Rental Housing - A Flexible Lifestyle for Long-Term Travellers and Digital Nomads

Renting gets a bit of a bad rep these days, don’t you think? In many countries, renting is the preferred way of living. Here in the UK however, we’re encouraged to believe that homeownership is the ultimate goal.

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The problem is that house prices are rising, deposits are hard to save up for and unless you’re living at home with your parents, you’ve got rent payments to juggle in the meantime. Many young people feel that they will be lucky if they will ever afford to be able to own their own home. On top of this, everywhere you turn people are warning that paying rent is ‘dead money’ and you’re only lining your landlord’s pocket.

I think it’s time we stopped seeing renting in such a way. Renting is simply a different lifestyle to homeownership. Yes, many of us long to have our own little piece of bricks and mortar to call our own, but renting can offer this and more.

Affordability is not the only reason for people looking to rent. A recent study showed that a growing percentage of people preferred renting so that they are not tied to a local area and are free to travel.

If you are a digital nomad without the 9-to-5 obligations, are location-independent and can undertake your work from any corner of the world, then renting a property allows for more flexibility than ownership.

Take a look at some of the benefits of renting below.

Freedom and choice

When you rent, you’re given the freedom and flexibility to move around and figure things out. Yes, you may be tied into tenancies for a certain period but it’s far from the same tie as having a mortgage and a property. Perhaps you want the freedom to head over to another country like Germany, Austria or Switzerland and explore it for a few months or maybe a year. Perhaps you’re still trying to find the right person to settle down with and don’t want to commit to a mortgage. Whilst you’re young and still discovering the world and ourselves, renting is the perfect option as it doesn’t limit you.

Additionally, buying a house can be a stressful time. It can take a year or longer in some instances waiting to complete on a property. Renting on the other hand is quick and easy. There’s not half as much paperwork, you’ll pay much less in fees, and the waiting periods are nowhere near as long.

Renting may also allow you to live somewhere that you would not be able to afford to buy - for instance in big cities like London. Maybe you want to give living abroad a go for a year? No need to buy somewhere - simply rent. Rental prices can give you access to properties and areas that would otherwise be out of reach. Also, you can often find huge rented apartment blocks in cities now, complete with gyms and swimming pools inside, coffee shops, and communal outdoor spaces. When would you ever get the same sorts of amenities when purchasing a home?

Invest your money

Although rent can be expensive in some areas, and rent prices often top mortgage repayments, there’s a lot of financial burdens you don’t have to worry about when renting. If the boiler in a property breaks, that your landlord’s problem to fix and pay for - not yours. That is unless you caused it to break. You needn’t worry about mortgage fees, stamp duty land tax, solicitors fees, or house repairs.

If you’re not saving to buy a house, you might have a bit of spare cash in your pocket. Whilst many people use buying a house as a way to invest their cash, consider investing your money elsewhere for long-term financial security. Property isn’t the only option. Why not explore something like shares and bonds instead? It’s a little more work and requires some research, but you can maintain a lot more financial control and freedom. Open your eyes to other avenues you can explore to be wise with your money.

Renting is simple

Like I mentioned before, if something goes wrong in your rented property, providing it wasn’t your fault, it’s your landlord’s job to deal with it and fix it. A good landlord will have landlord insurance in place to keep on top of any unforeseen issues.

Also, you might find when searching for a rented property that many come partly furnished. This could be a sofa or two, a dining set, a dishwasher, a washing machine, and/or a fridge. This is another thing you don’t need to worry about purchasing, saving you a bit of money in the meantime. It also means you won’t have truckloads of furniture to take with you every time you want to move!

Simply put, there are fewer responsibilities involved with renting - and this might be exactly what many people want and need. So let’s stop making people that rent feel like they are failing. Renting can be a great stepping stone between living at the family home and owning your own property, however it can also be a great long-term lifestyle with just as much to offer.