There are many reasons why people are renting more often than in the past. Flexibility and age are but two factors. Here are some more of the factors that make renting seem like the best option for so many people:
Ability to move where the jobs are
When you are just starting a career you might not know exactly where you want to settle. Renting gives you the ability to more easily move to where there is a good opportunity. If you own a home you cannot just move and forget about it. Real estate can take some time to sell or rent out. Becoming a landlord is not for everyone, so you might find yourself paying a rental agency to manage it for you.
Renting is more economical
If the cost of buying is less than renting, then more people buy, however, in some markets the opposite is true. Renting can be more economical than a purchase in the short term. If you don’t have a down payment saved it can be hard to purchase anyway. Sometimes renting can be a real bargain if you shop around. If someone owns their property then they don’t have as much incentive to ask for high rental rates. If you agree to a longer lease you can sometimes get a discount on rent as well.
Renting is a great way to make sure you like a location
When you are young the whole world is out there. Exploring different areas before you decide where you want to settle down can be fun. Meeting new people is exciting and helps you figure out what path you want to go down in life. Many young people have several different jobs the first five years of their careers. You don’t want to commit to an area you are not entirely comfortable with. Belvoir Lettings Lincoln can help you find the perfect rental for your unique needs.
Reduced maintenance worries
When you own your home you are responsible for insurance and maintenance issues. If the sink springs a leak then it is up to you to fix it yourself or to hire someone. Renting means you can call your landlord and get the problem taken care of, with no unexpected expenses or lost time. You don’t have to pay for homeowners insurance but if you are renting you may want a personal property policy, sometimes called “renters insurance”. This can protect you against theft and other damages. If you are renting a house you are usually responsible for lawn care but this can vary. If you are looking to save some money, some landlords will offer tenants reduced rent in exchange for some maintenance duties.
Deciding on the type of rental
Rental rates can vary a lot based on location and size. If you are a younger renter on a budget then make sure you are not getting more space than you really need. At the same time, a less expensive rental that is a short walk from where you might have thought about living could allow you more space for your money.