Renting a property is often touted as being equivalent to being in a poor position in life. Of course, it is generally true that you would prefer to own a property than to have to rent one from someone else. But the truth is that with the right approach you can actually benefit greatly from being a tenant, even financially. If this sounds like hocus pocus to you, you might want to read on. You’ll be pleasantly surprised at what you can achieve financially while you’re renting.
Use The Time To Build Great Credit
Okay, so you probably don’t want to be renting forever. But as long as you are, you might as well be making good use of that time. There are many ways you can do this, but a particularly beneficial one is to start to build a positive credit rating. This affects your future in a number of positive ways, so it is likely to be pretty important to focus on as early as possible. The trick to building good credit is to borrow money, but only as much as you know for certain you can pay back. You could get a credit card and just use it for groceries - paying off the full amount each month. Or you could get an overdraft, and leave it as it is. It also boosts your credit rating to have an insurance policy which you don’t claim on, so the renters insurance cost of insuring your possessions is definitely worth it. All of this will benefit you once you are trying to get a mortgage of your own, and you’ll be glad you did it.
Enjoy Not Having Maintenance Costs
While there might be a lot that you don’t exactly enjoy about renting, there are certain real peaks to it as well. A great example is the fact that if anything goes wrong in the home due to normal usage or everyday error, your landlord will be the one paying for it. It’s always better for nothing to go wrong in the first place, of course, but still - the more you save here, the more you can funnel those saved funds into something else, such as saving for a deposit on your own home.
House-Sharing Is Caring
More and more people are turning to house-sharing as a viable way of renting accommodation, and there is one very good reason for that - you are likely to save a lot of money. This is essentially a kind of renting which means that you won’t even need to worry about it too much. Having low rent costs means you can put aside even more than you might usually. In this kind of situation, it’s often better to stay renting for as long as you can, so that you can put aside a decent amount of money to be getting on with. Approached in this way, renting might not seem quite so bad after all - certainly not the bogey monster it often appears to be.