Why I decided to rent instead of buy
Here in the UK owning a home is one of those boxes we’re conditioned to want to tick and sadly, home ownership is often seen as a measure of our worth.
Anything we identify our self-worth with ramps up the pressure to pursue it and so the desire to buy a house can understandably feel intense. We find ourselves willing to sacrifice so much so we can call ourselves home owners, yet in societies where renting is considered the norm this pressure simply doesn’t exist. It baffles me that these monumental decisions are so often based on the status quo and the myths surrounding popular beliefs instead of turning inwards and having an honest conversation with ourselves about what it right for us at the time.
I bought my first place when I was 20 without even knowing why I wanted to buy a home other than, because I wanted to and I felt like it was what was expected of me. I climbed the property ladder making surface money on each property I sold and ten years later I found myself in a beautiful country cottage with a mortgage to go with it. Then my separation hit and everything changed. I had some big decisions to make. Did I want to continue life as a home owner, buy a place straight away or did I want to rent?
The last time I rented a place was over 10 years ago and I only stayed there for 6 months. The misconceptions attached to renting really put me off. I was convinced it was dead money and I’ve always found myself craving the security I told myself comes with owning. After a lot of inner dialogue, internet research and talking my friends and family’s ears off I decided I felt more comfortable with renting. This decision surprised me but it was the one that sat right in my gut and after 5 months I still feel like I made the right decision.
As such, these are the reasons I decided to rent instead of buy.
The transaction is a simple one
I pay my rent and I get a home in return. There are no legal fees, no mortgage deal that will cost me a fortune to get out of and no home owner taxes like stamp duty to pay. The simplicity of renting feels very freeing which I actually enjoy more than I thought I would as I always thought renting would make me feel insecure - like my home could be taken away at any moment and I wouldn’t be able to put down roots, but I don’t feel that way at all. My money doesn’t feel dead, it feels well spent. The law is kind to renters in the UK and I feel no less secure than when I had a mortgage. Until that mortgage was paid off the truth of the situation was that the bank could still take my home from me if I couldn’t keep up the payments.
It means I can afford to live in a property I couldn’t afford to buy
The housing market where I live in the Peak District is on fire right now and so it’s actually cheaper for me to rent in terms of what I can get in return. For the first time in a long time this is true across the majority of the country. There is no way I could reasonably afford to buy the cottage I’m living in right now but I’m ok with that. Even after 6 months of searching, I never found a property that was both within my budget and appealed to me. For the amount I’d be dishing out and the commitment I’d be making, I wanted to feel a lot more excited about buying a place.
I don’t know what the future holds
Separating from my marriage and living on my own has felt like setting sail into a storm. Most days I don’t know north from south and there’s a lot I need to figure out. There’s no doubt this is going to take time and I want to give this process the time it deserves. I’ve always been a very focused person who knows exactly what she’s aiming for but for the first time in my life I can’t see the target. It’s as if I’ve fallen over and everything is spinning. When I try to get back up, I fall back down again. Buying a house in this frame of mind just doesn’t sit right with me. It’s a huge commitment and I want to be a lot surer that I could be at this point in time.
I found unicorn landlords
When I was frantically scouring the housing market to the point where I’d give Kirsty and Phil from Location Location Location a run for their money, a wise friend said to me, ‘let the house find you’ - and it felt like such a reassuring approach I took it. I backed off trying to make houses work that just weren’t right for me, I stopped deviating from my must have list and I started letting people I knew what I was looking for and where. Low and behold I got a call to say a cottage was coming up and it might be right for me. It was most definitely right for me and the landlords were a bonus. They’re pet friendly, a phone call away, are comfortable with me being self-employed and when I asked what they were happy for me to do / not do to the house they replied, do what you like! I couldn’t sign quick enough after that. Being restricted in terms of making a place feel like my own was a big reason I wanted to buy. I think it’s such a shame that so many landlords are overly fussy about what tenants can and cannot do. I’m glad I waited to find the ones that were right for me.
No surprise bills
I’ve lost count of how many times I’ve felt that heavy sense of what on earth am I going to do overwhelm when something went wrong with the houses I owned. The boiler broke, the drains were leaking, the windows needed replacing. And oh how inconvenient it all felt and how I wished I didn’t have to spend my money on such boring adult things. A lot of the time I had no idea where I’d even find the money required. Maintaining a home, which goes hand in hand with buying one is very expensive and unpredictable. This doesn’t sit well with my anxiety so knowing any surprise bills are taken care of as part of my contract settles my mind. This peace of mind is worth a lot to me and further counteracts the argument that my money is dead. Renting has saved me from feeling any impending doom around what will go wrong next and how much it might cost me.
My spending is challenged
Knowing I can do what I like renovation wise with the cottage I’m renting is great but there’s always this, be absolutely sure before you spend any money, little bell that goes off in my head - and I kind of love it. I feel like it encourages mindful spending in a way that was much more challenging when I owned a home. As a home owner I’d tell myself whatever changes I made were an investment and I’d get that money back when I sold the house, which was an easy justification. In reality I spent plenty of money on homes I’ve owned in the past that I never got back - but I got to enjoy the results in that moment.
Although I’m cautious about what I spend, I also feel like it’s important I don’t deprive myself of the joys I know a beautiful space can bring just because I don’t own the place. What’s emerged after some reflection on this dilemma is there’s a balance to be found here. Perhaps it’s not about such severe forward planning and financial gains. Perhaps our homes, whether rented or owned are a reflection of the environment we deem ourselves worthy of, have a significant effect on our wellbeing and we deserve to reap the rewards of making them a sanctuary we enjoy spending time in - slowly, mindfully and with intention.
When it comes to renting vs buying I’m not saying one is better than the other but I do think we’re better to suited to one over the other depending on what’s right for us at that particular time in our lives. I’m glad I’ve opened my mind to renting and let go of all the should do pressures when it comes to buying for now. Doing what’s best for you is always the right answer no matter what anyone else thinks.
Where do you stand on renting vs buying? I’d love to hear your stories in the comments.
