There are numerous factors to be considered when deciding whether to rent property or take the big step towards buying property. There are pros and cons for either choice. Usually it is only a good idea to buy property when you have a stable income and are well established in your work and personal life. Although many of us are working towards this level of stability, it is often the wisest thing to opt for renting if you can't commit to long term mortgage repayments. Here are some reasons for renting as opposed to buying.
If you are unsure of your plans for the future renting can be a good option. Perhaps you are considering a new career in a different city or you might want to travel or even emigrate in the near future. When moving to a new city it is usually a good idea to rent first, in order to test the waters, so to speak. Renting means that you do not need to make long term commitments, so you can take time making big decisions for your future.
Another benefit of renting is the lower level of responsibility.The property owner or landlord usually takes the responsibility for repairing leaks or faulty plumbing. Insurance is also less, since you do not need to pay for the building's insurance, however it is still wise to insure your possessions, as they do not fall under the building insurance paid by the property owner.
With low deposits it is much easier to rent than to put a deposit down for buying property. This means that you can change your location at relatively short notice. Fixed rent also makes you immune to fluctuations in interest rates. So while your contract runs your rent will not increase, regardless of what the economy is doing.This is a comfort because it allows you to budget more accurately. Good financial planning and careful budgeting means that you are better equipped to live debt free.
In short, renting gives you immediate short term accommodation with the freedom to relocate with short notice and the certainty of fixed rent can be very useful in planning your monthly budget.
Chiltern Estates has a variety of properties to let, with property available in Mayfair, Baker Street, London Central, the West End, and more.