Renting a house: The advantages
Updated: May 4, 2021
Many people aspire to own their own house but for many, it makes more economic sense to rent a house, as the rent is more affordable than mortgage repayments. This is because:
Renting is usually cheaper than paying monthly repayments on a mortgage and so it can be more affordable.
The amount of money needed for a deposit is smaller, usually around the price of one month’s rent compared to the deposit required for buying a property which is much larger.
There is the possibility of short term renting with an agreement of a period of notice between the person renting and the landlord/estate agent. Therefore, when the renting lease is up, the person could easily relocate to a different area or to a property that is cheaper to rent.
The cost of the rent may not fluctuate the same as mortgage repayments because a mortgage is linked to interest rates. The amount of rent to be paid tends to be agreed between the person and the landlord/estate agent as the start of the contract.
There are no major upkeep costs when a person is renting a house as this is the responsibility of the landlord/estate agent. If something breaks and needs to be repaired like plumbing, heating, electrical wiring, fridge, washing machine then usually the landlord pays for this.