Mostly, young people begin their independent lives renting an apartment, given the expensive cost associated in buying their own in England. But as they build their careers, started saving money, many choose to buy their own home. Yet when they go older, homeowners nearing their retirement may choose to sell their family homes, stepping down their status, and become renters once more.
Pros of Renting:
No Need to Worry About Repairs
Best advantage of being a tenant is not being the one responsible if there’s a damage in the space you are renting. You just have to call your landlord right away.
Relocation Won’t Be a Problem
If you are the kind that changes job from time to time where you need to switch places every time, relocating won’t be a problem. But sudden relocation may require you to break your rental ease, one solution to this is to negotiate with your landlord by partially offsetting the cost of it.
No Exposure to Real Estate Market
It won’t be a problem for you if there is a change in economic condition. It will be your landlord’s problem.
Credit Requirements Is Not That Strict
Most landlords will require the prospective renters to undergo a credit check. Your application is either approved or denied based on your credit score and credit history. As long as you don’t have a checkered credit report that includes bankruptcies and judgments, it would make a big possibility for you to find a landlord easier.
Disadvantages of Renting
× No Equity Building
If you are renting, every money you pay in your rent will pop out like a bubble unless you are in a rent-to-own agreement. It won’t matter how long you remain in that place or how a good tenant you are. It would be smarter if you buy a house than actually renting if you plan to have one.
× No Financial Incentives
Giving up renting also has financial incentives. Not only will you have stable residency and a chance to build equity, but you can get savings and tax credits for becoming a home owner.