With a booming build-to-rent sector we look at the benefits of not being a homeowner.
There is a huge amount of pressure these days to become a homeowner.
Somewhere in our mid-twenties onwards we are expected to have enough money saved up for a deposit and clambering onto the first rung of the property ladder.
But as house prices continue to rocket and wages stay stagnant, should we really be channelling all our spare cash into a house deposit fund, or could renting simply be the best option?
With the endless barrage of reasons why you should buy property, here are five reasons why you actually don't need to buy a house in order to be a respectable adult.
In many other aspects of our day-to-day lives, we as consumers are opting for more flexible buying decisions; whether it's listening to music, watching TV, or leasing cars.
This pay-as-you-go mentality gives us more freedom to enjoy products, without forking out large sums of money in order to actually own them. It also gives increased flexibility if situations change - as they invariably do in life.
Buying a house means committing to one location, one property and one lifestyle for at least a couple of years; making it much more difficult to adapt to changes, be that professional or personal.
In the UK, we are obsessed with the idea of owning a house, but in countries like the USA and Germany, the mindset is very different. In these countries, renting is the norm and it is embraced as a more affordable option.
Plus, renting gives them freedom to live in more desirable areas and in larger houses than they would otherwise be able to afford.
Previously one of the less desirable characteristics of renting was the instability; the idea that if you are renting a house from a private landlord, they may decide to suddenly sell at any minute.
Now a lot of build-to-rent housing providers are entering the market, such as Simple Life Homes, offering a house which is purpose-built and gives tenants the stability of knowing that they have the option to stay as long as they wish.
Tenants can make themselves a home, safe in the knowledge that the house will not be sold from underneath their feet.
More disposable income
Recent research conducted by Halifax, found that the average deposit for a first-time buyers in the UK is £32,841; a hefty sum for the majority of people.
Of course, there are cheaper properties, different mortgage plans and other variables that could decrease this number, but the truth is, unless you have enough money to buy a property outright, you will need to set aside a significant amount of money for a down payment on the property of your choice. And, unlike homeowners, renters don't have to stress or worry that they might lose money if house prices suddenly drop.
Part of the beauty of renting is not having to save for this deposit or the other costs associated with buying property. As such, renters will likely have more disposable income available; money that can be put towards other things like holidays, cars, meals out, new shoes or whatever you choose to spend it on.
Additionally, with the hefty and lengthy mortgages nowadays, many people on the property ladder might never actually own their home, if they don't end up being pay off the mortgage.
Limit Unpredictable Costs
Money for a deposit and monthly mortgage repayments are just the start of the outgoings when it comes to buying a house.
Renting protects you from many of the, often unexpected, costs for maintenance and repairs that you are responsible for dealing with when you own the property. If your boiler breaks down or your ceiling starts leaking, it can quickly become very costly.
Simple Life Homes offer 24/7 customer service and maintenance teams available for their customers. Plus,they have their own handyman who can get smaller jobs completed quickly and effiently.
Additionally, all their properties are new build homes which means things are less likely to go wrong than with an older property.
Over the last few years, added value has become a standard expectation for renting within a city centre apartment scheme, whether this is through amenities within the scheme or higher levels of customer service - and there is great competition in this sector to give tenants more. Until now, this sort of superior service hasn’t been widely available or reflected within the rental housing market.
Simple Life Homes, who have new build developments across Manchester and the rest of the UK, is introducing new standards to renting a house through added value initiatives such as giving a welcome box when tenants move in, which includes all the daily essentials to get customers settled in quickly.
There are exclusive discounts available with companies such as an online florist, clothing brands, Sky packages, theatre and concert tickets. The company also puts on free on-site community events, allowing neighbours to get to know each other and help to create good old-fashioned community spirit.
Not only this, Simple Life is proving to be a landlord that really cares about not just its customers, but the wider community. The brand continues to work with a range of local charities and many local schools – donating money to all sorts of projects, tailored to each school’s specific needs.
This article originally appeared on the Manchester Evening News, written by Maya Black.