More People Choose to Rent over Buying a Home
Sat 05 Oct 2019
written by naomi baron
Long Term Rental is on the Up
Renting is no longer something that people do out of necessity before looking to purchase their own home. Increasingly, we are seeing a trend of people who are actively choosing to rent over buying a house. It’s also easy to see why this trend is drawing increasing numbers. Renting a property allows you to be more flexible, and also have less responsibility on home maintenance which is friendlier on your pocket.
Whether you don’t want the commitment of a mortgage, or you are looking for the flexibility to try out an area first, there are many benefits to renting a home.
More Cost Effective
When you buy a home, you will have to pay stamp duty, solicitors fees to name but two of the high fees associated with buying a property. When you come to rent a house, all you will initially be liable for is an initial deposit. Sometimes, landlords make it super easy by offering a zero-deposit scheme on their properties, meaning that with no agent’s fees to pay, you do not have to find a significant outlay before you can move in.
How to Find the Perfect Long-Term Rental
If you’re in this for the long haul, it’s a good idea to put the time in with your estate agent so that they can really understand the kind of property you are looking for. Often, portfolio landlords are keen on having long-term tenants and so they are likely to make life easy for someone who wants to live in their property for a good few years. For example, they might be more willing to allow pets, or put more of a personal stamp on the property.
Talk to the letting agent about how you like to live – knowing whether or not you like to eat out a lot might seem like a trivial subject, but it could be the key to them suggesting one property over another.
We love this gorgeous house to let in Selly Park
Key Things to Look for on Your Viewing
When you are viewing a rental property, you should view it in exactly the same way that you would if you were considering buying the house. After all, you are effectively entering into an ongoing relationship with the landlord, whether or not their property is managed by the letting agent.
If the home is well presented and maintained and, if furnished, has good quality furniture, the chances are that you will be living in a home that its owner will be taking consistently good care of. It’s a common misconception that landlords don’t put the same amount of effort into rental properties as they would for sale.
I always say to our applicants that a property is usually reflective of the owner.
This is one of our gorgeous properties to rent in Bromsgrove
Can you Save Money by Renting?
If you are looking to move to an area for a defined period of time, then it will usually make sense to rent. You are not guaranteed to make enough profit on your home to cover the stamp duty, sellers’ fees, and everything else association with house selling and buying within a year or two. It’s a bit similar to having a brand-new car on a PCP agreement. If you would spend the same money in sales fees as you would renting, you might find it is a more financially beneficial move to rent, as you also won’t get stuck with the ongoing maintenance costs that owning a house brings. It often makes financial sense to simply rent and hand a property back when it’s time to move on.
Michelle Mullins, Lettings Branch Manager says:
In the last few years, we’ve seen more and more properties being offered, and wanted on a fully furnished basis. Tenants are looking for convenience and, as more and more tenants are young professionals, they haven’t had opportunity to collect their own furniture yet.
If you’re looking for a long-term let, please telephone us on 0121 445 7410 or click here to Email Us