Top reasons renting is a better option than buying for skilled young professionals
For years, we've been told that young people simply cannot afford to get onto the property ladder. With the average age of first-time buyers edging ever closer to 35, and the number of people who own their own home falling below two-thirds for the first time, it would appear on the surface that youngsters are being forced out of the market.
However, this is not the case for everyone. There are five million or so people currently living in privately rented properties across the UK, and while there are, of course, some who are doing so because they cannot afford to buy, for others, it's a lifestyle choice.
Skilled young professionals, who value the career ladder above the property ladder, are increasingly choosing to rent rather than buy when they come out of university and embark on their quest to find their dream job. So if you're a young professional thinking of your own next step, what are the benefits of doing this, and why should you consider renting over buying a home?
It's more accessible
For young people who are straight out of university, London is often the dream. Many young people see the capital as the perfect place to kick off their career and work towards the high-flying roles they've always wanted. But moving to London as a youngster is incredibly difficult. To buy a home, you're looking at having to get a mortgage of at least half a million pounds, and you'll probably need about £50,000 in savings for a deposit, which makes it a costly venture.
However, if you choose to rent, you can move to your desired area much sooner, and it also allows you the chance to save up for that mortgage in years to come without having to compromise on where you live now.
For career driven young professionals, one of the big fears around buying a house is the lack of mobility that comes with being an owner. Not only is it hard to sell your house in the current market, the chain that comes with doing so can often hold you up, which is not ideal if you've been offered a new role elsewhere and need to move fast to further your career.
This is the reason many young people choose to rent when they are building themselves their dream career. Being a tenant means they can move at much shorter notice than they could as an owner, which is a big plus point when it comes to moving up the jobs ladder.
Young professionals are busy people. Straight out of university, many people just want to throw themselves at work and immerse themselves completely in their new industry. But owning a house can add different stresses that take you away from this, and for many, this is the reason they choose to rent rather than buy their own home.
For example, if your boiler happens to break down as a homeowner, not only is it costly to get the repairs done, it can also be a long and stressful process. You need to find someone who can fix it, book appointments, take time off work and go through the whole process of getting it repaired yourself. However, as a tenant, maintenance and repairs is something that is dealt with fully by the letting agent, meaning young people are free to get on with their life and their career, as well as not having to worry about the price associated with getting things fixed.