Tamara Price, Lettings Manager, talks us through some of the useful benefits that can be enjoyed when choosing to rent a property...
In many circumstances, buying a property might not necessarily be the best route for you to take, and renting instead may be the more sensible option. This may ring true for couples who are testing the water by living together for the very first time or for those who are likely to be temporarily living in the property, such as people who are working away for a limited or unknown period of time. However, there are also plenty of renters who opt to rent because they believe for them, the benefits far outweigh any negatives.
To help understand whether renting a property on a longer term basis could be right for you, we've put together some of the benefits that only a tenant can appreciate.
Those who rent are able to escape much of the long-term costs and responsibilities that are involved with owning a home, such as ongoing - and often unexpected - maintenance or repair work, as well as the need to fork out for the renovation or upgrade of rooms as the years roll by, such as the kitchen, bathroom and general décor around the property - both interior and exterior. Avoiding these regular costs that homeowners and landlords have to be financially prepared for means more money in a tenants pocket to spend on the things they enjoy - all while the property they live in remains in top condition.
The majority of tenancy agreements only tie down tenants to a property for a period of time, usually 6 or 12 months, at which point things can either continue as they are on a periodic tenancy, a new tenancy agreement with a new minimum term can be agreed, or the tenant can vacate and move elsewhere. The beauty of this flexibility means tenants are free to move areas or properties with ease if their circumstances change or if they'd simply like a new living experience elsewhere.
One of the biggest hurdles to overcome when buying a property is successfully saving a sizeable deposit, whereas renters will only have to stump up a deposit worth around a month or two's rent. Rental costs are fixed for the duration of the tenancy contract, making it straight-forward for those who rent to budget for their monthly outgoings. Furthermore, renter's insurance is typically a lot cheaper than homeowners insurance.
Some areas are extremely expensive when it comes to purchasing a property - think coastal seaside homes and trendy apartments in the middle of popular city centres. Raising the required funds to purchase and mortgage a property like this that we'd love to live in may seem like a pipe dream, but it may be an affordable reality if choosing to rent instead of buying. It's important to first accurately calculate a budget you can comfortably afford by totalling the rent with all of your other outgoings, but it just might be doable.
Whereas buying a property is largely considered an investment as well as a place to live for most homeowners, choosing to rent instead - whether short-term or long-term - opens up an endless supply of opportunities for you to invest that money elsewhere. This doesn't necessarily have to mean investing for financial gains either, as some renters prefer to have more money available to invest in life experiences or to enjoy an overall better quality of living.
If you're looking to rent a property in Cardiff, or if you're unsure on what to do and would like to discuss your options and circumstances in more detail, don't hesitate to get in touch with our experienced team of property experts here at CPS Homes. You can call us on 02920 668585, e-mail firstname.lastname@example.org or pop into one of our three Cardiff branches.