Renting is often thought of as something done by people before climbing the property ladder, but many homeowners opt to rent for periods of time while waiting to buy. It is also makes an unoccupied property a good business sense, it can generate a considerable amount of income which can help in a number of ways.
Living in a rented home has many benefits. One of the main benefits is not being compelled to continue staying in the same home or same location. If you are not satisfied with the conditions of your present home you can always opt to move into a better one.
This is not possible in the case of buying a home as many legal formalities have to be complied with, thus making it difficult and time consuming. Also one of the reasons for renting a house is you can gain a large steady income. Many people buy rental houses in areas that have a constant flow of tenants and rent them for much more than the cost of the mortgage. Or, you have decided to sell, but the property value is lower than you expected. Over time, a house rental will increase in value and you will gain capital appreciation in addition to a steady rental income.
Choose the right property and agent, and renting can be a joy – the money might be paying someone else’s mortgage but freedom and the ability to pass on responsibility is yours. Looking around rental properties can be a bit of a whistlestop tour but if you find somewhere you like don’t just give it a ten minute once over.
Examine your lease in detail: How much notice is required prior to moving, how large a deposit you have to make, how much cleaning is required upon leaving, and other provisions. If there are any improvements made in the home, make sure you get it in writing. It is very essential, as you may have more power when you ask for your deposit back. However long the contract is, you must always read it carefully before signing. Make sure you understand the terms and conditions properly, as many clauses may not be stated clearly. Make enquiries if you are not sure about something. Unexpected statements may also be given e.g. pay for professional cleaning on moving out.
Spend plenty of time investigating the area. The advantage of renting is that you can move when your tenancy is up, but don’t think too short-term – make sure this is the area you want to live in. If you have children make sure you look into the local schools and not just the nearest one – you may not be guaranteed a place. The best way to get a feel for an area is to visit and have a wander around on foot.
Looking around rental properties can be a bit of a whistlestop tour but if you find somewhere you like don’t just give it a ten minute once over.
