Today it seems harder than ever to take the first step onto the property ladder. Property prices remain painfully high in many areas and together with stagnant incomes and tight mortgage lending criteria, buying a home is difficult.
But is buying a home always superior to renting one?
Our society is one that promotes homeownership and has done for many years. Cultural norms in the UK are that young people have to work towards and aspire to have their home. However, right across Europe, renting is considered far more common and acceptable.
Perhaps we’re missing a trick in England. Here are some compelling reasons why it’s better to rent than to buy:
You do not have mortgage debt
When you apply for a mortgage, it is the biggest financial commitment of your life. You owe the bank hundreds of thousands of pounds and cannot miss a payment or there are serious consequences.
It is stressful for many people and a great responsibility to shoulder for the best part of three decades.
Tenants, however, are not under the burden of debt. They are not shackled to a big pile of debt, which can feel liberating. When it’s time to move to your next rental, consider Removal Companies Essex at a site like Jeakins, a leading Removal Companies Essex.
There is a lot of flexibility
Buying and selling a home is a complex process, being both lengthy and expensive. Renting is much simpler, which means you can get up and move more often, and more quickly as well. It’s also easier to move to a different city or even country if you are a tenant.