It is a hard decision when deciding whether to rent or buy or whether to carry on living with the parents and save as it is a prime opportunity to share the house with them contributing to the bills etc, and of course spending time with the family. Many people save up huge amounts of money before moving out but if you don't have that luxury but want to live for now, instead of ten years away maybe renting is a good decision. Here are a few cons to follow on from the previous article about the Pros of renting.
When living by someone else's rules there is always the slim chance that they will sell the house from underneath you. However, within the contract it will state a term of agreement that will state what the implications of this are for you and how much notice the landlord is required to give you.
There is one drawback to moving out and renting a property. The decorating and renovation of the house is not down to you. This is up to your landlord to sort out and all information regarding this will be given to you in your contract. On some long term contracts, tenants have been given a little bit of leeway to decorate or make small changes to the property.
The payments that you make on a monthly basis to the landlord are not tax deductible. If you know what that means, then please let me know.
The rental property is not financially yours. You are paying someone else's bills in effect which is not a comforting thought when you very much want to be living in your own three bed terrace and with the new Volkswagen parked in the driveway.