Thursday, December 01, 2016

Making Home >>To Rent Or Buy?

Home Sweet Home

When it comes to buying a home it's not exactly an easy process, in fact it's almost impossible nowadays for the average couple or singleton and it's not surprising that most choose to rent long term,  it certainly has its advantages too.

For me, I wasn't a huge fan of the uncertainty of renting and not having the chance to decorate properly, but on reflection I think renting particularly for families has huge advantages over buying. so if you're not in a position to buy - worry not, just think about these HUGE positives.

  • Freedom to relocate with ease.
  • No costly buildings insurance.
  • No costly building repairs or decorating.
  • Potential for a bigger, better property.

For me, those alone are pretty good reasons to rent. I love our old home and I'm so glad we managed to buy it eventually, but actually the reality of worrying about dodgy wiring, an old boiler with numbered days and a more than questionable roof is really not all its cracked up to be. I was thinking about our rental days after talking to a friend recently and it got me thinking, it's such a venture into the unknown getting your first property and it can all be a little bit of a minefield.

Here's a few tip tips from my experience whilst renting.

  • Always read your contracts thoroughly. This sounds simple enough but it's amazing what some will include or allow that others won't. You want to make sure you will have the freedom and protection that you need.

  • Be sure to query if pets are allowed before introducing one. I see so many pets being re homed because of landlords finding out and not allowing them. Firstly you don't want to break your tenancy agreement and risk losing your deposit or being evicted, but also it's completely unfair on the animals too.

  • Offer to pay in bulk. Sometimes offering to to 6 months in advance if you can do so, will bag you a big discount or even a month free in some cases - it's always worth asking and means you can relax knowing your rent has been paid upfront.

  • Respect the building as if it was your own. As a property owner myself now, I can only think how disheartening it would be to have your property mistreated by tenants. Treat the rental property as you would your own, it's kinder all round and means you will get that much needed deposit back when you move out!

  • Never try and fix problems yourself, consult the landlord or lettings agent. This not only saves the risk of damaging anything or conflicting with your tenancy agreement but also, it's the best thing about renting not being responsible for all that stuff, make the most of it.

Homelet have provided this handy infographic which gives some pretty sound advice to both tenants and landlords with some of the latest rental stats too. There's also some great tips for tenants and landlords over on their website.

If you're thinking of renting your first home just enjoy the process, read everything thoroughly and make the most of not having the big responsibility of owning a building and all that comes with it.

If however you're making the big leap from renting to buying, here's a few points that may help.

  • Take your time finding the perfect home.
  • Discuss mortgages and agree a mortgage in principle before you start looking so you're not disappointed.
  • Be realistic with what you can afford to pay each month.
  • If you're taking on a project home, make sure you work out all the costs before hand.
  • If you are thinking of having children in the near future, consider the location to nurseries, schools and green places for outside fun. It's amazing how quickly those years fly by.

Wherever you're at with your home journey, enjoy it all!

A collaborative post with Homelet.