Hello World! Welcome Friends! Renting might seem like working to pay someone else’s mortgage, but there are some reasons this is a better option than buying. Here are some things to consider being a tenant rather than a homeowner to start with.
Home Insurance
If you’re renting, you won’t be responsible for the building insurance. This will be covered by the landlord, so if anything should happen to the exterior, such as weather damage, you won’t have to deal with the claims process and pay to get it fixed.
You will only be responsible for your contents insurance. You can get a competitive tenant insurance quote from Aviva. You can also add optional extras such as water protection, ID theft, and earthquake insurance. So, your belongings will be covered in any possible scenario.
Pets
If you rent, you might not be allowed pets, unless you have an understanding landlord. As it’s not your home, your landlord could be reluctant to risk having a pet damage their property. This isn’t always the case though, and some landlords will be okay with pets, especially if the property has a suitable garden, and the animal is unlikely to cause damage.
Getting to Know the Area
Renting gives you the chance to get to know the local area. You could view a property, and visit the area several times before buying, but still not get the full experience of what it is like to live there. So, if you are considering buying a home, it helps to spend time living there first. Renting is the best way to do that. You could also discover which parts of the area are the best places to live, as you make new friends nearby.
Repairs
If you own your property, any repairs are your responsibility. As a renter, the landlord is accountable for resolving problems with the property, such as a leaking roof, a faulty boiler, electrical wiring or plumbing issues. These costs can quickly add up. By renting, you avoid these unexpected expenses.
Renovations
You won’t usually be allowed to carry out renovations to the property you’re renting. However, if the house needs updating, or the landlord wants to modernize certain features, you won’t have to pay for these, and will enjoy the benefits of these while you are a tenant. One thing to be aware of is, the landlord might increase your rent to recover some of these costs, but you have the option to look for another property to rent or buy.
The Flexibility to Move
If you rent, this means you are free to move whenever you need to. You still need to save for a deposit and other associated moving costs but compared to owning a property, it’s easier. When giving notice and finding a new place to rent, you will face fewer obstacles than having to find a buyer for your property.
Although it seems like everyone is in a race to get on the property ladder, there are reasons to rent, at least for a while. So when you eventually buy your own home, you can be sure it’s right for you.
Click the links below for any posts you have missed:
When Should You Use Fake Grass For Your Home
Tips for a Successful Home Renovation
Top Cases When You Need the Help Of a Personal Injury Lawyer
Don’t Let Money Ruin Your Life: How to Work Around Loans and Mortgages
I’d love for you to join my email list! You’ll receive a notification straight to your inbox which will include links to my latest home project posts! Simply enter your address below.
Thanks for stopping by! Have a wonderful day/night depending on where you are in the world! Go with God and remember to be kind to one another!
Toodles,
[…] Reasons to Consider Renting […]