They provide a place to live that you can move into almost immediately with little upfront money, and with no worry about any maintenance costs that are associated with owning a property.
It’s very useful for social mobility as it allows people to move around for work relatively easy if they plan on relocating, especially when they’re young.
Buying a property not only takes a sizeable upfront amount of capital but it’s also a very slow process. I think it took 6 or 7 months for us to go from putting an offer in to getting the keys.
That’s the service and that’s why a rental market is important. I’m not defending scrupulous landlords here, they’re 100% an issue and there definitely needs to be changes to address that.
Problem is that the upfront cost for renting is still steep. One months rent as a deposit (which 9/10 you won’t even get back even if you left the property pristine) on top of your first months rent is quite expensive, and most mortgage payments people make are also usually cheaper than what they would pay renting but they do not have the startup capital to even get on the ladder.
you also have to ask permission to even decorate the place and more than likely if you do you then have to put it back the way it was. So you are stuck with lovely magnolia walls, and if you want to redo the bathroom you best be careful that the landlord doesn’t decide your renovations increased the value and charge you more rent because of it.
Of the people I know who rent, which is basically everyone in my age bracket, they want to own a property but cannot afford to it’s a massive issue.
I agree buying properties takes ages I cannot dispute that, and you can still get screwed by unscrupulous sellers.
The place I live now is the best rented property I have and that is only because the estate agents actually listen to me and fix issues promptly. Which as far as I am concerned is the bare minimum which most just don’t do, you also have no recourse because the landlord has way more power over you.
Don’t get me started on flat inspections every 3 months is a piss take.
They provide a place to live that you can move into almost immediately with little upfront money, and with no worry about any maintenance costs that are associated with owning a property.
It’s very useful for social mobility as it allows people to move around for work relatively easy if they plan on relocating, especially when they’re young.
Buying a property not only takes a sizeable upfront amount of capital but it’s also a very slow process. I think it took 6 or 7 months for us to go from putting an offer in to getting the keys.
That’s the service and that’s why a rental market is important. I’m not defending scrupulous landlords here, they’re 100% an issue and there definitely needs to be changes to address that.
Problem is that the upfront cost for renting is still steep. One months rent as a deposit (which 9/10 you won’t even get back even if you left the property pristine) on top of your first months rent is quite expensive, and most mortgage payments people make are also usually cheaper than what they would pay renting but they do not have the startup capital to even get on the ladder.
you also have to ask permission to even decorate the place and more than likely if you do you then have to put it back the way it was. So you are stuck with lovely magnolia walls, and if you want to redo the bathroom you best be careful that the landlord doesn’t decide your renovations increased the value and charge you more rent because of it.
Of the people I know who rent, which is basically everyone in my age bracket, they want to own a property but cannot afford to it’s a massive issue.
I agree buying properties takes ages I cannot dispute that, and you can still get screwed by unscrupulous sellers.
The place I live now is the best rented property I have and that is only because the estate agents actually listen to me and fix issues promptly. Which as far as I am concerned is the bare minimum which most just don’t do, you also have no recourse because the landlord has way more power over you.
Don’t get me started on flat inspections every 3 months is a piss take.