Buying vs. Renting a House - Why You Might be Better Off Looking For a House For Rent

Author: Padz Ltd

Author: Padz Ltd

When looking for a new home the instinct is often to immediately start looking at houses for sale. However its often worth considering first if buying is the right route for you or whether you would be better off looking at houses for rent. You should consider carefully your personal circumstances, the likely time before you move house again, and what you want out of your new house. Here are the top seven reasons why you might want to consider renting instead of buying:

1. Flexibility Living in a house for rent provides you with flexibility if you need to move house again due a change in job or a change in your financial circumstances.

2. Trial a Location It can be a big commitment to buy a house especially in an area that you don't know very well. By living in a house for rent you can test living in an area to see whether you like it first.

3. Renting Can be Cheaper In many locations rental growth has not kept pace with the huge increases seen property sales values. Often monthly costs on houses for rent can actually be lower than the mortgage repayments on houses for sale.

4.Low Initial Costs Buying a house is an expensive business including substantial agent fees, legal fees and tax payable upon purchase of the property. In most houses for rent the initial cost is just the deposit, which is often the equivalent of just one months rent.

5. Maintenance Free By living in a house for rent you don't need to worry about property maintenance issues as these are largely the responsibility of the landlord.

6. Quality Properties Competition in the rentals market has seen landlords increase the quality of their houses in order to attract the best tenants. The quality of houses for rent can often be substantially higher than the equivalent house for sale.

7. Price Stability The prices of houses for sale remains in a state of flux and it is difficult to predict where house prices will move over the coming years. Staying in a rental house can allow you to wait for sales prices to stabalise before deciding to buy.

Living in houses for rent can offer tenants many advantages over buying a house if they consider carefully what their priorities are.About the Author:

PADZ Ltd was developed to provide better communication between agents, landlords and tenants, PADZ offers comprehensive property to rent and flats to rent services and works on a global scale.

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