It is a common belief among the high-income earners that renting is an option for those who are worse off financially, and that being the owner of a house is not only a mark of success, but a better long-term financial decision.
Rent money is generally considered to be dead money in public opinion; but studies have time and again shown that when the numbers and statistics are compared, they tell a different story.
When weighing a lifetime of renting versus buying a house expenses, it is found that renting a house can leave a person better off. It is financially a more viable and prudent decision to rent a house as opposed to buying a house.
In the absence of family property, people prefer renting an accommodation during their student and early career phase. It is not difficult to find one bedroom flats to rent in London.
The student community usually looks for spaces in and around their campus, so as to be able to commute to their classes in an easier fashion. People living with family look for house for rent in London that meet their basic requirements which are different for them. While students look for one room flat to rent in London irrespective of the size or aesthetics of the place, older people look for a safe environment where they can raise a family.
Another important thing that they look for is the convenience. The ease with which daily utility items are available to them is an important factor when selecting a home to rent in London.
Easy access to facilities like schools, hospitals, transport means, etc. is another deciding factor for people when they choose to buy a house in love.
While these seem to be the basic needs that anybody would want, a house that provides all these things together is priced at a higher rate. The rate at which the house is priced is a major factor which motivates or demotivates a person from buying the particular house.
There are several guides and people who would advise you on how to buy a flat in London, but it all boils down to the same things – getting a house that has all the facilities that are important to you in your price range.
It is easier to get a house to rent in the area that is within your age. While buying a house puts a lot of financial pressure on you at once, renting helps you disperse this amount during different times. This goes a long way in making your decision a lot more financially stable.
You are not burdened by the additional costs and do not need to cut short on other expenses in order to feed the requirement of money for purchasing the house.
Also, a very common scenario is when a person needs to move to a different place due to job or other issues. In such a case, they are in a dilemma on how to manage the property that they spent a huge amount of money on, and how to start afresh in the new place with a fresh house hunting project.
Buying a house makes you bound to one place and obligated to put your investment to good use. On the other hand, renting an accommodation in London makes you a lot more independent and free-willed.
You do not need to consider things like huge sums of money spent on property before making the decision to move.
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