Rent Vs Buy: The Benefits of Renting
Renting is typically frowned upon and seen as the “fallback option” in comparison to purchasing a home. Many people think of it as a short-term option that might not be secure for long term goals. While buying a house is a milestone for some, renting is also a fantastic option if it fits your lifestyle, budget and age. Qube Residential are experts in property and see the real value in renting a flat or house. Here are some of the key reasons why you can benefit from renting.
Most importantly, renting offers tenants a flexible living arrangement as most contracts last 12 months. Therefore, if you have plans to move somewhere else after 12 months, you don’t have to renew your contract. It is also beneficial if you perhaps are only working on a 1-year contract with your employer and have to leave the city after. There are very much “no strings attached” with renting!
The majority of residential homes in the city centre are up for rent instead of purchase which means you get the best of both worlds! By renting in the city centre, you will save money on travel as everything you need is basically in walking distance, or just hop on public transport! Qube Residential have a range of properties up for rent in different areas of Liverpool, take a look to see which one you like.
- No repair bills
While renting a property, if an appliance stops working or you experience a leak, it’s your landlord’s responsibility to fix it for you because you don’t actually own the house. This is a privilege which homeowners do not get; therefore, you will save some money if something happens to go wrong.
- No down payment
When you are preparing to buy a house, there are a lot more complications in comparison to renting. Most homeowners will get a mortgage and put down a large deposit which is between 5% and 20% of the house value. On the other hand, renters will also pay a deposit for their property however, this is returned at the end of our tenancy if you haven’t damaged the rental! So, in theory, if your budget is quite low, renting is probably best for you.
- Choose a size that fits you
Due to how flexible renting is and some contracts only lasting 12 months, you can choose whatever size is right for you. This means if you perhaps make new friends in your first year of living in Liverpool, you can always upsize the following year! This is perfect for students who are only moving to the city for the first time, as they typically make new friends who they live with the following year. There is also no point in paying a large amount of rent if you are living by yourself in a 3-bedroom house. Qube Residential have a great selection of studios up for grabs which are perfect for solo tenants!
Have another question regarding renting or buying? Get in touch with our team at Qube Residential today!