2 minute read
In this economic climate, an increasing number of people are choosing to lease rather than buy property. Although there has been previous discourse regarding landlord horror stories and rising rent prices, leasing has recently been regarded as more progressive and advantageous in a lot of ways compared to buying.
Financial Advantages of Leasing
In regard to finances, navigating the rental market is more straightforward compared to buying. There isn’t the added cost of a substantial deposit, or monthly mortgage fees. Monthly payments for leasing are typically inclusive and can cover maintenance costs or repairs if anything should happen.
Additionally, if a deposit is required, it’s sizeably smaller, and there’s no need for home insurance, solicitors’ fees, or stamp duty. These payments all add up and are not needed for leasing, meaning saving money overall.
Even though mortgages provide buyers with the chance to pay for the property over time, current high house prices mean more expensive monthly repayments. Together with tighter lending requirements, obtaining a mortgage is proving difficult for many.
Cost of Living
It is no secret that the cost of living is on the rise, and partnered with wages stagnating, there is less opportunity to get on the property ladder.
Even if people have the financial ability to buy property, many are off put by the instability of the housing market and the prospect of becoming trapped with a home that no longer satisfies them.
Flexibility
A well-known fact is that leasing is more flexible than buying. Not only is the process much faster than buying but also easier. Tenancy terms often differ to suit needs, so finding the right contract enables you to be more dynamic with your life plans.
Leasing provides the attractive option to travel to other places for months or years, without the commitment to one property. This allows individuals to explore alternative areas and follow possible job opportunities.
Overall, to buy or not to buy is a complicated choice that brings many questions. There are several benefits to leasing rather than buying in today’s economic situation. However, many individuals still have the end goal of being property owners, which is achievable with patience and perseverance.
At BPS, we offer professional lease renewal services for our clients. We have the ability to negotiate the renewals of leases, whether they’re coming to an end or approaching the contractual end, and do all the industry research so you don’t have to.
Book a free consultation or visit our website to find out more about our extensive services.
