What are the benefits of renting?

Did you know that in 2017 the average UK house price rose by 5.2% according to the UK house price index. This took the average house price of a home in the UK to £226,756. With figures like this, it's no wonder that so many people are choosing to rent. Is renting really that bad though? In this week's blog we're taking a look at the benefits of renting a property.

Initial cost - Although you will end up paying more in the long term, the short-term costs of renting are substantially smaller. All you need to pay is a relatively small deposit and you'll be ready to start renting. This can be a great help with for your cash flow (in the short term).

Budgeting - When renting, you already know what you're going to be paying each month, renting a property is great for allowing you to budget. If you budget well, you'll be able to save up for a house deposit in no time!

Ability to downsize - Hopefully you won't find yourself in this position but lots of people in this day and age struggle to make ends meet. One way of dealing with money troubles is downsizing your house and finding something that better suits your budget. Renting a property gives you flexibility to do this with relative ease.

Property value - When you're renting you don't need to worry about the value of the property your living in. If the value falls this may benefit you as your rent may decrease!

We like to move it move it - When you're renting you have the ability to move around with relative ease. You may be tied to a contract but often they may not eclipse 6 months - 1 year. This means you can experience lots of different houses and areas, finding the right place to settle down in the future.

Maintenance burden - Living in a professionally managed property removes the burden of maintenance. If there is any issue, all you will have to do is contact one person who should sort it out for you. You don't need to waste time searching for the right contractor.

Choose favourite features - If you want access to amenities such as a swimming pool or a fitness centre, you will be able to find a rented property that provides access. This will have far less of an impact on your budget than owning a home that offers the same features.

It's no secret that owning a home brings you many benefits over a long period of time. Even though this may be the case, renting is often the better option for many people. You can find plenty of examples that will show how consumers have saved money whilst renting. The choice isn't for everyone but before deciding on your next property move, sit down and review the details before making a final decision. If you're looking to rent in Ruislip or the surrounding areas, browse through our selection of rental properties: CLICK HERE