11/06/2023

Why Renting in London Could Be the Best Choice for You

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Often, the challenges of renting take centre stage. They include high rent, less-than-reliable landlords, or faulty home appliances. But today, we want to share with you the brighter side of the renting scenario.

Emerging rental reforms and changing eviction rules suggest that being a tenant could be the ideal choice for some individuals.

Research by the HomeOwners Alliance reveals that 86% of people aspire to own their own home. However, reality sometimes dictates otherwise. For some, the dream of home ownership may seem a distant prospect due to high interest rates, insufficient savings, and hidden additional costs.

Being at Home without the Long-Term Commitment

Mortgages often come with a multitude of strings attached. They involve long-term commitment, strict terms and conditions, and any missed payment can have serious implications. If you value your freedom and lack of encumbrances, renting might be your path. In this scenario, you’re only tied for a short term, you can gracefully exit after a brief stint, and you won’t have a hefty debt weighing you down.

Renting Brings Flexibility

Renting allows you the liberty to explore. You can experience different locales, test out various types of properties within your budget, or even dip your toes into living with others. Unlike the commitment of purchasing a property, renting agreements offer more leniency and shorter durations.

Say Goodbye to Repair and Maintenance Worries

Homeownership comes with an endless to-do list. Repairs, upgrades, alterations – it often feels like your spare time is far from leisurely. In contrast, when you rent, the burden of repairs and maintenance is lifted. If something goes wrong or needs fixing, you might need to invest some time on the phone to arrange a repair, but the hands-on hassle is typically not yours.

Please note, any damage caused by you might lead to repair costs or a deduction from your deposit.

Forget About Legal Fees or Obligations

Buying a property means not only the cost of the actual house or flat but also additional expenditures like survey charges, stamp duty, conveyancing costs and agent fees. Renting, on the other hand, simplifies the equation. Yes, there’s a deposit to be paid upfront, but beyond that, your only obligations are the monthly expenses (rent, bills etc.).

Are you looking for a property to rent? Contact our team at MyLondonHome today – we’re ready to help.  

This post was written by:

Steven Herd

Steven's extensive 30 years of estate agency experience in London culminated in launching MyLondonHome, which has enabled him to bring together a hand-picked team to provide the high level of quality advice, market strength and service he is renowned for.

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