The number of people renting as opposed to buying in the United Kingdom has increased dramatically and is continuing to do so. Due to the ever-increasing struggle for first time buyers to secure a mortgage, as well as saving up the deposit for the property, renting is proving to be a much more flexible and cost effective option.
Renting a home has many benefits, although rental may prove to be more expensive in the long run, home ownership proves to be much more expensive on a monthly basis and it is much easier to afford monthly rental fees, especially for first time buyers who may still have student loans to pay off.
Renting a property allows the tenant to save money easier, as buying is more expensive and you do not have to fork out for unforeseen expensive repairs or upgrading, it is the responsibility of the landlord to do so, in turn saving the tenant money. Although owning a property is a considerable asset, there is no guaranteeing that the property will rise in value over the years. If the value of the property decreases, you may be paying off a loan for a property that is not worth as much as you are paying for it.
As well as this, some properties are fully furnished, lowering expenses further as the tenant does not have to buy furniture or redecorate. Also if the tenant decides to move on to another property they will not have to hire help to move or store the furniture.
A further benefit of renting is if you are looking for another job, or are offered a new position, you do not have to restrict yourself to a certain area. It is much easier to relocate from a rented property as you do not have to sell the property, which can take a very long time.
Renting gives the tenant much more flexibility to relocate much quicker and enables them to experience living in different locations. It can be very expensive and time consuming to prepare a property for sale. Whether you currently rent a flat in Glasgow and want to relocate to Aberdeen, you have the freedom do so without a mortgage to tie you down.
By getting the opportunity to experience different locations, if the tenant does decide to invest in buying a property in the future, they will have a better idea of where they would like to reside permanently which is a great benefit.
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