To rent or not to rent, that is the big question. And it’s a question that more and more people are asking themselves recently. As Bolton Letting Agents for over 35 years, we have seen and felt the changes in the housing market more than others. We have compiled this quick list of pros and cons when it comes to renting, to help you figure out whether renting is the right option for you or not.
Bolton Letting Agents
The main advantage that draws people to rent rather than buy is the fact that it’s easier to get onto the property ladder. When you are buying a house, you need to be prepared to put down a large deposit, house fees, mortgage payment, and the rest of it! You don’t have this financial debt/burden when it comes to renting. Most landlords ask for a deposit and a month’s rent up front, and then the place is yours! Thanks to this money situation, it means that you necessarily aren’t tied down to the one property like you would be with a mortgage. It gives you the freedom to move as and when.
You also have a minimal risk with your money when it comes to renting. The property ladder is constantly changing, which means mortgage rates etc can change, however, your rent amount isn’t likely to change!
And one key reason that swings people when it comes to renting is the fact that if you have any issues, you don’t need to deal with them personally. That’s what you have your landlord for; they are liable to take care of any problems.
However, along with the advantages come some disadvantages. They include not being able to redecorate to your liking! This might not be a problem for some, but for others, it could be a deal breaker! There is nothing worse than finding your ideal property, however, the interior decor is the complete opposite of your likes and tastes.
Although having a landlord dealing with issues can be a good thing, it all depends on the individual landlord. Even though we don’t like to think about it, there are some landlords who can be a bit on the slow side when it comes to addressing and dealing with any issues or problems that you may have in the property. Talking about landlords, you don’t have that security on the property as they could terminate the contract without a huge amount of pre-warning!
Cardwells Estate Agents
If you are looking to explore your options in renting or buying, why not get in contact with one of our fantastic team today? They are here to answer any questions you might have about the renting or buying process.
