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You will find there are many things you will need to bear in mind when it comes to finding somewhere to live, however perhaps the most important thing to consider is if you rent a home or decide to buy. Of course, factors like whether you want a house or flat and a property's proximity to amenities, such as shops and schools, will play a role in your decision but it is the choice between renting and buying that is likely to be most crucial. Each has its advantages, but when you take into account the benefits that are on hand with renting a property you may find it to be the option that is suitable for you. And one area that renting may prove to be particularly advantageous in is with regards to your finances. The global economic crisis has resulted in many banks demanding consumers have higher deposits before they approve mortgage applications, which has meant that obtaining a home loan - and as such buying a property - has been placed out of the reach of many working people. You do not have to save up for a downpayment in order to rent a home - although you may need to pay one month's rent in advance - making it potentially a less costly affair than buying. Another financial advantage that comes with renting is the fact your monthly payments will not be at risk to changes in the Bank of England base rate. Should the Bank's Monetary Policy Committee (MPC) opt to increase interest, homeowners who are on either a tracker or variable rate deal could find their monthly costs rise sharply and with very little warning. However if you opt to rent, your rates should not be affected by the decisions of the MPC's monthly meetings. You may also find that selecting to rent a property removes much of the stress that can come with owning a home. As your landlord is legally obliged to provide you somewhere that is safe to live, it is they - not you - who are responsible for ensuring electrical wires and gas and water pipes are in good order. Should there be any problems with these, the onus is on them to get them repaired. The same also applies to your heaters, toilet, sinks, basins and baths, as well as the exterior structure - which includes drains and gutters. If any fixtures or fittings need replacing or upgrading, you can contact your landlord or the estate agency through which you have rented your home and they should set about putting these right, usually at no - or little - cost to you. This means you will have to pay significantly less money on maintenance and repairs than if you owned a property. Renting a property means you do not have to worry about taking out building insurance as your landlord should do this. However, you should remember that you will have to pay for your own home contents cover if you want to protect your personal possessions. A mortgage is a major commitment and as such it is not always suitable for everyone. If you want to move relatively quickly, perhaps you've been offered a new job in another part of the country or you just fancy living in a different kind of property, the process of selling and buying a home can be costly and time-consuming. Renting, on the other hand, can provide a much greater sense of flexibility. When you consider all the advantages that come with renting, you may well decide that it is the right option for you. If you're looking for properties for rent, come to Propertwide. We work with hundreds of estate agencies so you can be sure of finding a rental property suitable for your needs.
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