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Colchester estate agents. Sudbury estate agents. Ipswich estate

Renting versus Buying

Years ago, the aim was to always buy a property before moving out. It was much more affordable in the 70’s/ 80’s and 90’s. However as the recession hit in the early 00’s, buying property for many just wasn't an option. Particularly the younger generation. Over time, the cost of living has increased but, in real terms, wage growth has not. Jobs are no longer secure, no matter what industry, and fewer people are making the commitment to buy property and are renting instead. But, what are the benefits of renting vs buying? What about the cons? Palmer and Partners is a leading letting agents in Colchester, Clacton, Ipswich and Sudbury. We’re here to give you some pros and cons of both.

As we sit in 2020, if you’re under the age of 35, you could also be known as ‘generation rent’. Not the best name anyone has ever come up with, but it sums up the current economical climate. As local letting agents, we obviously don’t think there is anything wrong with renting and there are many benefits to doing so.

For some reason, there has always been some sort of snobbery when it comes to renting. It was always believed that it was better to own property. But is it really? If you own your property, you alone are responsible for everything in it. If something breaks or gets damaged, you have to pay for it to be fixed. If you decide you don’t like the area you live in after a few months, you don’t have a get out clause. There are so many positive things about renting and we’re here to tell you what they are!

  1. Flexibility. Renting gives you the chance to be flexible with future plans. For instance, if you have plans to go traveling, you can rent somewhere for just 6 months or 1 year and then have no ties when the contract is up. 
  2. Not your responsibility. As we have mentioned already, if something breaks in the property you’re renting (providing it’s not yours of course), it’s the landlord’s job to fix it. A huge relief if the washing machine suddenly decides to flood the kitchen or the electrics go wrong!
  3. If you’re a single person who does not want to live on their own, you can house share. Not only will this split the cost of bills and rent, you will also have the opportunity to meet new people. 
  4. Moving in with someone for the first time can be scary as it’s such a huge move. Renting is an advantage if this is the case because if things don’t work out, there’s no messy house sale or dividing up assets. 
  5. Rent is cheaper than the average mortgage payment. Depending on the deposit homeowners can afford, generally, a rent payment is more affordable than a mortgage. If you have a mortgage, do you really own the property anyway? You’re just borrowing from the bank to pay for the property and unless you have a fixed interest mortgage, some years you could get stung. 

We wanted to write about renting rather than buying as according to Experian, 36% of 21-35 years are currently living in rented accommodation. Moving out of the family home is so expensive and many people simply can’t afford to. It’s even more difficult to get on the property ladder without a significantly large deposit and two incomes. In the UK 26% of these 21-35 year olds either live at home with family and have never moved out or they had to move back home because of the cost of living was too high. In order for the property market to boom, we need people renting. It means that over time, people will be able to save enough money to buy property and the circle of the property ladder life will continue.

Palmer and Partners is your local letting agent in Colchester, Ipswich, Clacton and Sudbury. Our expert teams are all trained up to date in accordance with ARLA Propertymark. If you want to know more about letting or renting, get in touch with your local branch today.