There seems to be, particularly in the UK, an almost automatic assumption that renting a property is, ultimately, not really where you want to be.
Where do you want to be? Well, buying of course. Renting a property is just something you do because there’s no other choice and/or it is a temporary situation before you get yourself a mortgage and move into that dream house that you’ve always wanted.
As we discussed in last week’s blog, renting really isn’t that bad. In fact, it has many advantages and may, in some ways, be a better option than buying.
So, what is with all the doom and gloom with renting? Why has it got such a reputation as an inferior way of living?
In this, the final entry in the Buy Or Rent series, we take a look at a subject that many of you may find obvious and, yet, may not quite know why: what are the disadvantages of renting? Let’s take a look.
Rent Increase: If you are fortunate enough to be in the position to sign a new lease, then there is a chance that it could come with a rent hike. These are in no way guaranteed and are rarely dramatic if they do occur, but it’s definitely worth bearing in mind. If you don’t want to pay the extra cash, then you could, of course, move on. But that, in itself, comes with its own issues. In such circumstances, you could find yourself in-between a rock and a hard place. Ouch!
No Financial Gain: No matter how much money you put into the property, you will not see a penny of it coming back your way. Yes, if you’re a good tenant and you pay your rent on time, etc, your chances improve of getting a new lease. But, ultimately, the only person who is going to make any serious financial gains here is the owner. Is that something you can live with?
Lease Expiration: It’s a tough thought, but, the reality is, your landlord might need to end your tenancy agreement. That doesn’t mean you’ve done anything wrong. They might very well just want to sell up or live in the property themselves. But, the fact of the matter is, if there is no option to continue in your lease, then you might have a limited amount of time to find somewhere else to live.
Decorating Limits: We all want to make the place in which we live as homely as possible, but there is only so much you can do if you’re renting a house or flat. We know you think your Star Wars themed wallpaper would be “cool” and that banging that kitchen wall down would just be good sense, but your landlord may not agree. And it is, as we have previously stated, very much their property and not yours.
Pet Peeves: We love them. You love them. Everybody loves them. Everybody, that is, except for landlords. You might be lucky and find a landlord that is okay with you getting yourself a little dog or cat, but, so often, this is not the case. The damage that can be caused by ’Rover’ or ‘Mr Puss In Boots’ is a great concern to many landlords and, thus, many will not allow for any pets to stay under any circumstances at all… Except for your younger brother, of course. That should be fine.
Renting can have its benefits, but it can also have its drawbacks too. What you choose to do depends, in truth, on your own situation and priorities. Over this Buy Or Rent? Series, we’ve taken a look at the pros and cons of both buying and renting. Take a look over these points again. Think about what is right and important in your lives. Hopefully, with time and contemplation, you will come to a decision that is right and good for you.
From everyone here at Belvoir Edinburgh, we hope you are all doing well during this difficult time. We hope to see you very soon.
Keep healthy. Keep smiling. And Happy Housekeeping.
