There are many different situations and circumstances to consider, when it comes to choosing a place to live. Many in the UK decide to rent, whether by choice or necessity. Increasingly more tenants are finding themselves renting long-term. The following list contains examples of why some tenants wish to remain renting:
Those who wish to live in a certain area may find that they can’t afford to purchase a home there, but they can afford to rent. Some would gladly choose renting over homeownership, in order to live in a good area.
Renters can move about more easily. Some tenancy agreements will state the notice period required, before you can move out. If you move around a lot for your career, then this can be ideal.
3. Splitting the bills
If you share a tenancy with a partner or friends, then you can split the costs between you. This is a good option, if you want to build up your savings.
Some people prefer to live in shared accommodation, simply for the company. It’s nice to know that you’ve got someone to spend the evening with, after getting home from work, or to go out with, without it being a relationship.
5. Scoping out the area
Renting is a great way of exploring an area, to find out if it suits your lifestyle. If you are looking to one day become a homeowner, you will want to know that you’re making the right decision, in regards to location. This can be especially helpful, if you’re moving far away, either to a new region, or even a different country.
6. It’s temporary
For those looking for somewhere to live temporarily, renting is perfect. You can opt for a short-term tenancy, if you are only looking to rent for a while. As an example, those going through a separation may want to find somewhere close to the family that’s not permanent, if they plan on working out the issues and eventually moving back to the family home.
7. It can be cheaper
When it comes to moving into your own place, the cost of renting can be cheaper than owning a home. Rent prices can be less than mortgage repayments, and often include utility bills. Homeowners also need to take into account interest rates for their loan and council tax rates for their area.
8. Can’t obtain a mortgage
It can be difficult to get on the property ladder, even from the offset, as most mortgage lenders won’t make their products available to you, unless you are earning over a certain amount.
9. Can’t save a deposit
With earnings continuously going towards rent, food, travel and the various other costs of living, this monetary black hole can make it extremely difficult to save enough for a house deposit.
10. Property maintenance
Maintenance is often taken care of by the landlord or letting agent, unless stated otherwise in the tenancy agreement. This is a popular reason to continue renting, as it will save you from having to spend time and money on the property.