The property market has gone through a lot of changes in recent years and whilst both renting and buying have their own advantages, renting does appear to have an edge in today’s market. There are many who presume that the only way forward is to buy your own property, however there are a number of benefits to renting a property. Here are a few reasons why;
- In order to rent a property, you do not need a large down payment. When buying a property usually you would need to put down a 20% deposit on the price of the house. While the cost you pay to rent a property varies with estate agents, the cost is significantly less to get your own property.
- You need not worry about maintenance costs or repair bills, it is the landlord’s responsibility to sort out any problems you may encounter whilst living in a rented property. For example, if there were a burst pipe or a leak in the roof – this would come under the landlord’s duties to pay for the repair, something homeowners would have to pay for themselves.
- You are able to keep things flexible with your living arrangements when renting. Although, on average the length of time a tenant stays at the same property is around 2 years, renting means that you sign up to a 6 or 12-month contract which then rolls on each month. This means if your circumstances ever change, you would only have to give 1 months’ notice to your landlord.
- Property values rise and fall often, which can be a worry for homeowners especially if they are looking to sell up and move into a new home. Property value can also affect a number of things such as the amount you pay for your mortgage etc. As a renter, you are exempt from this so it isn’t worry for you.
- The amount you sign up to pay for your rented property is fixed throughout the span of your contract. Although your landlord can raise the amount with notice, this means you are still able to budget efficiently knowing the amount of rent you will be paying. Mortgage payments can fluctuate meaning homeowners don’t have this luxury.
Here at Fraser Lake, we have many properties available for those with a range of different requirements. Take a look at what we have available on our Lettings page and get in touch if any of them interest you, we’d be happy to assist you with our professional and personable service.