Buying into the idea of renting; home front with NICK JAMES.
RENTING has received something of a negative press over the last couple of months. A recent report from LSL Property Services showed that average rents in England and Wales were 3.5% higher than the same time last year, while plans by the Welsh Government to simplify tenancy agreements have come under fire with claims that they could lead to higher administrative and legal costs for landlords.
Of course these issues must be looked into properly, but in the meantime, it is important that we don't overlook the many benefits that renting has to offer.
To begin with, the initial costs associated with renting are far lower. You will be required to pay a deposit, and often a period of rent up-front, but these costs are tiny when compared to those associated with actually buying a house.
If you know you are only going to be staying in an area for a short period of time then renting is certainly going to be the most cost effective option. With more people working short term contracts, and regularly moving from job to job, renting also offers a far greater degree of flexibility.
Many properties are available fully or partly furnished so you don't have to worry about lugging your furniture about with you every time you need to move.
The costs of repairs, renovations and general maintenance can quickly begin to mount up when you own your own property, but when you rent, the responsibility for these is that of your landlord.
Providing you look after the property responsibly, the only additional costs you should have to worry about are utilities bills and insuring your own possessions, which should make effective budgeting that bit easier. Of course when you are renting someone else's property, to a certain degree, you are going to have to live by someone else's rules.
There may be restrictions on whether you can keep pets or smoke at the property for example, but these things should be easy enough to find out in advance, and if they don't match your needs, then there is no obligation to move in.
In European countries such as Germany renting is seen as the norm but in the UK, many people still think that you only rent if you have to. The truth is that renting can offer the flexibility and freedom that money simply can't buy.
| Nick James is a director of Moginie James, a leading Cardiff independent estate agents, specialising in sales, lettings, property management and both UK and overseas property.
www.moginiejames.co.uk your homeswales EDITORIAL | SALLY WILLIAMS team ADVERTISING | ELAINE MORRIS Tel: 01938 555730 email@example.com Tel: 029 2024 4171 firstname.lastname@example.org
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|Publication:||South Wales Echo (Cardiff, Wales)|
|Date:||Jun 27, 2013|
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