Family | Life | Travel

31 March 2020

The Benefits Of Renting As A Family


Whilst getting a mortgage and becoming a homeowner is a goal for many families, and often seen as a good investment, depending upon your financial situation and where you plan on going with your life opting to rent may actually be wiser.

I've collated 5 reasons why renting is actually an acceptable lifestyle choice rather than a last resort...


The benefits of renting as a family



Less expense upfront
If you're not good at saving money or you simply don't have the available funds to save, renting is a great option. There are of course a few upfront fees involved but these are nowhere near as steep as the requirement of a mortgage deposit, surveyors and stamp duty. There's usually just a months payment in advance and a small charge for credit checks so you don't need thousands in the bank! The rental process is also a lot faster allowing you to move house within just a few days or weeks at most. If the property is furnished you also won't need to worry about the price of appliances or transport hire to move lots of belongings either.


Minimal maintenance
There shouldn't be any unexpected costs when renting as the property owner, whether that's an individual or a company, should have cover (like CIA Landlord Insurance) to uphold the maintenance of the building and make any essential repairs. This means your monthly incomings will be easier to manage leaving you feeling more secure. Some rental properties also include utilities which again makes budgeting your disposable income each month simpler for your family.


Flexible living
A bonus of renting is that you can pack up and move a lot quicker than when you have a mortgage which is ideal for those that travel around the country with work, like to change job or location regularly or are not native and return home every couple of months or years. This is also perfect for military families, like us, where you may be relocated frequently to different camps. Renting also makes home shares with friends a lot easier to organise and enables you to move to pastures new if you don't like a certain area or neighbours. If you have teens that wish to dip their toe into living independently but with the reassurance that they can return home fast if necessary it's a good option. Renting gives you a lot of freedom.


Quality of living
You can often afford a bigger and better property in a more sought after area when renting than your earnings would allow you to purchase. This could enable you to have an extra bedroom so the kids don't have to share, large gardens or get you closer to your place of work or a certain school. You can have the home of your dreams without forking out more than you can afford or want to pay.


Less financial responsibility
  With a housing market that is forever changing the value of your asset may fall and you risk being left in negative equity with a mortgage. Nobody wants to end up owing more than their home is actually worth. With renting you don't owe anything and you can walk away without debt at the end of your tenancy if you wish.


Do you rent or own your home? What do you think the benefits are?


 
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