Why renting before buying isn’t a waste of money

Though the UK is a nation keen on homeownership, soaring property prices and stagnating wages have made buying a home harder than ever before.

There are a few options available for those who aren’t in a position to buy a home. Some rent social housing and others choose to live with their parents, for instance.

The most popular option by far, however, is private renting – with the private rental market making up an increasingly large share of households across the country.

If you’re hoping to buy your home one day, you may be wondering whether renting your home privately is a waste of money, and whether living at home for longer might be the better option.

Yet renting has a number of advantages over living at home with your parents, from the privacy of your own space to experiencing independence before buying.

Here are the reasons why renting privately can be worth the extra cost.

Privacy

When you’re a young adult, chances are you’ll want to enjoy yourself on your own schedule.

Love them as you might, living with your parents can make this difficult if they go to bed at certain times or want to know your whereabouts on a regular basis.

Living at your parents’ house can also make it difficult to host friends or partners – a problem you won’t have if you’re living at your own rented place.

Maintenance

One of the advantages renting has over buying is that you don’t have to do much maintenance when things go wrong.

If your boiler breaks or you have a leak, it’s your landlord who has the responsibility of fixing it, taking a lot of stress off your shoulders. In many cases, there is a letting agency that looks after all this on the landlords behalf.

Location

Renting your home privately also has the advantage of allowing you to choose where you want to live.

For many people, living at their parents’ house means living far away from nightlife and other activities. If you rent, meanwhile, you can select a location that suits you.

Responsibility

If you’re planning to buy at some point, renting privately is also a great way to experience the responsibility of paying for your housing through bills and rent.

It’ll make those mortgage payments less of a shock when they happen.

Housemates

If you don’t want to rent alone, living with people your own age is one of the greatest perks of being a private renter.

If you get a group of friends together, you can all look for somewhere to live and split the costs, making things much cheaper for everyone.

All in all, renting might cost more than staying put – but it’s a small price to pay for the freedom, space and responsibility that comes with it.