We have been told from a very young age that we need to start saving so we can buy a home of our own. Owning your own property is the dream of many people, but when you think about it, and you have to put yourself through 30 to 35 years of payments before you get to own the property out right. During this time you will have paid almost double what the property was sold to you for in the first place, and in thirty years time, the property market may have collapsed and you’ve been paying all of these years for nothing. There is no investment opportunity and you’ve always been spending money taking care of the property and doing essential maintenance. At the end of it all, you will probably leave the property to your kids so you don’t benefit from it at all. People have started to look at the property market in a different way and now many are opting to rent rather than buy.
It can be quite difficult to get information for renting a property, but certain service providers are aware of this predicament and they have come up with a solution. You can now go online and check out the many different properties that are for rent, and you can also find out about the various estate agents in your area and the services that they provide. You can make comparisons with regard to the success rates for finding suitable properties from renters and you can also get an idea of the commissions that they charge. It’s a massive commitment signing on the dotted line saying that you will come up with a set amount of money every month for the next 35 years, and so renting just seems to be the better option. The following are some of the reasons why renting a property is better than buying it.
– Less responsibility – The property isn’t yours, so if it needs some essential maintenance or it needs a lick of paint, then that is not your responsibility, it is the landlords or the estate agent company who represents him or her. This means that you get to live in a well maintained property both inside and outside and you don’t have to pay for any of it. You can, of course, get tips to decorate the walls inside as you like, but all you have to do is come up with the monthly rent payments and you get to enjoy living in a beautiful home. If there are any issues with the property, you just contact the estate agent a property owner and they will sort everything out for you.
– Try before you buy – Even if you are still considering buying a property in the future, then this is the perfect opportunity to rent out a similar property and try to figure out if this is the home that you want you and your family to live in for the next 20 to 30 years. You wouldn’t buy a new car without first getting in and take in for a drive, so why would you buy a house without first living in it for a little while. This means you get to check out what the neighbours like, the sound levels in that particular area and if it experiences any flooding throughout the year. This is all important information that you will need before you even consider buying a property. To learn more about making improvements to your rental home, have a look here.
It’s clear that renting a property rather than buying it makes so much more financial sense. Keep your money in your wallet for a time when you will really need it.
