Pros and cons of renting…

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.