Breaking down the stigma
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While owning your own home is something at the top of the tick list for many, the negative stigma surrounding renting is a tad unfair. Owning your own home is nice, but so is renting a home knowing that you aren’t tied down and *probably* won’t have to fork out if the boiler decides to break.
After all, your wages are just going from your pocket into your landlord’s pocket and you’ll have nothing to show for all that wasted money at the end of the tenancy, right?
Wrong. In some cities in the South of England, paying rent is often much cheaper in the short term than mortgage repayments. Plus, taking into account the additional homeownership costs such as stamp duty, mortgage arrangement fees and maintenance, renting is often the cheaper and easier upfront option, and can often be a good way to save money.
More long term, renting can also be helpful those who want to live in a certain areas but who are not able to afford a home in that area. For example, homes within the catchments of good schools can be up to £39,000 more expensive to buy. This prices many young families out of buying in that area, but renting may be the more affordable option which allows them to live where they choose to.
But is there? The property market operates in peaks and troughs, and many have seen the house market crash more than once in their lifetime. The housing market is unpredictable and house prices can fluctuate massively year on year. There’s money in bricks and mortar yes, but in the UK, for every £1 lent to a business, £35 is lent to someone buying a property. Our obsession with homeownership means we aren’t investing in other things that would benefit our economy. In Germany and Switzerland, 60% of homes are rented and money is instead invested in business ventures, making their economies among the strongest in the world.
Stability means permanence. Renting short term gives you the chance to be flexible and test areas out before you make the more permanent decision to buy. Being tied to one area with a mortgage and a house can be seen as both a blessing and a curse. If you’re intending to stay put, owning your home is a permanent and stable housing solution. However, if your job requires you to move a lot, or if you just like a change of area every now and then, renting provides a lot more flexibility.
This isn’t to say that renting is an unstable lifestyle, though. Landlords are often looking for tenants that will stay for the long term. Short term tenancies are necessary for certain types of rental, such as students, but long term tenants are more desirable as landlords want to minimise void periods and the hassle of finding new tenants. Landlords are also looking for a stable income and once they have found reliable tenants that look after the property – they tend to want them to stay!
Owning your home also means you are responsible for all the maintenance. If your boiler breaks in a rented property, it is often a condition of the contract that the landlord is responsible for upkeep and maintenance and he will be required to fix it within a reasonable time frame. Renting gives you the ease of knowing there is someone to call should you need too. This will be conditional, so it’s always recommended that you read the contract thoroughly and raise any concerns you may have prior the signing.
We don’t believe renting deserves its negative reputation, and our branch staff are here to discuss the best housing options to suit your current needs and lifestyle. If you’re looking to let, our range of services will make sure your tenants are well taken care of, giving you more time for the things that really matter. Whether you are considering renting or letting, you’ll want to ensure that you’re in the best hands. We recently won Gold at The ESTAS for Large Letting Agent of the Year, as voted for by our landlords, so you know that when you let or rent through us you’re getting the best possible service.
If you’re looking for a new house to rent, or someone to help you with yout let, then visit our website or pop into your local branch to see how we can help.