Renting as a family

The timeline of life has been drilled into many of us from a young age and is reflected in society all around us; fall in love, buy a house, get married, have a family and retire. But of course, there’s nothing wrong with going against the status quo – and when it comes to buying a house as a family, it might be worth exploring another option.

Renting and families don’t seem to go together, do they? But why not? Buying a house is a huge financial commitment and as you’re probably aware, actually getting on the property ladder is becoming more and more out of reach for so many people. Renting is often the only option, but it could be time to start seeing it in a different light. I’m working together with CIA Landlord Insurance to shed light on the positives of renting as a family.

What’s good about renting as a family?

Many people say that renting is ‘dead money’. But actually, the way of life that comes with renting might be just the thing that a lot of people are after. There are a lot of costs that come with owning a home; stamp duty tax, solicitor fees, buildings insurance, home maintenance repairs, plus the cost of selling up and moving. When you’re renting, whether, in San Jose, New York, or Michigan, all these things are your landlord’s problem.

Also, whilst we’re on finances, a big argument for buying a house is the equity that you’ll then gain in the house, meaning that you’ve always got money behind you. Yes, this is true. But homeownership equity does not always equate to profits. With the current instability that Brexit is bringing to the UK, who knows what will happen to the housing market? House values in your area could decrease and drag down the value of your home.

When you buy a house, you then have to fill it with everything you need to live comfortably. Whilst this is a fun process, it also takes a lot of time, energy and money. With many rented properties, you can move into a fully or relatively fully furnished house, with white goods and appliances, sofas and beds. If it’s not to your taste then that’s ok – it’s always worth asking your landlord if there are minor changes that you can make. If anything, you could be doing them a favour.

What’s bad about renting as a family?

The first thing that will spring to mind for many is the lack of security that comes with renting. Once you’re in a rented property, your landlord could decide to sell-up and ask you to move on, leaving you with no choice but to relocate. This could mean moving down the road, but you might be faced with having to move areas and perhaps pulling your children out of school and uprooting them away from their friends.

Luckily, this situation is pretty unlikely. A landlord wants a secure tenancy as much as a family wants a secure home. So long as you’re a good tenant, the last thing a landlord wants to do is go through the process of swapping tenants every 12 months or so.

Something else that bugs families about renting is the fact that you’re fairly limited on what you can do with the interior of a rental. Because of this, the house might never feel like home. But more than anything, that’s down to you. There are so many ways that you can make somewhere feel more like home! After all, it’s just bricks and mortar. Who and what’s inside the house is what matters. Fill a rented property with all the things that you love and let your interior tell the story of your family with photos, arts and crafts creations by the kids and sentimental items.

So, thinking a little differently yet? Renting is the new normal! If you can buy a house and that’s what you want, then perfect. But always consider how renting could work for you. It could leave you better off with more time and money to spend on your precious loved ones.