Not quite able to buy? Renting might be the option for you!
The rent or buy debate is a hot topic, which has no right or wrong answer! If you are not in the position to be able to buy a property in the Surrey area, then renting is always a great alternative!
Here at Park and Bailey, we’ve come up with a list of pros tenants have when renting.
No maintenance costs or repair bills
When renting a property, the landlord is normally responsible for all the repair and maintenance costs! As the tenant, it is not your responsibility to get these things fixed.
No large down-payment
Tenants could have the better financial deal, as a house with a mortgage usually requires a sizeable down payment, compared to a smaller deposit when you rent a property.
Fixed rent amount
The rent amounts stay the same for the span of the lease agreement! So, if it’s a fixed term contract, you can budget your money and know exactly how much you’re required to pay and when by!
Keep things flexible
When buying a house, you will usually stay in that location for at least a few years! However, if you’re renting a property you can move around easily, if something changes in your life.
Renting with friends is another good option! This will make your outgoings cheaper – you can split the bills and housework. You’ll also have a good support network of friend on hand!
When renting, you can put away as much savings as a homeowner, and not need to think about the additional costs that come with owning a property.
Depending on where you want to live, trendy areas, such as cities and beach communities are usually more renter friendly.
Decreasing property value
The property market can fluctuate, but as a renter, you won’t think about the changing cost of the home you live in!
Insurance is cheaper
You should still get home insurance, but when you rent a property, you pay significantly less than a home owner.