’re making what could be a lifelong investment. Instead, when you rent a property, you will be able to sign a tenancy agreement for the period of time that suits your needs, such as monthly, annual, bi-annual and so on.
Not only that, when you rent a property, you can simply end your tenancy agreement to go off travelling, and relocate as many times as you like, wherever you like. As a homeowner, these freedoms are harder to accomplish, and, once the mortgage is signed, you might be locked in for years.
2. Rent a room and scale your lifestyle with your career
If you’re at the beginning of what you hope to be an illustrious career, you may not be earning as much as you go on to earn later on. However, when you rent a property or a room, you can scale your living arrangements as your career progresses and your salary increases.
Renting enables you to upgrade or downgrade your home whenever you want, as many times as you want – as a homeowner, this is definitely not such an easy option.
3. Find great places for rent independent of location
When you rent a property, you can get access to homes that you wouldn’t ordinarily be able to afford to buy, and you can enjoy living in some stunning properties, without any of the commitment that buying a property entails.
This includes the option to move around the country or even internationally if you desire.
This kind of life setup suits younger people the most with less responsibility as they can move location rather easily without the added thought of bearing in mind staying close to school for children or even being nearby parents as they get older.
4. Find a room and gain independence
Many people are desperate to move out of their family homes. From students who have just finished their studies and don’t want the restrictions placed upon them that living with their parents typically involves, to someone with a failed relationship who has been forced out of the marital home and back into their childhood home – living at home is a cheap option for many, but it comes with a whole host of disadvantages!
Renting a property, whether it’s a single or shared property, gives you the freedom to live independently, without the commitment and cost of buying it.
5. Flat to rent means no new taxes
There are a lot of fees associated with owning a home, and some of them can be significant, such as property taxes. Often, homeowners are hit with these when they aren’t always expecting them. This can put a real strain not only on their finances but also on their personal life.
On the other hand, when renting a property, there are no such fees, usually, you simply pay your rent each month, and you’re done.
6. Get “free maintenance” when renting properties
As an advantage of renting compared to buying a home, this is arguably one of the most undervalued. When you own your own home, every maintenance cost is your responsibility; from a smaller problem that costs just a few pounds to fix, to a leaking roof that can cost up to thousands of pounds. When you rent a property, these are simply none of your concerns!
7. A flatshare means you won’t get stuck in a homebuyers rut
Finally, it’s important to recognize the fact that many homeowners throughout the UK are stuck in contracts that they can’t afford to get themselves out of. While the house they bought may have matched their needs at the time of purchase, it may not always be the right fit for the rest of their life, meaning that they could be forced to try and sell it to find a more suitable one or, they will have to rent it.
Instead, with renting, when your needs change, you simply end your AST (assured shorthold tenancy) and make plans to relocate!
Read even more in our dedicated article on which questions to ask when renting.
If you want to move out of your home and gain some independence, as stated above, renting a property is a great option. However, if you’ve never rented before, you may not know where to begin, or even how the process works.
Does renting a property for the short-term make sense?
Should you rent a furnished or unfurnished property?
There are pros and cons to both of these options; explore them in more detail, in this article on furnished vs unfurnished properties.
In short, some of the most prominent reasons for renting a property without furniture is that you can reduce the cost of your rent over time and benefit from the more creative freedom to design your space how you want.
However, renting a property with furniture can increase your monthly rent but you will benefit from not having to move around furniture or take responsibility for them once the tenancy agreement expires.
Residential renting made easy
For anyone wanting to rent a residential property, on a long or short-term basis, we’ve got you covered.
This includes signing the right location and tenancy agreement that suits your needs.
Who can be your rental guarantor?
Some landlords will ask you to provide them with a rent guarantor before they allow you to rent a property or room from them. Here you can find out all you need to know about who can be a rental guarantor, and how to find someone willing to act as such on your behalf.
When you rent a property (even with bad credit), it gives you the freedom that buying simply cannot give you. While it won’t be the right choice for everyone, it’s certainly a smart move for many.
Indeed, according to this study the leading reason people tend to buy a home is that it provides them with a sense of security.
On the other hand, for many, particularly young people, this is simply something they are not in the stage of life to worry about yet.