Renting over buying – is this the best option for me?

There are a lot of factors to consider when you decide to sell your property. It can be an extremely stressful time and knowing what your options are can make the move a lot smoother. One of the options and factors to consider is whether renting or buying an onward property is the best choice for you. This decision may be influenced by a variety of personal circumstances but some of the main advantages for renting a property are:

Flexibility
Renting can offer flexibility to explore different areas before deciding where to settle. With rental contracts that can be rolling, 6 months or 12 months, tenants can move to different properties that suit their needs at that time. Whether that is due to job commitments, travel or just to be closer to friends and family, renting provides that freedom and flexibility.

Landlord responsibilities
Unlike when you own a property, all maintenance, improvements and repairs fall onto the landlord. This overall can reduce your monthly costs and helps you be able to budget and save for the future.

Down payments
Whilst the cost of renting properties can be high in certain areas, getting onto the rental ladder is considerably cheaper than purchasing a property. Typically, a tenant will pay a security deposit which usually equates to their first months rent, and then continue to pay monthly instalments. Purchasing a home means a large down payment of a percentage of the asking price as a deposit, which can mean that this is not an option for many.

Of course, there are also downsides to renting a property and for some, the option to owning their own property is a lot more appealing. Some of the cons of renting are:

Rent changes
Unfortunately, throughout your time as a tenant, there is the possibility that your rent may be subject to increases and decreases. It is best to plan for this financially to make sure you are prepared for these potential changes.

Landlord consent
In many rental properties, the landlord will not allow you to make changes to the property, such as redecorating, without their approval. Some landlords also do not allow pets.

Stability
If a landlord decides to sell their property, this unfortunately may mean that you will be required to move and find alternative housing. For those tenants that like to move around and explore, this can be an ideal option but for others, this can cause instability within their lives.

Overall, the decision to rent or buy a property is down to what works best for your circumstances and what is the most financially viable for you. There are pros and cons to both options, but it is down to the individual to decide which is best for them.

If you need to sell your home quickly, UK Homebuyers Ltd can give you an offer, no matter what the condition or location. Our customer service line is open 24/7, just call 0808 588 1866 to discuss your circumstances or fill in our online form to obtain your free no obligation cash offer.