The debate over renting vs buying is ongoing and as of right now, lacks a valid answer. Although many believe buying is better than renting, there are some scenarios and circumstances that might suggest the opposite. We aim to explain why renting is an advantageous plan for many individuals.
There’s a sense of increased freedom when renting instead of buying. For instance, when buying a property you’re usually required to remain there for at least a few years, however when renting, you have the option to move around should your situation change.
Fixed rental price
Rental prices are guaranteed for a fixed span of time, so provided you’re in a fixed term contract, you’ll be able to budget your money so you’re aware of how much you’ll need to pay every month.
No repair bills and maintenance expenses
Renting means any maintenance and repair costs don’t fall at your feet, but instead the landlord’s, relieving you of financial stress.
No big deposit required
On a purely financial level, those who rent will save more than those buying house due to the respective size of each deposit.
Insurance that renters are required to pay is far cheaper than what home owners have to pay – another financial advantage.
Cheaper utility costs
Because of the simpler floor plans of rental properties, renters will end up with lower utility costs – a big money saver.
Fluctuating property prices
Differing property prices at various areas affect homeowners significantly more than renters (if at all).
Are there any other advantages to renting that you think we’ve missed? Let us know on Twitter @darlowsproperty!