If you’re looking to move out of your current home, renting is an option worth considering. It’s often quicker and cheaper than buying, and you don’t have to put down a huge deposit.
There are many benefits to property rental in Edinburgh. Here are a few of them to help you make an informed decision about your next move.
Affordability
Despite increasing house prices, renting is still a popular option in the UK, especially among expats. Often, it is cheaper than buying a home and offers many benefits for people moving to the country.
It is also a more practical first step for many expats as the process of buying a property can be very complicated. Nevertheless, it is important to understand the rights and regulations of renting in the UK so that you can make the right decision for your situation.
Security
If you’ve ever wanted to live in the coveted location of your dreams but don’t have the cash to buy, renting may be your best option. It’s a popular choice among young professionals and couples looking to get their first foothold in the UK.
Choosing to rent can also help you save money on mortgage repayments while providing a more comfortable lifestyle. The key is to find a reputable landlord with a well-maintained property, and a secure tenancy agreement to protect your rights as a tenant. For example, the most common rental contracts in the UK are Assured Shorthold tenancy agreements (ASTs) which protect you by giving both you and your landlord a month’s notice to quit. This can save you a bundle of money on legal fees and hefty mortgage payments.
Flexibility
If you want the benefits of homeownership, but don’t want to put a large sum of money up front for a deposit or pay a hefty Stamp Duty and service charge, then renting may be the right choice for you. It will save you money in the long run and give you more flexibility to move from one place to another, depending on your lifestyle and needs.
There are many property rental platforms in the UK that offer a range of options for renters. Whether you’re looking for a flat, house or room to rent, these websites and apps make it easy for you to find the perfect home for your needs.
Tax Relief
Whether you choose to invest in property through a limited company or as an individual, there are many tax relief benefits available. In addition to interest and mortgage tax relief, there are also allowances for letting agents fees, maintenance costs and fair repair and upkeep work.
Buying property to let is often seen as an excellent way of building up wealth, as it offers investors a high-yielding, long-term investment that should prove lucrative in the future. It’s a reliable source of income and, as house prices rise in the UK, rental properties can become increasingly profitable over time.
