Ensure you know your budget and try to stick to it. There are many people who walk into a home for rent and become seduced by the new kitchen complete with kitchen appliances, or the wet room not to mention the beautiful en suite attached to the master bedroom.
They walk away saying “I’ll take it” quicker than a car thief seeing the keys in the ignition of your Porsche, then find they have to think again once they do their sums.
You see, you might be able to afford the monthly payments on the house for rent in Haverhill, Brighton or Norwich, but can you afford the fuel bills and the council tax, plus all your other bills such as contents insurance, TV licence and your spanking new iPhone monthly payments?
If you can, well done! You just need to make sure your references say the right things about your good credit rating and you’re in.
The beauty of renting is you can always down or up-size quite easily if your circumstances change for the worse or better. Buying a property these days is very expensive in the UK market. There are some properties that sit on the current depressed market for a long time and others that are snapped up. Whatever your budget, you’ll need to show the mortgage lender you have a hefty deposit to put down.
Ask any estate agent, but the only thing that matters when you buy is location, location, location. With a rented property, people can take a gamble on living there as a tenant as they know they are not going to have to be faced with selling on the home at the end of their lease.
The other beauty of renting is that if the boiler goes wrong you don’t have to put it right. That is the landlord’s problem and something you will be grateful you are not responsible for, since boilers can set you back a few thousand pounds for a family home.
One of the other upsides is that while you might be spending hundreds of pounds on rent, you might find that this is a lot cheaper than paying for a mortage. However, many people have a long-term aim of buying property so that they have something to show for their hard work. A good idea is to not take on a rental contract that will take up ALL your wages.
Should that happen, the fear is you’ll never be able to afford a home of your own. According to The Independent a lack of affordable homes, the need for a large deposit and great caution from lenders means that the average age that someone buys a property could move to 40 by the end of the decade.
The number of adults returning to live with their parents in the UK is three million, four times the level in 1979. Still, at least you stand a good chance of getting you washing done, a meal on the table when you come in from work and you are unlikely to be short on company. Every cloud...
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