Having the flexibility to change things up is a big advantage. If you are new to a location, renting will give you the flexibility to try out different areas, until you find the perfect place to settle. Flexibility is also an advantage when it comes to career changes, as you may swap jobs several times throughout your life. When you are renting a property you will have the flexibility to take better opportunities elsewhere as you won’t be tied to your home.
If you are ever made redundant, leave your job, or experience any kind of pay cut, renting gives you flexibility in your price as well. When you have a mortgage, monthly payments often stay the same for years, but as a renter you can always move somewhere slightly cheaper until you get your feet back on the ground.
Renting also comes with another flexible point, and that’s neighbours. This may not be the case for all, but sometimes you don’t always see eye-to-eye with them. Maybe your neighbour’s dog keeps you up all night? When renting, you will have the flexibility to move away from any annoyance your neighbours may cause.
Renting will allow you to live in a home which you may not be afford to buy yourself. For example when looking at North Devon rental properties online, you will see that a three bedroom, detached house would cost around £250,000 to buy but only £625 a month to rent. So, by renting, you get more for your money, as well as living in a beautiful home.
One of the biggest advantages which renters have over homeowners is that they have no maintenance costs or repair bills. When renting a property, your landlord will be responsible for all maintenance as well as repair costs. If an appliance stops working, or the roof starts to leak, you do not have any financial responsibility to get these issues fixed.
When buying a home, you usually need a large deposit to put down and this often takes years of saving. However, when renting you will need a smaller deposit to put down; usually a couple of months’ rent upfront or a deposit in case of any damages.
No market risks
With the property market forever changing, when you buy a home you take on the risk - which can often be rewarding. However, as a tenant you won’t have to worry about the property market as much and if the property’s value changes it won’t affect you as drastically.
No legal costs
When you are buying a home, there are many fees which will need to be paid; mortgage set-up fees, surveyor fees, stamp duty and legal fees. When you are renting, you will not have to pay out for any of this.
Whilst owning a home is a fantastic opportunity and very beneficial for many, for others renting is the better option. There are plenty of examples that show how renting can save people a considerable amount of money. Before making a decision, review the details and make a financial choice which is right for you.