With the government cracking down on mortgages and the Bank of England claiming that there are ‘not sufficient houses built in the UK’, renting seems like more and more of an attractive option as the year rolls on.
Even if you haven’t really got a choice and renting is your last resort, tenancy isn't that bad. In fact, there are actually many perks to renting. So here are a few reasons to rent rather than buy in 2014...
1. Pay less out
Buying a home means scraping tens of thousands of pounds together to build up a deposit that’s large enough to cover a significant percentage of the total house cost.
But before you start rummaging behind the sofa, you’ll only need around six weeks rent and a security deposit to acquire a house or flat to rent instead, meaning that you've got more cash freed up for other things like a fun holiday somewhere nice.
It’s also a gamble with the area that you choose. You could end up losing money if the value of your house goes down, whereas you could afford to live in a far swankier area if you rent out a place.
2. It’s Just Easier
If you want to buy a house, you’ll have piles of paperwork and hours of picking through spending habits to look forward to according to the stricter lending rules that were released last month.
For a quicker and (relatively) less-stressful option, renting a place is a much easier process. In high-demand areas you could view a property and move in the very same week. This beats trawling through paperwork and processes when you just want a new place to live.
3. Say Hello to Freedom and Flexibility
One of the biggest plus points of renting is that it’s short-term and temporary, making it an attractive option for those that want flexibility. Buying a house is a huge commitment but if you’re still up for adventurous career moves and don’t feel the need to settle down just yet, then renting is probably your thing.
Besides, what if you don’t like the neighbours when you buy? You can always pack up and find a nicer area when you’re renting so you won’t have to put up with them for too long!
4. Get that Good Credit
Ah, the holy credit rating. While you’re renting at least you can build it up to a decent level before being grilled by loan providers about an almighty mortgage.
5. Put the Hammer Down
You don’t have to bother with DIY disasters when you’re renting. Not only does this cut out the risk of the walls falling apart but it also saves you constantly forking out when hiccups happen, as they inevitably will. Let the landlord do that.
In many ways, renting gives you more value for money. Although it all depends on what you’re looking for and what your financial circumstances are, the madness of the housing market at the moment means that maybe renting isn't so bad after all.