As renting a property becomes more popular than ever before and industry critics calling 2012 ‘generation rent’, latest figures indicate that the number of home owners under the age of 30 will fall from 2.4 million to 1.3 million. As home ownership is still a dream of many, Belvoir Sheffield, the leading lettings agency in Sheffield is asking ‘is home ownership all it is said to be?’
Rick Flay, Director at Belvoir Sheffield, which offers a wide range of houses to let Sheffield, said: “More and more youngsters are placing home ownership in the list of their future dreams, but in some cases many are wanting it more because it is so unreachable.
“Viewed as offering financial stability because it is an investment, owning a property actually may leave less stability because you are tied to it and if you struggle to pay the bills it is a lot harder to sell up and leave than it is to leave if you have been renting and a tenancy has ended.
“The outgoings on a rented property are mostly fixed, allowing the tenant to budget more accurately than a property owner, especially when you take into account repairs on the property. If a tenants boiler breaks down the landlord will pay for it to be fixed, if you own a property then you are on your own maintenance and repair wise.”
Renting also gives you access to great neighbourhoods and neighbours. What is to stop the neighbours from hell moving in next door to your newly purchased dream home that you have just bought? The flexibility of rented accommodation means that you can relocate reasonably quickly if you need to. It also means that you can afford to live in areas which you could not afford to buy in, making the opportunities endless.
As a landlord renting your property out also offers many benefits as an investor.
Rick Flay, whose agency specialises in flats to let Sheffield, added: “We are finding that our average letting time is way better than other letting agents in Sheffield, but this is leaving us with a lack of rental properties.
“I would advise any would be landlords looking to let out their property for the first time to contact us here at Belvoir Sheffield for free advice. At this time, demand is outstripping supply so it’s a great time to buy and let out your property.”
Belvoir Lettings Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances and Buy to Let Mortgages.
