Renting involves fewer upfront costs
When it comes to renting a property, there are fewer upfront costs required when compared to buying a property.
Both renting and buying a home involve saving for a deposit, but when purchasing a home, the deposit needed is much heftier and is usually around 5% to 15% of the price of the property, whereas when renting, you’d need a deposit worth one month’s rent.
In some cases, there are also alternative options to deposits when renting, so you may not need one at all.
Aside from a deposit, buying a home also comes with additional upfront costs such as Stamp Duty, estate agent fees, mortgage fees and conveyancing costs. On the other hand, these additional upfront costs aren’t needed when renting.
There are lower barriers to entry
Renting can often be a more achievable goal for home movers because of the lower barriers to entry when compared to the alternative of buying a property.
There are also fewer costs involved when actually living in a rental property. For example, if you own a property, you’re also completely responsible for any costs to repair damages or maintenance. On the other hand, when renting, these costs are typically the responsibility of the landlord who will need to arrange any repairs needed which eliminates the hassle from the tenant needing to organise them.
Renting can be flexible
If you choose to rent a property, there’s a sense of freedom that can come with it.
Buying a home is a big commitment and you have to be pretty sure that you’re set on staying in that property and location for the long term once you’ve set your roots there. On the other hand, when renting, contracts can come with more flexibility which means that if you get a job offer abroad, need to move across the country or just fancy trying out a new area in the city you’re already in, you’ll have the ability to do so more easily.
Make yourself available
If you’re serious about renting, it’s important to make yourself available to view properties as they become available especially in a competitive market.
The rental market can be incredibly fast paced, and in areas with high demand, properties can be snapped up pretty quickly after hitting the market. So, to be in with the best chance of securing the home you want, it’s important to stay flexible and make yourself available as much as possible to go and view properties as they become available.
Being able to make the appointment sooner rather than later when your letting agent gets in touch with you will mean you’ll get your foot in the door ahead of the competition and reduce the risk of missing out on a property you love.
