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Why Renting Is Safer Than Buying
I was walking down Putney High Street looking at all the houses for rent Putney has to offer when I realised that I'm a bit of a disappointment to my parents and to the rest of my family. Why? Because I rent. What my family don't understand is that a) I live in and around London so renting is more affordable than buying and that b) renting is so much safer than buying. They don't get this as they still live in the North, where thanks to Mrs Thatcher; everyone thinks you HAVE to own your own home.
I've never felt this way. Before I settled down to work, I spent a few years in Germany at university. There, as in most of Europe, renting is not considered second-class, renting is the norm. More people rent than buy and for good reasons.
It is easier to move when you rent.
My partner and I move quite regularly, sometimes for work, sometimes because we fancy a change, a different area, a better commute to wherever we're working. With our Assured Shorthold Tenancy Agreement we know we can move out fairly quickly. We just pop to the letting agents Putney has to offer, take a look at the property to rent in Putney, find what we want, pay our deposit, give our notice and we're off. Done and dusted. We don't have to worry about estate agents, selling fees and chains.
It doesn't cost more.
My parents often go on about how renting is wasting money. How if I bought a flat in Putney I would be paying off my investment every month when I paid the mortgage. Really? Paying rent in Putney is currently a heck of a lot less than paying a mortgage in Putney. Plus do any of us really know what is happening with property prices? Are they going up, up, up or will they come crashing down? A lot of people with negative equity will tell you that paying a mortgage instead of rent each month is NOT investing in your future.
Rent costs, even including deposits are still lower than mortgage costs, plus when we move we don't have to fork out for solicitors or estate agents.
Building Maintenance is someone else's job.
I did own a house once, a small terraced house in Hull. It was cheap and I was at university there. It was cheaper than renting but only until the first winter. I had to replace the gas fires as they were lethal; they were literally disconnected by the gas man. Then, with the first winter snow and ice I discovered that my guttering was leaking and had to pay to have one bedroom wall re-plastered in my house and one in the house next door! I've rented ever since. I pay my rent and bills and the rest of my cash is mine to do with as I please. If the fires need replacing, or the electrics go or the roof leaks, that's not my problem. It's the landlord's and it won't cost me any money.
Finally, I like to rent because we get to live in all sorts of properties. From quirky flat conversions to rent in Richmond, to new build houses to rent in Twickenham, studios to let in Barnes and flats in Roehampton. Renting lets us try out new lifestyles and new locations. Renting is not just safer than buying, it's more fun too.
Author Resource:-
Heathcoate specialises in letting residential property in the Richmond, Twickenham and Putney areas. We offer a unique all-inclusive service providing tremendous value for tenants and landlords. Do not hesitate to visit our site. http://heathcoate.co.uk
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