The Benefits of Renting for Young People

There’s so much emphasis put on being a homeowner these days, and yet it seems to be increasingly difficult to actually become one – be it due to financial difficulty or a lack of availability – which can leave a lot of young people feeling disappointed and unfulfilled. The truth is, however, that people choose to rent rather than buy for a whole host of different reasons, so it needn’t be seen as a mere consolation. Some of these very benefits have been highlighted below. 

Reduced Costs 

One of the biggest blocks to ownership is the hefty deposit that comes with it. The initial down payment you are expected to pay when renting is usually considerably less, allowing you to get into your new home sooner rather than later. What’s more, the average monthly rent payments in many areas will also be less than the payments you would have to pay if you took out a mortgage. 

Less liability 

When you’re renting, your landlord will be liable for general maintenance and repair costs to the property, meaning you won’t have to fork out if something goes wrong or needs fixing. They will therefore, in many cases, also take care of the leg work when it comes to organising any necessary work, with regards to hiring labour, ordering materials and such like. 

An opportunity to progress 

Tenancy agreements will in almost all cases be far shorter than the length of time you would be committed to a mortgage. This shorter contract means you won’t feel tied down and may find it easier to progress up the ladder as and when your income increases or you simply wish to move elsewhere. Along a similar vein, this can also benefit your job prospects, as the ability to move within a shorter period of time if necessary makes relocating for work as you find what makes you happy or make progress in your career that much easier. 

Increased stability 

Taking on a mortgage alone can be incredibly stressful, as you constantly worry about meeting the next payment. Taking on a joint mortgage with a partner, especially whilst young, can be even more so, as if a relationship were to break down, sorting out who stays, who goes and how payments will now be met can get incredibly messy. Renters can avoid all of this, as payments can simply be split evenly amongst flatmates and it’s considerably easier to provide notice to vacate should someone wish to leave a property for whatever reason. 

Reduced Stress 

Since you’re only really liable for your monthly rent payments and don’t have to worry about any nasty unexpected repair costs and whatnot, it’s much easier to predict your monthly costs and form a budget, ensuring you’ve always got enough money to live comfortably. So, whilst some may say the responsibility that comes with homeownership is a good way to jump in at the deep end of adulthood, there are plenty of others who would say that dipping your toe in the water with a cheaper and less stressful way of life is far more appealing after all. 

from Finance Girl http://www.financegirl.co.uk/the-benefits-of-renting-for-young-people/