Thinking of renting?
Six reasons why it’s sometimes your best bet
The UK is a nation of homeowners. They say an Englishman’s home is his castle, and we love nothing more than to stake our claim to a tiny slice of the mainland and then complain for the next 25 years about the cost.
It needn’t be that way. In many countries, renting is the done thing and buying a house is relatively unusual. Here are some of the reasons why that could be a good choice for people in Britain too:
1. Renting can work out cheaper
In 2007’s annual UK Rent Versus Buy Index survey from Abbey National, statistics showed that renting a house is quickly catching up with owning one. In terms of cost, some places (such as Northern Ireland, Wales and the North West) are actually better value for renters. You can view the results here at aboutabbey.com.
2. Renting means you’re not tied down
Renting a house is relatively quick and simple to arrange ... and easy to pull out of if your work or personal circumstances change. Owning a house, however, means a lot more commitment on your part. We think fool.co.uk is a great resource for making your mind up on the buy v. rent dilemma.
3. Buying means big loans
Buying your property usually means taking out big loans – and this can be stressful. Allagents.co.uk has a calculator to help you decide whether you’re better off buying or renting.
4. Buying carries lots of other costs
Solicitors’ fees, searches, inspections and stamp duty can easily add up to over £3000 when buying a house. If your purchase then falls through, you could be facing the same bills all over again.
Whatprice.co.uk gives you a good idea of the costs involved in buying a house.
5. Renting is often less risky
Renting is less subject to the vagaries of interest rates, and if you find you’re not comfortable with the rent, you can always move out.
Marketoracle.co.uk is a useful place to keep an eye on interest rates and other useful money facts.
6.Renting lets you live in places that might be expensive to buy
Renting your home means that you get the opportunity to live in loads of interesting places that you’d never normally live in if you had to buy them. The UK Letting Agents Directory should be a good start to finding your next home.
K & D Property Buyers can buy your home from you and rent it back at reasonable rates for whatever reason. No one needs to know you’ve moved and we can even arrange to pay off outstanding debts.
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