The pros:
- Renting allows you to suss out a place before you put down more permanent routes
- It gives you the freedom to up sticks and move whenever you like (more or less)
- No mortgage worries
- No large deposit, just typically a months rent (whatever that may be)
- The overall cost can be cheaper than buying a home
- Flexibility – you can give relatively short notice to move
- There’s a possibility you could rent in the place that you wouldn’t ordinarily be able to buy-in
- The landlord of the property is responsible for the maintenance (boiler, leaks etc.)
- It can be a sociable experience living with others
The cons:
- Security
- Unable to change décor and or other aspects of the home without the landlord’s consent. Little creative control
- No control over rent fluctuations
- It can be unsettling for children if you rent as a family
- A tenant is bound by rules of the lease agreement, and thus the landlord so restricted flexibility
- No long term financial return on investment
- Depending on what you can afford, you may need to share a house with others
- You are paying for someone else’s property i.e. the landlord is making the profit, not you
If you are looking to rent a home click here for a step by step guide on how, alternatively if you’re looking to buy a property click here for a detailed step by step guide.
