A Surprisingly Long List of the Benefits of Rental Living
It seems these days as though there is so much focus on buying your own property instead of renting. You hear of people working themselves into the ground purely so they can bunker down with their own house and a (sometimes considerably) hefty mortgage, and you’d be forgiven for thinking that buying was the only thing that mattered in property.
But often we forget this simple benefits of rental living, and how, depending on your circumstances, renting can actually be the best option.
Here’s our surprisingly long list of the benefits of rental living.
No rates or tax.
Rates and taxes are tedious business. After buying a property, it’s easy to forget these continual payments, as you feel like you’ve already put down all the money you need. However, with a rental property, these are all taken care of by the landlord, so you don’t need to worry about them. As long as you rent is dropping into the right bank account at the right time every week, that’s all you need to worry about.
Whether an apartment, townhouse or house, rental living means you don’t need to worry about maintenance about the place. In fact, even in the rare occasions you might be asked to take care of the maintenance worries about the place, you can (in some cases) even negotiate a lower price on your rent.
Additionally, if a water/sewerage pipe goes, or a toilet gets clogged, there’s no budgeting or stressing about the cost of a plumber. You simply call, get whatever needs fixing fixed, and bill the landlord for their troubles. Easy-peasy!
Being tied to nothing but a 6 to 12 month lease opens up a world of possibilities. Renting properties instead of shackling yourself to a mortgage is far more flexible, and often for some younger potential homeowners, far more preferable.
Horrendous neighbours only have to be tolerated for a limited amount of time, after all, once your lease is up (or theirs is), you can simply say ‘goodbye’. New career prospects are more easily considered with renters, particularly oversees job opportunities, as problems to do with mortgages, selling, rental prices, etc aren’t needed to be considered. Even for young families, renting may be preferable as it allows freedom to move around into better school districts, or if you’re considering going again, into a place with more bedrooms/bigger backyard/larger parking areas.
Free from market worries
The housing market can be a fickle and ever-changing place. As a renter, you are largely sheltered from the woes and worries afflicting your home-owning counterparts. Floods in Brisbane aren’t going to affect your lovely riverside investment, or are bushfires on the New South Wales northern coast.
Additionally, interest rates on mortgages or fluctuating tax rates won’t bother you either, as your rent will stay fixed exactly as you agreed for the entire duration of your lease.
Renters insurance is by far a lot cheaper than housing insurance. Really, depending on how much you have, and what your situation is, you can even get by with some contents insurance, or only privately insure your valuables such as computers or jewelry.
Again, as above, if you’re only insuring a few of your valuable possessions, events such as floods, bushfires and other natural disasters you have no control over are less likely to affect your insurance price.
Renting takes off some pressure
Investing in a home is a big decision. There are a multitude of financial risk/benefit considerations, a requirement for substantial know-how in the rental industry and of course, if you’re going into this with another person, you definitely want to be damn sure they’re as committed as you are.
Settling down in a rental property is a good way to iron out a lot of these issues and undertake a bit of research before taking the big leap. After all, you might decide, given all the advantages renting affords you, that you like it better as a renter instead of a homeowner. Better to try out all the options instead of blindly saving for your first home because that’s what someone told you to do.
Rental properties are easier to find
If, for whatever reason, you just have to be in a particular area or suburb for school, university or work reasons, it’s often far easier to find rental properties than pads for purchase. It may not be quite what you’re looking for at that time, but if you’ve got your heart set on an area and are absolutely determined to live in that spot, it might be worth just settling down in a quick rental for the moment. As mentioned above, you do have wonderful flexibility with rental properties, so if The One right property suddenly materialises in your suburb, it should be easy for you to snap up.
Of course, there is always a ‘cons’ list too; often pets aren’t allowed, decorating choices are sometimes limited, and occasionally, landlords aren’t terribly kind. But with all these aside, and of course, all depending on your own personal situation, opting for a rental over an investment purchase is the better decision.