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4 Downsides of Renting (And Why You Need to Get on The Property Ladder)

  • August 9, 2021

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Downsides of Renting

Buying a house might be stressful but it is one of those things that is worth it in the end. However, a lot of people seem to be hung up on the perks of renting. Renting might seem like a great idea in theory, but there are plenty of downsides to it too. Here are some of the biggest issues that renters face that make it very desirable to get onto the property ladder.

What are the downsides of renting a home or apartment?

Related ideas on the downsides of renting:

Lost deposits

As a tenant, you are expected to hand over a large sum of cash at the beginning of your tenancy in order to protect the landlord if you damage anything. This seems fair, you are living in a place where they are responsible for the upkeep. And, at the end of the term, after an inspection of the property, you should get it back if there is no damage. However, many landlords are using ridiculous excuses to keep people’s deposits. We have heard some crazy stories over the years, including a landlord who claimed that the oven was left filthy despite the fact that the tenant had never used it. The grill ranks were still wrapped in plastics and taped. Landlords have made it a habit to use any excuse to keep a deposit that they should be giving back to the tenant.

Not fixing repairs

As a landlord, they are expected to maintain the property so it is suitable for a person to live in. Over the last few years, many landlords have decided to ignore the issues with their properties. And if a tenant complains, they get evicted. Public adjuster miami should mean that they are covered by insurance to cover these types of repairs, but many would rather change their tenants than fix the issues. As a homeowner, you would be expected to fix these repairs yourself. However, many tenants have to fix these issues, and many are paying out hundreds of pounds that their landlord should have been paying on repairs. The simple fact is, many tenants are scared that they will be evicted if they don’t make the repairs themselves.

Rent payments

If you have been on the internet and compared the prices between renting and paying a mortgage, the figures are shocking. Many renters are discovering that the amount they pay on rent is often double or triple the amount they would spend on a mortgage. Unfortunately, the property crash and the recession has left it nearly impossible for people to get onto the property ladder. Despite all of the schemes and perks that are offered to first time buyers, many still find that the first step of the property ladder is completely out of reach. 

Not the owner

One brief and final note about renting, it is a reminder that you will not be the owner of this property. And as you are not the owner, you do not have any security or say about it. If a landlord decides to sell or your tenancy is up, they might refuse to let you stay there. Many people have found themselves searching for a property after being settled in a house for years. If there is one reason why you should get onto the property ladder, it is this.