Home ownership is a millstone – renters should count their blessings

As a landlord I’m used to being blamed for almost everything that’s broken in society, so it was interesting to see Zoopla declaring that renting has become cheaper than being a homeowner for the first time since 2010, in many parts of the country.

Admittedly, the figures used are averages, which I’m not a huge fan of – but given I read this report on the same day I read an opinion piece in the Metro, where the author proclaimed his hatred of landlords and was waiting until his parents died to get a deposit for a property, it did raise my eyebrows.

What some people (primarily anti-landlord campaigners and landlord haters) fail to understand is: renting property is a valid life choice for many people. I do understand how lots of people want to buy their own bricks and mortar, with the life-long mortgage and responsibilities to boot, but some people don’t.

Some people don’t want to spend their lives in Ikea and B&Q working out how best to make the crappy chimney breast look better. Some people don’t want to spend weekends scraping off layers of wallpaper, or watching YouTube tutorials to learn how to fix a dripping tap, or reading endless reviews to try and find a trusted contractor to fix the guttering.

Some people just want to live in a property and get on with their lives. Period.

And that is where rented properties fit the bill perfectly. To move into a rental property, you don’t have to save for years on end for the deposit, forgo your life to remodel the kitchen, or postpone a holiday so you can fix the boiler. And that is why renting is a valid choice.

Renting a property, despite the price hikes we’ve seen, still provides the sort of flexibility any mortgage-holder would dream of. Job promotions in different parts of the country can be accepted with a month’s notice when you’re renting, but if you own your home – well, that’s a conundrum that requires a difficult conversation about what to do with ‘The Property’.

These are the sort of conversations “Guppies” (the name given to the young people who have “Given Up On Property”) don’t have: renting means flexibility.

Since the day we’re born, we’re told our home is our castle. The fairytale we all buy into is owning a property, but get this: it’s also a millstone, a pile of debt, a reason why we can’t live the life we want to live and take that dream job on the other side of the country.

I appreciate I may be biased, but I do also believe in the product I’m offering. Not everyone can buy their own place – but also, not everyone wants to. Things change all the time, and in this cost-of-living crisis, some people will choose to downsize to reduce their bills.

I’ve read enough “My mortgage has gone through the roof” stories to know we’ll be seeing a considerable amount of properties coming to the market. If you’re a tenant and want to reduce your outgoings, it’s one month’s notice and you’re free to find a cheaper place.

Not so when you have a mortgage.

It’s also not a barrel of laughs to find the funds to fix a broken boiler with increased mortgage payments. If you’re a tenant, you just report it to the landlord for them to fix – it’s somebody else’s problem, and somebody else’s expense.

That’s the beauty of renting.

Renting means you don’t have to worry about all the extra bills. Tenants are responsible for the monthly rent and that’s it. There’s no extra charge if the roof flies off or if the dripping tap needs a replacement. The monthly rent covers all of those inconveniences that come with the joys of property ownership.

Buying and owning a property means you’re in for the long haul – in sickness and in health – and let me tell you, your mortgage will definitely last much longer than most marriages.

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