If you’re hoping to buy a home in the future but can’t afford a deposit yet, don’t get stuck in a negative mindset about having to rent. Rather, enjoy the benefits of this flexible accommodation option and take your time saving up for the house of your dreams.
If you’re renting for the foreseeable future, remind yourself of these benefits to help you appreciate your current lifestyle.
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Some people are DIY mad but not everybody loves getting a hammer and nails out at every opportunity. One of the best things about renting is the ability to ring the landlord when an issue comes up and wait for something to be done about it without your having to pay a cent or lift a finger. Broken washing machine? Not your problem. Plumbing issue? Go grab a coffee down the road for a few hours while your landlord’s plumber sends his thingy-ma jigs down the what-ya-ma-call it.
Time To Get Established
One of the unacknowledged benefits of renting rather than buying while you are still young is the chance to get established first. By taking your time to get your life set up the way you want, you are giving yourself the opportunity to learn who you are and where you ultimately want to live. Many people buy a house the moment they can afford a deposit and end up tied down in a community that isn’t necessarily the best for them. Going into massive debt before you’re fully financially established is a huge decision, especially if you’re trying to pay down other debts at the same time.
Becoming more established in life before you dive into the property market also means you will have a more extensive range of lenders and mortgage options to choose from. By the time you start your property hunt, you will have a full understanding of buying possibilities such as shared ownership or itin mortgage options, and you’ll know what suits you best. Renting for a while longer than necessary also gives you a chance to save up a larger deposit, helping you buy a property that suits your needs rather than settling for a tiny fixer-upper that lets in the cold (and the mice).
Renting gives you the freedom to pick and choose where you want to live with only a few months’ notice. If you’re not fully settled in your career yet, renting is great as temporary rental agreements allow you to put your career first. Or love, for that matter – if you meet someone who lives across the country, you’ll be glad not to have a mortgage hanging over you if you decide you want to relocate. If you’re in the process of discovering who you are as a person and what makes you tick, you’ll also enjoy the opportunity to chop and change from a décor perspective: Victorian house in the suburbs no longer your thing? Try something modern in the city.
Many people choose renting as a lifestyle choice, rather than seeing it as a fallback option. Whether you’re saving for a deposit or haven’t even got to that stage yet, there are loads of reasons to be happy in your current situation. These renting benefits will help you appreciate the life you have.