When considering whether to rent a property or buy one, people often look at it purely from a financial point of view. However, here are 5 things to consider when renting that are hard to put a price tag on:
One of the main advantages of renting is that have the freedom to move without having to worry about finding the next buyer or renter if you decide to let it.
Buying and selling a property can take several months or longer. You might not sell at the price you want, or the buyer might fall through, and you have to start the whole process again.
Whereas you will be able to leave your rented property at the end of your tenancy, or earlier if you are able to negotiate with your landlord.
Feeling like home
When renting, often, you are not allowed to decorate the walls or make permanent changes to the property. This makes it hard to make the place feel like home, as you are subject to living in someone else’s style and design choices.
Renting a place can sometimes mean more stress for some people, and less for others, because it can be stressful not being fully in control of where you live. Your rent could potentially rise when it comes to renewing your contract, or your landlord could decide to sell the property and not renew your tenancy.
Not stuck forever
On the other hand, whilst renting, you do not need to worry whether the property is going to be your “forever home”. You can relax knowing if the property is not the right size, or if the layout is not to you preference, you can easily move to your next property that will be more suitable.
Unfortunately, it can be difficult to find a property that allows pets, because landlords think pets will cause more damage/wear and tear to the property.
Therefore, you could be limited in your choice of rental properties if you have a pet.
If you are interested in comparing the financial aspects of renting vs buying a property, please use the Rent vs Buy Calculator. Or you can try the Renting Calculator to evaluate the cost of renting a property.