As a society, homeownership is seen as the ultimate goal when it comes to property. Renting is usually seen as simply a stepping stone whilst you work towards this. Well it was for us, we were renting as a family for years and only managed to buy 2 years ago. Whilst homeownership is a wonderful thing, renting is too! Renting offers many benefits for families to enjoy.
So, if you are struggling with the pressure to buy a property but the ladder feels out of reach, consider these strong benefits that renting can offer your family.
Interiors made easy
People often fixate on the temporary feeling of renting and the limitations that renting offers to interior design. However, you can often move into rented properties that are partly furnished and white good appliances are usually always supplied. That means less purchases for you to worry about. If anything has been supplied within a rented property that you don’t like, you can always replace it with your own furniture and store your landlord’s away somewhere.
If you find yourself looking around your rental property and thinking about all the things you’d do differently given the chance, ask your landlord if you can make some changes. The worst that they can do is say no. Swap out those curtains for something more your style, ask if you can paint the walls white or see if your landlord will let you grow your own vegetable patch in the garden. Whatever it is that will make you feel more settled, go for it if you can!
Any good landlord will compare landlord insurance to ensure that they are protected against accidental damage, but always be super transparent and honest about any changes you make to their property, and keep any items you swap out for your own safe and ready to hand back at the end of your tenancy.
Less financial responsibility
Owning a home is a huge responsibility. Not only is the actual purchase expensive, but the maintenance is too. You are responsible for every single bill, mortgage repayment and repair. These costs are an accepted part of homeownership. Millions of people manage to pay them. But when you compare them to the cost of renting, the difference is significant.
When you rent a property, if your boiler breaks or something begins to leak, that’s your landlord’s problem. Unless the damage or issue was your fault, it’s not you that has to go without money for a few months to pay for the repairs. The big financial responsibilities and financial ties involved with a property sit with your landlord. This leaves you with more money to spend on the things that matter – your family.
Landlords like secure, long-term tenancies
It goes without saying that security is an issue in rented property. Your landlord could decide that they are going to sell the property and you have no control over this. That being said, this is quite rare. Generally speaking, landlords like unproblematic, long and secure tenancies. This bodes well for families who want a secure place to rent for years to come.
It’s worth finding a landlord who shares this view from the get-go. Finding the right landlord who is willing to offer you a home for years to come, providing you look after it well, means that you’ll have little to worry about when it comes to moving on. And if you do decide to move somewhere new or to a larger property, then you will still be well within your rights to do so.
For the most part, landlords are seeking secure arrangements just as much as you are. With the right level of trust and respect, over time they may be accommodating to any interior design changes you’d like to make and will respond to any issues and repairs promptly, leaving you with little to worry about.
Renting can offer so much to families, including the freedom and flexibility to move around if needed. Let’s stop viewing it as ‘dead money’ and a pitstop before the good stuff. Are you renting as a family? How do you feel about it?