Reasons to rent a property
There are numerous factors to consider when deciding whether to rent a property or take the big step toward buying a property. There are pros and cons to either option. It is generally only a good idea to buy a property when you have a stable income and are well established in your work and personal life. While many of us are working toward this level of stability, it is often the smart thing to choose to rent if you can’t commit to long-term mortgage payments. Here are some reasons to rent instead of buy.
If you are unsure of your plans for the future, renting may be a good option. Perhaps you are considering a new career in a different city or perhaps you want to travel or even emigrate in the near future. When moving to a new city, it’s generally a good idea to rent first, to test the waters, so to speak. Renting means you don’t need to make long-term commitments, so you can take time to make important decisions for your future.
Another benefit of renting is the lower level of responsibility. The property owner or landlord generally takes responsibility for repairing leaks or faulty plumbing. Insurance is also less, since you don’t have to pay for building insurance; however, it is advisable to insure your belongings, as they are not included in the building insurance paid by the owner.
With low deposits, it is much easier to rent than to deposit a deposit to buy a property. This means that you can change your location on relatively short notice. The fixed rent also makes you immune to fluctuations in interest rates. So as long as your contract runs, your rent won’t go up, regardless of what the economy is doing. This is a convenience because it allows you to budget more accurately. Good financial planning and careful budgeting mean that you are better equipped to live debt free.
In short, renting gives you immediate, short-term accommodation with the freedom to relocate on short notice and the certainty that fixed rent can go a long way in planning your monthly budget.
Chiltern Estates has a variety of properties for rent, with properties available in Mayfair, Baker Street, London Central, the West End and more.
