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Renting vs. Buying: Which One is Better?

18 December 2019 Simona Bojare Read time: 4 min
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Simona Bojare

Life in the UK is changing. 

Whereas once upon a time owning a home was the pinnacle of achievement in British society, a shift is taking place and Brits are now becoming more attracted to renting. 

Take the millennial population for example.

Preferring freedom and flexibility in all aspects of their lives - from what they do for work to where they choose to live -  it is no surprise that around 50% of people in privately rented accommodation are those born between 1981 - 1996

Renting offers so much more than home ownership does to those that want to live fully and freely, and although the rest of the continent cottoned on to this before us, it’s great to see that this is something that the millennial population (as well as others) here in Britain are beginning to embrace.

If you’re still not fully convinced though, read ahead to discover our top five reasons why you should rent instead of buy...

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Source: Giphy

No mortgage debt

Let’s face it. Taking on a mortgage will most probably be the biggest financial commitment of your life. Suddenly, you’ll owe the bank hundreds and thousands of pounds and spend a large portion of your best years repaying it. If that wasn’t enough, a sudden change of circumstances resulting in missed payments could leave you with extremely dire consequences to face.

Furthermore, other drawbacks of buying include:

  • Always being prepared for a rise in interest rates, resulting in your repayments increasing without much warning
  • Possibly incurring additional service charges when purchasing a flat, which are not usually payable if you rent
  • It being difficult to sell your home if you choose to do so, depending on the market at the time
  • If the value of your home falls, being unable to sell at all if you owe more to your mortgage lender than what your home is worth

Renting comes without the long-term debt burden and all of the worries you may have through buying listed above, meaning less stress, fewer  limitations and less responsibility. Also, an Assured Shorthold Tenancy Agreement (AST) protects you from rent increase during the period in which the AST is in place. Another win for renting!💪🏼

If not being shackled to a huge amount of debt sounds good to you and especially if you don’t like nasty surprises, then renting can definitely be the more financially liberating option.

Flexibility

Millennials are the new generation, bringing mounds of entrepreneurial spirit and an insatiable desire to explore the world, rather than just staying in one place. You just have to head to social media to see that.

On Movebubble, you can find homes with flexible tenancies making it much easier to move around when it suits you, whether that’s moving to a different area or a different city altogether. 

It’s also no secret that buying and selling property can be a tiresome, lengthy, complicated and expensive process; not ideal for someone that enjoys stress-free living. Finding and renting a home, on the other hand, is much simpler and quicker, giving you more time and freedom to focus elsewhere.

Flexibility isn’t just limited to living arrangements however; it also extends to working arrangements where we’re currently seeing a massive increase in flexible working. There are currently 1.54 million people that work from home for their main job, with a huge 31% of all British employees working from home at least one day a week. Better make that home somewhere great then, eh?

This takes us quite nicely on to our next point...

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Source: Giphy

Greater choice of homes

When it comes to buying a home, you can be limited in what you can afford to purchase. This means that more often than not, buyers will settle for less than what they desire.

It is a well-known fact that renting gives you a much greater choice of homes because it is more affordable, and nowadays many properties (particularly Build-to-Rent homes which can be found on Movebubble ONE) include other costs in the price of rent too, such as bills, wi-fi, parking and gym access. 

Additionally, the deposit you will pay for renting a home is much less than the initial amount you will need to put down to buy a home - and more often than not, you’ll get that deposit back when you choose to leave the property in search of your next home-y adventure.

Because of the wider choice of homes available and the costs that are included into one easy-to-manage monthly payment, it is so much more likely that you will be able to find a home that you absolutely fall in love with.

More suitable locations

If you have a job in the city or generally just love city-life, then renting can be a better option for you. 

We all know that buying property in central London is extremely expensive (our eyes are watering as we even just type this!), however renting in central London is another story. Rental prices in inner cities, as opposed to purchase prices, make homes more accessible and more affordable to a wider range of people - international students and city-workers in particular.

This means that you can be living in the thick of all the action - with public transport, work, shopping and entertainment all on your doorstep - without having to pay the hefty price tag of hundreds and thousands of pounds just to own a home.

Renting definitely works out as being more affordable, therefore allowing you to choose a home in a place that is suitable and convenient for you.

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Source: Giphy

Less responsibility

We’ve already mentioned being burden-free when being mortgage-free, but please allow us to add to that whole notion of ‘less responsibility’.

If you choose to rent, many rental properties come with many amenities included which the landlord or lettings agent takes responsibility for. This can range from white goods in your kitchen, to furniture, wi-fi, bills and even your gym membership. If anything goes awry with any of the above, the responsibility doesn’t lie with you to sort it out -  which means less stress for you.

Renting means you get to live in a property which you love and allows you to enjoy everything that is included, completely hassle-free. Now that’s what we’re talking about!🙌🏼

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The proportion of households living in the private rental sector has doubled over the last decade, with almost one-quarter of all households predicted to be renting privately by the time the year 2021 comes around.

It has also been estimated that half of the 50% of the renting population that are millennials, will continue to rent well into their 40’s. We certainly don’t see that as something negative though, rather the opposite, especially with all the added benefits that renting (over buying!) can bring.

Do you agree?🤔 Feel free to share your thoughts in the comments below.👇🏼

 

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