You’re facing a massive dilemma about the next place you want to live in. You’re young, have a little money set aside for later on in life and have the world at your feet. However, indecision comes into play, particularly when deciding whether to rent or buy. Buying does have its perks, such as being able to do what you want with your property, but it can be expensive.
Buying a home outright also gives you somewhere to put your roots down and live well into retirement. However, for the professional who wants to save all of that for later on, renting is arguably the best choice. In this post, we’ll go through the advantages of living in a rented home in Leeds.
Less moving-in paperwork
While there are one or two forms to fill in wherever you choose to rent a property, there’s more paperwork involved in actually buying a home. You have go to your mortgage provider to fill in a form with them, plus there is the process of dealing with the previous homeowner, insurance and other things such as council tax and utility bills.
By moving into a rental home, you won’t have to do anything like as much. This leaves you more time to focus on the important stuff like packing all of your essentials, moving in and finding out about the local shops and bars.
Less painting and decorating of your rented home
While we’re on the subject of moving in, rental properties have all of their decor fully intact. This means you’re not having to spend a small fortune on paint, paint rollers/paintbrushes, wallpaper or wallpaper paste. Everything on that front will have been sorted out.
Although you can give your new rented home a personal touch by hanging pics up or bringing your own furniture or soft furnishings, you won’t have to don those dungarees and paint for hours on end, only to apply a second and third coat afterwards.
Plumbing and electrics taken care of
In a handful of homes for sale, their inner workings are in need of a little extra tender loving care. However, before each rental property is prepped for viewings, everything is thoroughly tested and fixed to make sure it works, particularly the electrics, gas and water pipes.
In addition to that, there will have been thorough security checks to ensure that the fire alarm, carbon monoxide alarm (for properties with gas supplies) and the water heater and temperature are all safe. This will give you peace of mind for when you move in.
Saving money while renting
For a mortgage, you’ll not only have to save up for a deposit equivalent to at least 5% of the property’s value, but there’s also the monthly payments until it’s paid off in full, with interest. By renting, you only have to pay a deposit that’s equivalent to one month’s rent, which you’ll get back, plus the rent itself.
Renting allows you greater scope for saving towards eventually buying your own house, as you’re going to end up spending a little less than you would on a mortgage. If, say, your monthly pay after tax is around £1,500 a month and you pay £500 per month in rent, there’s £1000 for the rest. From that, you could put, say, £100 of that towards your savings.
More money for entertainment
Sticking with money, instead of paying for a mortgage and potentially sky-high insurance costs, you’ll be able to budget for more nights out, holidays and treats for you and your loved ones. With Christmas in the not-too-distant future, this is bound to come in useful when the shops start stocking up.
While you don’t have to break the bank, the extra money you’ll save from renting can also act as a fallback in case of emergencies such as having to take unpaid leave, being between jobs or needing to replace something like a car or kitchen appliance.
As we’ve just explained, renting certainly has its benefits. For those of you who want more time for enjoying life and all it has to bring, it ticks a lot of boxes.