Renting A Home
Times are difficult for most of us, and being a grown-up isn't so much fun at the moment. We have responsibilities to protect our little families and keep a roof over their head. So it's not surprising that more and more people with families are turning to private rental, instead of owning their own home. Owning a house can be lovely, but it can also be a financial millstone around your neck. There are so many benefits of renting a home instead of buying one.
These days renters have more protection than ever, but it is advisable to rent through an agency for extra protection.
When you buy a home, you might be stuck there for the next 10, 20 or 30 years. Buying a home is a big financial commitment and whilst it is nice to own a home. You might not be in a position to move house as your family grows. So renting gives you the flexibility to move as you expand your family. Then again move as they all move out.
It also means you can move home easier if your job or other circumstances mean you have to relocate.
When you own a home, you always need to have a fund to help with costs in the home. There are also everyday bills that need paying. You need to think about bills like home insurance and repairs. And make sure you can afford to cover these bills.
When you rent, things like home insurance is covered by the landlord. They also cover repairs in the home, so if your boiler breaks they have to get it fixed. So if you compare landlord insurance and repair costs, these will be at no cost to you. But if you own a home, you need to pay these.
Location For Renting A Home
Some locations can be really expensive to live in, but you want to live there for personal reasons. Maybe you like the school in the area, or its closer to work for you. So you can rent a home instead of buying one, this makes it more affordable.
Landlord Rules They Have To Comply With
You are probably safer renting a home, because of the safety rules that a landlord needs to comply with. Landlords have to ensure that your gas and electric appliances are safe to use. Gas needs to be checked yearly and you will be given a certificate. Electrical sockets and fuse boxes need to be checked as well as appliances that come with the house, like kettles and ovens.
They also need to ensure there are smoke alarms in the property. They need to make sure there is a fire escape. And that if the house is rented out to multiple people, there is a fire extinguisher on the property.
You Can Choose Your Rental Term
When you rent through a rental agency, you can choose the term that you want to rent for. Sometimes you just need to rent for a small period of time. Maybe you have sold your home and you need somewhere to stay for 3 months until you find a new property to buy. Or you might want somewhere to stay for three years. You usually can find a property rental to suit your personal needs.
If you are looking for somewhere to stay for a few weeks or a month. You are probably better looking at Air BnB. They still have to make sure the property is kept up to standard. But you won't get as much protection as going through a rental agency.
You Can Rent A Fully Furnished Property
Sometimes there are properties on the rental market that come as furnished. So if you have had to move out of a house in a rush, or you don't want the expense of furnishing a home. You can get somewhere that is already furnished and save some money in the long run.
Also if you buy a furnished rental property, it is down to them to replace the furniture and appliances as they breakdown. So it is less expensive for you.
Renting A Home Or Buying
Whether you rent or buy, the choice is yours. But hopefully, we have helped you to decide whether renting is more ideal for you.