The Benefits of Renting as a Family

Some people might think that renting when you have a family is an odd concept, but the reality is that it's the norm for many families in the UK today. Getting on the housing ladder feels near enough impossible as most families don't have the large deposits needed, and with house prices and the cost of living rising (and let’s not even mention how expensive raising a family can be), home ownership is out of reach for many people. For us we had no choice but to rent, so now find it extra difficult to save any money with high rent prices and three young children to care for.

I think that it’s time to change the way we see this lifestyle choice though, and instead think of the positives of renting! Of course many families (like mine) will still aspire to eventually buy a house, but until that day I think it's important to stop thinking about renting as a ‘dead money’ pit stop before the good stuff. There are many benefits of renting that get overlooked in favour of the benefits of homeownership. I’m working with CIA Landlord Insurance to make more people see that renting as a family - whether it’s long-term or not - can actually be a good thing.

Long Term Contracts
A lot of people think of renting as being temporary and constantly changing. But actually this doesn't have to be the case! A lot of rental properties offer long term contracts, meaning you can make it feel like your home. Of course it’s important to plan for the future, but make sure you appreciate the ‘now’ in your rented house and make it really feel like home too.

If you find yourself looking around your rental property and thinking about all the things you’d do differently if you owned it, why not ask your landlord if you can make some changes. The worst that they can do is say no! Swap out those curtains for your favourite colour, paint the walls white or see if your landlord will let you grow your own vegetable patch in the garden. Whatever it takes to make you feel more settled, try and do it.

A house is just bricks and mortar - it’s who and what is inside that counts. Put your children’s pictures on the fridge, scatter family holiday photos in every corner, and make your space reflect your family. That’s what makes a house a home at the end of the day isn't it?

Less Responsibility
Buying a house is a very expensive process. Not only must you find the money for your deposit, but there’s also the stamp duty tax and solicitors fees to think about (and none of those come cheap). Not only that, but running a house is also expensive. You’re responsible for all of the bills, mortgage repayments, repairs, council tax, maintenance and the costs involved with selling up and moving!

These costs are an accepted part of home ownership, but when you compare that to the price of renting, the difference is significant. You pay a deposit when you move in and your rent each month, perhaps also a couple of bills, but maintenance costs and repairs are usually your landlords problems. If a boiler breaks or you encounter a bad leak, it’s not you that has to go without money for a few months to pay for the repairs (unless the damage was your fault of course). One of the biggest benefits of renting is that all the big responsibilities and financial ties sit with your landlord - not you. This alleviates some of the stress of being a home owner, and means you can save that money towards a house deposit in the future.

Flexibility
Another reason why some families prefer to rent, is because it's a much more flexible way to live. If you or your partner work in a job that means they regularly move around the country (or even to another), it's probably easier to not be tied down to a property. Renting gives you the freedom to move to different locations and properties - especially if you only sign a short lease contract.

Do you rent as a family? Would you add any other benefits?

This is a collaborative post.