Date Published 02 June 2021
The Advantages of Renting a Property
When considering the advantages of renting a property, there are lots of things to consider. If you're on the fence about it, it's helpful to be informed of your options to see if it would be a good fit for you.
We've put together some of the benefits of renting, and explored how it can prove advantageous in the long term too.
Flexibility to move
A big plus point when renting a property is the flexibility that it gives you when it comes to changing your living arrangements. Rather than going through the often lengthy process of purchasing a property, when choosing to rent you have the option to stay somewhere long term or move between properties if you'd prefer.
This flexibility is great if you need to move around for your job every so often, or if you're expecting changes in your circumstances in the next few years, e.g. if you're planning on having a baby or upsizing to a larger property.
If you do decide to go down the renting route for this reason, it's important to make sure you understand the terms of the lease you're signing as these can differ from property to property. Our top tip would be to take note of the length of your notice period so you don't leave planning to the very last minute.
No large deposit
With a house purchase often comes a larger form of deposit and this is one of the main barriers which can stop people getting onto the property ladder. If you're not in a position to save for a higher percentage deposit or you're currently in the process of saving, renting gives you the option of having your own place, with a lot less of an initial commitment.
Although it's common to pay a month or a few months' rent as a deposit when renting a property, this is often to cover any damages or arrears when you leave and if everything's as it should be, you can count on receiving this deposit back.
Lower maintenance costs
When you purchase a property, it's inevitable that there'll be costs to cover every so often and this can be quite difficult to predict - especially if you move into an older home that may not be as up-to-date as you would like. In this case, it's always a good idea to keep a rainy day fund to cover any unexpected bills which arise, but this isn't necessarily a luxury that all can afford to do.
So a huge benefit of renting a property is that maintenance costs are usually covered by the landlord. Whether it's fixing problems with the boiler or making sure the house or flat has had a fresh lick of paint before you move in, having these unexpected bits looked after by someone else can be a huge cost saving for you.
Predictable monthly payments
Following on from unexpected maintenance and home repair costs which often come with purchasing your home, renting also gives you the comfort of predictable monthly payments.
Upon signing your contract, you'll know how much you're paying in rent each month, when it's expected by, how you'll be paying it and when you can expect any rent reviews - this is a huge positive to help you track your finances. And if you're hoping to save up to get on to the property ladder eventually, this can help you plan towards your financial goals with a bit more certainty.
Ability to pick and choose your area
Some areas can be out of reach for many prospective homeowners. Whether that's due to surrounding property prices, local amenities or the size of the home, there's lots of factors that can drive the cost of a house or flat up in an area.
But if you've really got your heart set on living in a certain location, renting could be your way in. This will give you the opportunity to experience the area and find out whether you really would like to base yourself there in the long term.
A great relationship indicator
Purchasing a property with a partner or friend is a big commitment, especially if you've never lived with them before. For this reason, many choose to begin renting a property together, rather than jumping into a complex legal contract, complete with merged finances.
If you find that you do enjoy living together, this is a pretty good indicator that you're ready to take the next step of purchasing a home. Hopefully you'll have considered how you'd like the future to look for you both, and the search for your perfect first home can begin!
Access to communal amenities
Some apartment complexes and rental buildings come with fantastic shared amenities that previously wouldn't have been available to you, such as a shared gym, cinema room or rooftop space. If access to these amenities is included in your monthly rental cost, this could mean big savings for you in the long term. Plus, it's a great way to meet people in your building and make new friends along the way!
It'll also help you decide what's important if you do choose to go onto owning your property in the future - it might be that outdoor space becomes a deal breaker, or you realise you'd love the convenience of a dedicated utility room now you've experienced it in another setting.
Marshall Property can help you find your dream rental property
If you're looking to find the perfect place to rent in Liverpool, Merseyside or the Wirral, Marshall Property has an impressive range of houses, apartments and flats available to view now.
Check out our full range of properties to let in Merseyside or give us a call to find out more.
