Here are some of the advantages to renting before you buy:
Flexibility and freedom
Renting allows a level of flexibility that buying a property does not. If you’re unsure about your long-term plans or if you’re keen on trying out a few different locations before laying down roots, renting allows you to relocate easily without being tied to a mortgage or any of the other commitments that come with owning a property.
Try out different areas
If you haven’t lived alone yet, it can be difficult to know what surroundings would best suit your lifestyle. Renting first means you can live in and explore an area before having to commit to it. It’s a great way to experience a different walk of life, try out local amenities, plan your commute, and get a feel for the community.
Maintenance and peace of mind
One of the perks of renting is that you typically aren’t responsible for major property repairs or maintenance, allowing you to save both time and money. This is a great way to ease yourself into homeownership, as you can focus on gaining your independence without feeling like you’ve been thrown into the deep end on your own.
Gain experience
Being a reliable tenant is a great responsibility to take on before ownership. You gain experience in how to budget around bills, how to take care of a home, and what it means to live independently. This will likely prove to be invaluable when you buy your first home, as it will enable you to hit the ground running.
Build your credit score
Being a responsible tenant can also positively impact your credit score, which might make it easier for you to secure favourable mortgage terms when you decide to buy a home later. If you pay your rent on time consistently, this can help to demonstrate your financial responsibility.
Learn more about your requirements
Renting a home allows you to experiment and figure out what works for you long term. This is a valuable opportunity to understand what your home requirements are in terms of size and layout, which will help you make a more informed decision when the time comes to buy your own place. Written by Durden and Hunt Director, James Hunt
Loughton Estate Agent, Hornchurch Estate Agent, Ongar Estate Agent, Wanstead Estate Agent, Canary Wharf Estate Agent
