Sponsored Post
‘Renting is dead money’. ‘You must get on the housing ladder’. Sound familiar? There’s no denying that there’s a stigma around long-term renting. It’s instilled in us from the get-go that you should buy a house and not rent, or only rent if you really have to. For many people, this is the perfect route to take but for a lot of other people, buying a house isn’t really on the cards.
The truth is that getting on the housing ladder is becoming increasingly difficult, with a lack of affordable housing and the cost of living continually rising. More and more people are renting well into their 30’s and whilst many people might see this as a sign of failure or falling behind on that all-important timeline of life, together with CIA Landlord Insurance I am here to point out the benefits of renting and why we should end the stigma around it…
Flexibility
When you buy a house, you enter into arguably the biggest commitment of your life, both financially and otherwise. It takes around 25-35 years to pay back a mortgage and if you want to move house, it can take as long as a year and can be a complex and stressful process. Whilst many people might love the idea of being anchored down to one place, many people would much prefer the flexibility and fluidity of renting.
If you are the kind of person who wants to experience different places and maybe explore different avenues of their career, the flexibility and freedom of renting might suit you down to the ground. People, particularly millennials are changing jobs more than they ever used to before. They like the different flavours of life and why not try as much as possible whilst we’re able to? When you rent, relocating is a very simple process and you’ll never be restricted with where you want to go in life.
Bear with me on this one. I know that a lot of people will say that renting is a waste of money. You’re lining your landlords pockets and paying off their mortgage, instead of paying off your own mortgage and having all that equity behind you. Firstly, a house doesn’t always mean you’ll have equity. Property can decrease in value, and with the uncertainty of Brexit and the housing market, that’s a pretty real threat.
Secondly, what you’re paying for with renting is a stripped back way of living. Renting is substantially cheaper than home ownership in the long run. Getting on the housing ladder is a very costly process; deposits, stamp duty, solicitors fees… the list goes on. You’re often saving for years to cover these costs which means missing out those parties, meals out and holidays.
With renting, you’re freed up with more money for the things that matter. There are a few upfront fees and costs involved with moving into a rental property but aside from that, all you have to worry about is your rent, and possibly also your bills depending on your tenancy agreement.
Your rental property might even come furnished. That’s less money to be spent on all the necessities. Even if you’re not keen on the furniture or appliances your landlord has provided, you can gradually swap these out for your own choices without having to part with a big lump sum of money.
Less to worry about
Which leads me on nicely to my last point. Renting is much less stressful! There’s a lot that comes with owning a home. Buying it is one thing. Once it’s yours, you are responsible for everything that comes with it, such as home maintenance repairs, home improvements and the process of selling-up and moving on.
When something breaks in your own property or you find a leak, it can be so stressful. Dealing with a faulty boiler or a broken shower really isn’t fun for anybody. The beauty of renting is that it’s not your problem. It’s your landlords problem. And so long as you have a good landlord who won’t leave you waiting weeks to carry out repairs, all you need to do is keep an eye on things, pay your rent and relax. Your landlord is responsible for making sure that your property conforms to all the relevant safety standards so you’re pretty much guaranteed a good level of protection from any major fire or electrical hazards.
This is in short a friendly reminder that it’s okay to go against the status quo. Don’t let anyone tell you that you’re not winning at life because you’re renting. It might just be the perfect way of life for you and many other people. Of course, if you dream of owning your own home, there’s absolutely nothing wrong with that and yes it is a good idea to get on the property ladder. But it’s also a good idea to rent and one shouldn’t be seen superior to the other.
Some very good points there, I’ve got my own home but the stress of and cost of fixing things like the roof, can be really hard to cope with and I never seem to mange to keep on top of it all.
I rented for 4 years before I got married. There’s no way I would have been able to afford a deposit on a property on my own. And I loved that flat!
I agree that renting or buying a property / house should be a personal choice. No one individual / couple / family should be judged on this. Status symbol? ‘A House should be a Home ‘. Circumstances change for people, can change at various ages / stages of life.
Investment :- Do people really add up every single financial cost / bill. Also whilst property gains in value :- So do other properties (which is relevant for if / when you want to move). Also cost of living has increased, etc. Therefore has there really been a profit on the investment.
Repairs and maintenance, Insurances. Every aspect needs consideration.
Renting comes with pros and cons also.
Seems really that there is insufficient housing. As there is Homelessness.
I had 1 landlord who was incredible!
Renting is good for some flexibility that you don’t get with buying your own home. It is also costly to buy your own home with the deposits and everything else. Some properties come fully furnished too so that’s great if you are just starting out. I am glad I bought my own home but not everyone wants to or can.
Maintenance is the biggest benefit for me. We’ve had our boiler replaced and all our windows replaced this year, which would have cost us thousands that we simply do not have. It’s been a real relief to have someone sort it out without us having to go into debt to just stay warm this winter. That being said, we cannot wait to own a property but it’s definitely not without its drawbacks.
You have a good pint, renting can be less stressful as you don’t have to worry about home maintenance but in the long run have your own property is also a good investment too.
Renting isnt so bad, if anything goes wrong, if its yours, you have to find the money, but if youre renting its normally down to your landlord, if you have a good one, i’ve never had a problem renting
this gives me a gret perspective, ive only ever rented and would be scared to buy due to money but i know buying might be most useful in long run
Brilliant points, thanks for this article. Im fed up of the stigma attached to renting. We have been renting for years now due to personal reasons and are perfectly happy xx
I do agree that renting can bring flexibility and therefore you don’t have to commit. I like the idea of having my own place though that I can give to my kids. I think it’s hard though to get on the property ladder, therefore renting is the best option.
I am very glad that I rented first and I agree about the flexibility, you can’t move or just leave your job or anything easily when you have bought. But for me it’s always been a goal I’ve wanted to achieve x
I have always rented I don’t think as many people buy these days as they used to
I love renting because if anything goes wrong you just have to call the landlord
All valid points. I could only just afford to buy when I met my partner who already had a lump sum which was left to him by his grandma.
Yes! There is such a stigma around renting rather than owning your own home. However, there are so many plus points to renting not least having to find the ridiculous deposits that are required for a mortgage nowadays.