It seems these days that all anybody ever does is harp on at you about how you need to get on the property ladder. As if you didn’t already put enough pressure on yourself to achieve, to be a success and to conform to the norm! The trouble is, this advice often comes from our parents and grandparents… But guess what elders?... Times have a changed and we don’t have any money. The odds are that your parents got help with the deposit for their first home from their parents and their parents got help from their parents and so on and so forth … or so back and so backwards… (scratches head)…
Anyways, we all have to listen to the elite community of homeowners telling us how ‘renting is throwing money away’ like we have a choice. People would do well to remember that buying a home isn’t always an option for everyone. And honestly… Don’t you sometimes just wish that those with their big shiny mortgages would stop for a second and consider the fact that, all they actually have is a big, fat, 25-year, mahoosive debt! So, less of the smug!
Here at Compare My Move, we like to think of everyone. We know that all circumstances are different and, although getting on the exclusive ‘ladder’ of success… Sorry… property is a nice milestone and probably a more cost-effective life choice, it isn’t the ‘be all and end all’ of life.
There are actually some great perks to renting. ‘They’ say that paying rent is throwing money away because you’re not getting anything for it… but we beg to differ… you have somewhere to live for another month. If you are in a position to get a mortgage then that’s great and yes, it does mean that the mortgage payments you make every month are going towards the home that you will eventually own outright but, it’s no bed of roses… there are disadvantages of having a mortgage. If the boiler breaks, the entire house needs rewiring or there’s a flood… That. Is. Your. Problem. Whereas, the renters are over here like ‘Oh no, the heating is broken, better call the landlord to come fix it’... And strut.
So, although having a mortgage and a place to really call your own is all well and good, there are obvious benefits to renting:
Life is busy, chaotic and often, it’s completely unpredictable. There is something almost final about buying a house… although you can sell and move, that’s a huge hassle, whereas, living in a rental property gives you a lot more wiggle room to move on to the next place. You may need to move elsewhere for work or you may not know where you want to settle. When you want to move out of your rental property, you won’t have to worry about someone taking over the lease or buying the property… That will be up to the homeowner and…. as we’ve already established… That’s not you!
Like we’ve mentioned above, there is a massive element of relief knowing that any maintenance issues in your rented home will be the responsibility of the landlord and not you. Homeowners are always advised to keep money aside for disastrous faults in their homes… There’s always that worry that the bath will come through the ceiling or there will be a wiring problem or a boiler breakdown… These are all a horrid assault on your purse, but in a rented home, the cost of repairs falls to the landlord.
Can we get a hallelujah for fixed rent?!... Although the rent amount can be changed with prior notice, tenants usually pay a fixed amount during their lease, which allows them to budget responsibly and avoid the stress of over fluctuating mortgages and property tax that homeowners have to deal with.
The property value of a home impacts the amount of property tax and mortgage a homeowner pays, and in a bad economy, this can cause a huge strain on finances. Renters don’t have to worry about this as they don’t own the house.
Before making a decision to save for a deposit or buy a house, you need to think about where you want to live. You might want to move around and try living in a few different areas before you even think about settling down and buying a house. Renting makes it easy to do this.
Some apartment complexes have in-built swimming pools and gyms which don’t require additional charges from tenants. However, a homeowner would have to pay thousands in costs and maintenance to enjoy the same things. Nice little perk right there.
So, is renting better than buying? For people who can’t or don’t want to make long-term living arrangements, and for those who can’t afford to spend a lot of money on living expenses, renting is proving to be the easier and more appealing option over owning a house. It’s no big deal, as long as you have a place to live, does it really matter whether you own the place or not?