There’s a lot of focus on buying property and owning your own home. However, for many people it’s an increasingly unrealistic prospect, and long-term renting is the reality. As interest rates rise again, we note that life as a tenant comes with its own benefits – and here we list seven of them.
1. No maintenance
One huge advantage of renting is that you’re free of most of the responsibilities connected to your property. Boiler on the brink? Call the landlord. Is the shower leaking? Call them again. You don’t need to keep any plumbers’ numbers in your phone, and nor do you need to manage the cleaning of any guttering or drains. Even a problem with the washing machine is not your problem.
2. Fewer costs
Not only do you not need to call the tradespeople, but you don’t need to pay them either. Your landlord is responsible for keeping the house in order, from the heating and plumbing to the decor – and that means paying for all repairs and maintenance costs.
3. No deposit
The average first time buyer puts down a deposit of 62k on their property. That’s many years of saving. In contrast, tenants normally have to stump up a month’s rent as a deposit and no more.
4. Freedom to move
Need to relocate for work? Or simply want to live somewhere else? Most tenancy agreements allow you to give a month’s notice and leave, with no further ties. Homeowners who struggle to sell their properties can be left with very few options. When you’re a tenant and neighbours from hell move in next door, you can leave if you have to. Owners can very easily end up feeling trapped.
5. Potential to live in a better area
Sometimes you can afford to rent a house that you could never afford to buy, particularly when you’re sharing. Areas that might be well beyond your budget to buy into might suddenly become affordable when you’re looking to rent.
6. Safety standards
Landlords have a legal responsibility to make sure that their properties are fit for purpose, that gas safety certificates are in order and that minimum standards are met. When you’re responsible for your own home, nobody else does that for you.
7. Predictable finances
Every homeowner worries about looming costs. Fears that they might need a new roof can keep people awake at night, and the recent interest rate rise will have caused havoc for some people’s mortgages. Tenants are spared these fears, because rents are predictable and inclusive of many other costs.
On the market…
This lovely four bedroom house in Regina Road, London N4 is available for rent at £762 per week (£3,300 per month). It has a beautiful landscaped garden and lots of character. Winkworth Crouch End, 020 8342 999
In central Bath, this stylish two bedroom flat is available to rent for £415 per week (£1,800 per month). Recently redecorated, it has high ceilings, original sash windows and lots of period features, plus an enviable location in Great Pulteney Street. Winkworth Bath 01225 829000
An appealing detached cottage in Lewes is on the books at Winkworth Lewes 01273 471471. It has a newly converted open plan living and dining area, plus two bedrooms and a garden. It’s priced at £346 per week (£1,500 per month).