Why It's Sometimes Better to Rent Rather Than Buy
17 Jul, 2017
Research from the latest English Housing Survey (EHS) shows that around 20% of the population are now private renters.
So why are people now favouring renting over buying?
Here’s our thoughts on why this might be...
Living with Your Mates
Renting gives you the option to live with friends or meet and make some new friends by renting in a shared house.
It’s also becoming more and more common for young professionals to share rental properties in the UK, especially in large cities as people aim to minimise living costs such as bills.
You Don't Have to Pay for Any Repair Bills
As a tenant in a rental property you’re not liable to pay for any repair bills (unless you purposely caused damage to the property and it can be proved). Your landlord is responsible for any appliance that stops working, such as the washing machine or shower.
The landlord is also legally required to keep up maintenance - which could be a leaky roof that needs fixing or damp issues. You have no financial responsibility to fix these which you would have if you owned the property.
You're Not Anchored down by a Mortgage
In the HomeLet Tenant Survey, one of the most common reasons for renting was the flexibility to move easily with 26% putting down this as their preferred option.
This is due to a whole range of reasons but not being bogged down by a mortgage means you can relocate easily and won’t be slowed down by a lengthy selling period.
We have a huge range of properties available for rent in the Worthing and Lancing areas. Take a look now.