In this country, people are generally encouraged to buy a home as soon as they can. The accepted wisdom is that owning your own home is far superior to renting one from someone else. Many people feel like owning a home is the only way to put down roots in an area or an essential part of growing up.
However, these days renting is far from a second class option. It’s actually a fantastic alternative for people who value their freedom and independence.
Rental Properties in Eastbourne as a Short Term Commitment
Renting in Seaford is a short term commitment, whereas buying a home can take the majority of the rest of your life. This was fine in the past, when people tended to remain in one place for the whole of their lives, but now people are practically nomadic in comparison. It’s not unusual to move extremely far away, either for a job, a relationship or just a change of scenery. Renting a home allows you the freedom to make a move whenever you choose. It’s a liberating feeling to know that if an interesting job offer comes in from further afield or even abroad that you can consider it seriously without worrying about the practicalities of your home and mortgage.
As anyone who has bought a property will tell you, it is an extremely drawn out and stressful affair. There are a huge number of legal channels to go through, and of course there are many costs to consider. It’s the exact same story when you sell a home, except this time you’ve got to find a buyer for your property too.
You’ll also avoid the stress of costly repairs, which can seriously put a strain on your finances. We’ve all heard the stories about people who have to cancel their yearly holiday so they can afford to replace their boiler. There can even be more serious structural problems that can leave people crippled with debt. When you rent a home, you aren’t burdened with these issues. You can simply leave the repairs to your landlord, and everything is taken care of.
Mortgages can be incredibly stressful, and many people feel extremely uneasy with such a huge debt hanging above them. Of course it’s possible to get mortgage payment protection insurance that kicks in if you lose your job, but this is just another extra expense that you won’t have to worry about if you are renting a property.
It can also be difficult to find a mortgage at a favourable rate these days. Mortgages are getting tougher to get all the time. The global financial crisis has made banks more wary than ever. Even if you do manage to get a mortgage, it is likely to be extremely poor value. It is far wiser to rent and wait for the economy to recover fully.
Of course, for many people, buying a property will still be the wisest option despite all these factors. But renting a good value property is a fantastic way to prepare for homeownership and save up a deposit. A letting agency can help you find the right property to rent, no matter your circumstances.