Buying a house in the current turbulent UK property market is proving tricky for many, particularly first-time buyers who are faced with ever higher house prices and fewer choices. Whilst the UK economy and the UK property market are recovering from the 2007 crash it might be a good idea to consider renting and riding out the storm. Renting holds many advantages over buying and doesn’t tie you down financially which is particularly important in these unstable times.
Renting is a far less risky affair for a number of reasons. Firstly the rent you pay is fixed and unlike a mortgage payment it is unlikely to change. Also if you were to buy property during the economic recovery there is still the possibility of a double dip and if this were to occur your property might be left in negative equity which is a risk avoided through renting. With money being more precious than ever, it is also worth considering that in a rented property it is the landlord’s responsibility to take care and pay for any maintenance or repair that could occur. This saves tenants the hassle of organising repairs and the associated costs. Finally, when renting, tenants are not tied down in the same way as a house owner. Contracts are often between 6-12 months, leaving tenants with a far greater deal of freedom that simply doesn’t come with owning a house. This is particularly useful for young professionals whose careers could take an unexpected turn and my require relocation somewhere else.
Finding a property to buy is usually an energy sapping process whilst looking for a place to rent is far less arduous. Rental properties can be found through many sources ranging from the internet, estate agents, newspapers and even directly through the landlord. Choosing where to rent requires a lot of thought and it is always a good idea to weigh up your needs in relation to budget, public transport and housemates. Once these things have been decided it becomes far easier to locate the right rental property and by selecting a less busy time of year to rent it could ensure a better deal.
The burden of a household can be extremely stressful during a period of economic recovery and renting is a viable and often financially better option considering the state of the UK property market.