When it comes to finding somewhere to live there is always a decision to be made about renting versus buying. Obviously, most people want to own their own home at some point, however, for some people renting is the better option. We look at the reasons why you might prefer renting over buying a home.
Owning a home is expensive. If something goes wrong in your home, it can cost you a fortune to get it fixed. Whether it is repairing a leaking roof or replacing the boiler these can be huge expenses for a homeowner. Even if nothing is going wrong at the moment, you know that you need to keep saving just in case it does. All these problems go away when you rent because they become the responsibility of the landlord. This means that anytime there is a problem you can just pick up the phone and let someone else deal with it.
You Don’t Need a Huge Amount of Capital
Buying a home is expensive, particularly when it comes to the deposit. You need to have a large lump sum to be able to put into your home when you purchase, at least 5% of the total value. Whilst you need a deposit to rent, it is normally only one- or two month's rent. So, if you don’t have the backing of a lot of savings then renting might well be the only option that is open to you. Whilst there are schemes that help people get deposits covered, these can result in you having to pay higher mortgage prices and so you need to consider them carefully.
You Have More Leverage in the Job Market
If you are renting a property, then this can make it easier for you to move around and look for a job in other places. This can mean it is easier for you to move up the corporate ladder and take advantage of your skills and experience in getting a good salary. Some companies will offer help with relocation expenses and this can make it really cheap for you to find the right job, rather than feeling stuck within a job because you can’t sell your home.
It Gives You More Flexibility in Life
Alongside being able to move for a job, there are other reasons that might want to cause you to move homes rapidly. If you meet your perfect partner and they are in a different city then, if you rent this makes it easier to move closer together rather than if you own your own home. It can also be useful if you are away from your family and you want to move back closer, maybe to take care of an elderly relative. Finally, you might just fancy a fresh start and be able to go anywhwere you want!