If you are one of those people who think that the only way to move forward in life is to get a mortgage, then you’ll be glad to know that this is not the case at all. In fact, it’s very possible for you to rent a property and still get a lot out of your investment. If you want to find out more, then simply take a look below.
If you are not 100% certain if your finances are flexible or not, then now is the time for you to put yourself at ease. If you get into any kind of financial trouble when you are renting, then you can easily move out into a cheaper property. You can even move back into a family or friend’s home if you want, without having to worry about leaving a trail of debt behind.
When you rent, you don’t have to worry about any unexpected expenses. You don’t have to worry about your appliance breaking down, your roof leaking or any other unforeseen problems. Your landlord will need to take care of all of them for you, and if they don’t then you can either sue them or move. It’s as simple as that, and you really can’t take advantage of this when you have a mortgage.
Renting is great if you have a lower income and the main reason for this is because you will be paying way lower fees. For example, you won’t have to pay out for home insurance, buildings cover or anything else of the sort. It is however a good idea for you to take out renter’s insurance, as this will cover your belongings if something should happen. If you aren’t sure if you can afford this then you’ll be glad to know that it is very affordable. You can find out how much does renters insurance cost by clicking the link.
When you rent, you are not locked into your location. If you happen to change your job, you can move within 2 weeks. If you buy a home however then you will be locked into that location and you may find it impossible in a short period of time. This can cause you to lose out on various opportunities.
No Market Risks
When you buy a home, you will be forced to take on a certain degree of risk. You will need to watch the value of your home and you will also need to worry about the down payment too. When you rent however you just need to put down the bond. There’s a high chance that you will get this back at the end of the tenancy.
If you are not sure about moving to a rented property, then you’ll be glad to know that it’s very easy for you to get a bonus. Sometimes you may get free rent for a month or even bonus amenities. This is ideal if you want to get a more luxurious experience or if you are just trying to save money in general.
When you live in a rented property, you don’t need to worry about anything going wrong. This means that you can easily experience way less stress and you can easily work things out with your landlord if something does go wrong. When you rent, you will also find that you can’t actually be foreclosed on. You will be kicked out of your property if you don’t pay your rent but when you look at the grand scheme of things, this is a much better alternative when compared to how damaging a foreclosure can be.
If you don’t like your neighbours when you rent a property, you can move. If you own a property however, you may find that you are stuck with them longer than you’d like. This is especially the case if a housing crisis is happening because you need to worry about the market crashing and losing out on money overall.
So, there are many benefits to renting and you would be surprised at how easy it is for you to take advantage of them. Renting is a great alternative to buying a property outright and you may even find that you get way more financial security as a result. If you need to find out anything else, then talk with a housing association or even a landlord to see if they can help you.