Owning a home and living there with loved ones is everyone’s ultimate dream. In London, however, renting a home is the preferred option. According to statistics released in January 2020, the highest number of renters by the fourth quarter of 2019 was in West Central London, with 83% of its population living in rented properties.
The popularity of rented homes is spread over different age groups. In 2017, private renters were, on average, 40 years of age while the average age of social renters was usually around 52-year-olds. More mature people, though, typically have their own homes by the time they hit 57. This does not change the fact that the number of private renters increased year on year, with 16% in 1997 to 24% in 2017. The largest group, 33% of renters, came from the 25 to 34 age bracket.
What is it with renting that makes people of all ages prefer it over buying a home? Let us check out the pros and cons of renting to understand why.
No strings attached
Young professionals and those who are constantly moving because of work will benefit a great deal from simply renting their home. Especially with short-term rentals, tenants can easily move from one town or city to the next for a new job or other family commitments.
No need to shell out a hefty sum
Renting means you will not have to pay the huge mortgage deposit in order to start your tenancy. Although you will leave a tenancy deposit, it will not be as high as the amount for down payment and should cover unpaid dues and for damages, if any.
Cheaper than buying
Renting would usually come out cheaper in the long run, especially for short-term tenancies. If you buy a home, you will need to be committed to pay the mortgage and take care of all the expenses yourself. When you rent, you will not have to worry about spending much, especially if you are renting a fully furnished house or flat and you can keep shifting with your terrariums and others stuff.
Most of the repairs, in case of any disrepair in home, will be shouldered by the landlord. An exception to landlord responsibilities is items that you damaged yourself. If you do your part and pay your dues on time and in full, you shouldn’t have to worry about neglecting your responsibilities or breaking landlord-tenant agreements.
Nothing is permanent
Renting is temporary. Although you have the freedom to move around or transfer houses whenever you need to, the property will never be considered as yours. Hence, you cannot make any changes to the interior and exterior walls of a rented home, and you won’t be allowed to do too much refurbishment unless your landlord permits it.
Rent will always increase
If you rent privately, your landlord can always decide to increase your rent at the end of your fixed-term tenancy, or depending on your initial agreement. Not all cities have rent caps and not all landlords are considerate when it comes to negotiating your rent increase. It might be better to vacate the flat if you cannot pay the rent because of the increase.
No pets allowed
Pets are not as widely accepted in rental homes because they can damage the rented property. Aside from this, the barking of the dogs can wake up neighbours in the small hours of the night, which could send your landlord knocking on your door due to noise complaints.
Tenancy agreements usually have special clauses regarding pets and other special arrangements. It is also worth checking the tenancy agreement before signing anything.
At the mercy of the landlord
Although it is comforting to think that it is your landlord’s responsibility to get the disrepair in your home fixed, it is quite distressing to think that you will be at the mercy of the landlord as you will need to wait for them to respond to your repair requests. You are fortunate if your landlord acts on your request promptly, but some landlords take more than 20 days to take action.
What to do if your landlord does not respond
Take photos and videos of the damaged areas and email them to your landlord with an attached letter of request for repair. Give them 21 days to respond to your letter. If they respond, they should send someone to inspect and investigate. If they do not respond and give you a hard time with your constant follow-ups, you can lodge a complaint with the help of expert solicitors.
If the damages in your rented home are severe and have been causing health issues—mentally and physically – you can lodge a complaint through the housing disrepair experts at disrepairclaim.co.uk. Ask for their help for housing disrepair compensation so your landlord or property owner can pay you back for what you lost.