Reasons to rent
In our recent article ‘a guide to renting property’ we took a look at the entire process of renting a house, but what are some of the reasons behind choosing to rent a property rather than buy it outright? We examine three areas that may affect your decision on whether to become a homeowner or continue renting.
First of all there is the cost element of buying a house. Buying a house can cost a significant amount of money, in fact for many people it will be the largest financial transaction that will take place in their lives. With this in mind, it is unusual for someone to be able to buy their house without the lending support of a mortgage company, however you must have a deposit in place before you can get a mortgage and this can also be costly.
It’s right to view a mortgage as an investment for your future and there are solutions out there to make buying a house more viable. Often cutting back on luxuries for a small period of time or moving in with friends and family with lower rent allows people to save some extra money to put towards a new home. Like most investments though, there is always the chance that things could go wrong and that your property investment doesn’t live up to what you expected.
Another key factor in many people’s decision to rent over buy is their lifestyle. Many people now choose to get married and have children later on in life and as such don’t automatically require the security of owning their own home at a young age. It might be that the money they save by renting allows them to do other things such as travel, purchase luxury items, or eat out more often than they would otherwise be able to.
It could also be that your lifestyle just isn’t suitable for buying a house; you might be studying at university, or have plans for the future which involve moving away from your current area and in this respect renting can be a great choice as you will be able to pack up your things and move away far quicker than you would be able to if you were having to sell a house.
There is a certain degree of responsibility that comes with owning your own home. If things break then you alone are responsible for fixing them. You might be handy with a spanner but if your oven or washing machine broke down or a pipe burst would you be able to fix them? If you rent then your landlord might instead be responsible for these items and making sure that your house is in a good state of repair. The flipside however is that you will have greater freedom to make changes to your property if you own it, which can not only improve your home visually but also potentially increase its market value.
Home ownership is not for everyone and it’s important that if you decide to buy a property you are settled and have a stable source of income. If you’re not ready to make the commitment of a mortgage or don’t want the added responsibility then renting may be a better option for you.
Click here to view properties available for rent in York or alternatively call us on 01904 650650 to discuss your requirements with one of our team.