What’s your first thought when you think about renting as a family? That it’s a compromise? A temporary solution? Yes, there’s a reason why the majority of people strive to buy a house but let’s think for a moment about going against the status quo and why renting as a way of life could be really beneficial for many people.
Renting and families aren’t often seen as going hand-in-hand. But why not? Renting well into your 30’s is becoming the norm as the property ladder becomes out of reach for many people. Let’s stop looking at this as such a negative for a moment and consider how renting could be a great way of life for families. I’m working together with CIA Landlord Insurance to shed light on the positives…
Buying a house is very expensive, we all know that. And it’s not just buying the house itself that’s difficult on the old bank balance – there’s a lot of other financial obstacles to tackle before and after you start paying that mortgage.
For starters, stamp duty tax and solicitors fees are usually pretty hefty. Then you need to look at buildings insurance, home maintenance repairs and bills, and then you’re faced with more costs when you are selling-up and moving. When you’re renting, all of these things are your landlords problem and you’ll have more money to spend on the things in life that really matter.
Many people feel like renting is ‘dead money’, but perhaps think of it as paying to live simply in a home without all of the added financial responsibilities. If a pipe leaks or a boiler breaks, it’s not you that has to go without for a few months to pay for the repairs. Plus, many furnished apartments can be cheaper in the longer term, so that’s less money, time and energy spent filling an apartment with everything you need to live comfortably.
Another huge drawback around renting is the lack of security, and this is what often drives tenants to want to own their own home. Putting your whereabouts in the hands of a landlord can be daunting and the last thing you want is to be given your notice and potentially forced to relocate, which could mean uprooting your children from their school and away from their friends.
This will always be a risk with renting but it’s also pretty rare. Landlords don’t often sell their buy-to-let investments and/or ask their tenants to leave. In fact, what they really want is secure tenants who want to live in a property for years to come. It’s low maintenance for them and it works for the tenants. They’re seeking long-term tenants just as much as you’re seeking a long-term home for your family.
It can feel like home
So many people fixate on the idea that a rental never really feels like home. But why? A house is just bricks and mortar. It’s who and what is inside that makes somewhere a home. Fill a rental property with all the things you live; be it family photos, arts and crafts creations by the kids and special, sentimental items. It’ll soon feel like where you’re meant to be.
If you’re not keen on the property’s decor, there are so many things you can do to put your own twist on it. There’s no harm in asking your landlord if you can paint the walls white, if they’re not already. White is the perfect canvas for anyone’s personal style and after all, you can’t get much more neutral than white. In fact, you’d probably be saving your landlord a job by giving it a little refresh. Adorn the floors with your favourite rugs and the sofa with throws and cushions, make sure every room is well lit and it’ll start to feel like a different house.
Renting is becoming the new normal. Of course, it’s not going to suit everyone’s lifestyle, but it’s always worth considering how renting could work for your family. At it’s best, it’ll leave you with more time and money for the things that really matter.
This is a collaborative post.