Thinking about renting a property in somewhere like Cambridge, well take a look at our list of reasons to rent over buying a property.
1. Save yourself money
Most people view renting means throwing your money away. But unless you’re planning on staying in a house longer than five years, you might end up losing money when buying a property. With mortgages, you pay a lot of interest, tax, insurance, fees and maintenance costs. So in some cases, renting a property can be significantly cheaper than buying.
2. The freedom of choice
If you are new to an area like Cambridge, it can take a while to get to know the city and work out where you would ideally like to live. With renting, you get the freedom of finding out which areas are right for you. Why not rent in a few different areas of a city to find out the best for you.
3. Less responsibility
If anything breaks or the roof starts leaking, it is the owner’s responsibility to fix and sort out which can often be expensive jobs. If they refuse or you are not happy with the situation you can leave.
4. Easier to manage finances
After you pay your first month’s rent and a deposit, you will have a fairly structured payment system with rent rising only by a small percent each year. When buying with a mortgage, you are open to interest rates changing and sudden changes in property tax.
5. Working your way up the career ladder
Statistics show most people change jobs up to 9 times before they are 35 and with that could mean plenty of location changes. While some people will have to start the complicated selling process or begin long commutes when they get a new job. You can simply rent a property nearer to your new job.
6. Starting a family
If you are planning to start a family, you may need to upgrade your living quarters. As your family progresses you can rent places with more bed rooms, be closer to schools or other family members. It comes down to the freedom renting provides over buying, but there will obviously be arguments as to why buying is better.
7. Lower risks
In todays volatile climate, renting is just a lot less riskier so it frees up more of your money for other things such as school fees, holidays or even business investments.
Thinking about renting a property in somewhere like Cambridge, well take a look at our list of reasons to rent over buying a property. 1. Save yourself moneyMost people view renting means throwing your
This article was written on behalf of Martin&Co Letting agent Cambridge
