The amount of people across Britain living in rented accommodation is currently at record levels, and some experts expect that by 2025 more people will be renting than living in homes which they own. With this increase in demand comes a lot of hype and attention, which inevitably leads to various untruths becoming lore. Therefore, we thought it was high time to dispel the many myths surrounding renting here on our blog.
Myth #1: All landlords are bad landlords
While it’s certainly true that there are some terrible landlords out there, to say that all landlords are money-grabbing monsters is way off the mark. In fact, a recent study conducted by BDRC Continental showed that 79% of all tenants surveyed were happy with their current landlord.
So where does the villainous reputation of landlords come from? Well, it’s likely down to the fact that the very worst will always make the headlines, as these characters make good stories for the journalists who cover them. Landlords who fix a boiler within hours, on the other hand, are not going to make the national news, are they?
Myth #2: The only time to rent is when you can’t afford to buy
Unlike many other countries across the continent, we Brits have been brought up on home ownership. Ridiculously, renting has always had a kind of stigma attached to it, so it’s hardly surprising that a myth such as this one should come to be.
However, it’s important to remember that, for many, renting is their first choice, not simply something they have to settle for. Renting offers greater flexibility than buying a home, and this is something that is becoming increasingly important to those who have to move around often due to work or other commitments.
Others may simply want to experience different areas, or even countries, before finally deciding where to settle, making renting the ideal choice. To say that renting only exists because people can’t afford to buy is, well, preposterous.
Myth #3: Renting isn’t cost-effective
This is one of the most often repeated myths there is about taking on a rented property. The problem with myths such as this is people tend to say such things without actually considering the facts that surround it. They hear someone say it on TV or read it in a newspaper and think, that sounds good, I’ll add it to my own personal repertoire ready for the next dinner party!
However, the truth is that renting can be cost-effective, especially if you are entering the market for a short period of time for the reasons mentioned above. When you consider the amount of money you’d have to spend if you owned a property over the same timeframe, renting will, invariably, always come out on top.
Myth #4: Rent money is dead money
Similar to Myth #3, the old adage that rent money is dead money is something that has become almost automatic whenever the topic of renting comes up in conversation. The fact of the matter is, however, that we all need somewhere to live, so is the money that you spend on rent truly wasted? Of course it isn’t.
Spending thousands every year on commuting costs could also be considered dead money if this was the case but, like paying for a roof above your head, getting to work is a necessity. Yet we seldom talk about train fares as ‘dead money’, do we?
The early stages of property ownership will, in the main, be almost exclusively all about paying down the interest on your mortgage – not paying off the principle. In fact, in some instances it can actually take years before the day-to-day cost of owning a home becomes cheaper than being in rented accommodation. So, for some, paying rent makes sense and the thought of dead money shouldn’t enter their heads.
Myth #5: Renting runs the risk of you being put out on the street
Unbelievably, this myth still crops up from time to time, so let’s put it to bed once and for all. Providing you keep up your end of the deal and make your rental payments on time, landlords cannot evict you from their property without giving you fair notice.
Landlords are not permitted to ask you to leave during the fixed period of a tenancy. The law also states that tenants must be given at least two months’ notice once the fixed period has expired.
While it is obviously not an ideal situation to find yourself in, the ‘Notice to Quit’ will need to be issued before you are expected to leave, giving you enough time to find somewhere else to live in the meantime.
As with most things in life, the choice between renting and buying is far from black and white. What’s good for one person may well be awful for the next, so it’s essential you weigh up all of your options and consider what’s best for you and your circumstances.
If you need help making the right decision, we’re always on hand to take your call. We have been dealing with both sales and lettings for decades and can put you on the right track when it comes to finding the perfect choice for you. Give our friendly and experienced local agents a call today to explore your options further.