It’s a fair argument that paying a mortgage every month as opposed to paying rent is a means of building equity and making an investment for the future. But renting your own home can offer a more strategic financial option, especially if the property market is in a downturn.
If you also account for the cost of home maintenance that any relevant taxes homeowners pay, as well as the more costly homeowner insurance, you begin to realise that you could conserve cash by renting, instead of buying your property.
An added benefit of renting lies in the reduction in your own home maintenance workload. This is simply because you don’t have to consider aspects such as managing the surrounding grounds, carrying out repairs, or maintaining appliances.
In a rental property, if an appliance such as a boiler or washing machine breaks down, it is possible for the tenant to inform the letting agency, who can then arrange for reparatory works to be carried out, in which the landlord settles the bill. The amount of money spent on home repairs can mount up quickly and not having the responsibility for this can prove to be one of the main advantages to renting your own property.
As well as providing exclusion from responsibility for household maintenance and any related bills, renting a home can be beneficial for people who move regularly, as it gives them the freedom to move around as they wish.
However, there are a few things to be aware of before you sign a lease and commit yourself to a binding contract. First of all you should do your research and be sure you have chosen the right area to live in, as once you’ve signed the lease you are generally committed to living in that property for at least six months. What’s more, if you have children then you may want to consider accessibility to local schools and amenities.
Once you’ve identified suitable properties, you can then get in touch with the agency or landlord to arrange a viewing, so you can go and see for yourself. But as a common rule of thumb, if you wish to rent property it is advisable that you go for a viewing first of all; it is perhaps best not to agree upon any terms or conditions until you’ve had a good look around and you feel the property is satisfactory.
If you like the property, it’s simply a matter of completing any required paperwork, settling any relevant fees and bills, and then actually moving your stuff in. Of course, everyone would like to be able to own their own property, but in times of such economic difficulties renting can prove to be a very beneficial option.
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