When you travel as long as me, sometimes you will end up renting a flat now and then, as a couple of my backpacking buddies have recently done. While I’m still of “no fixed abode”, I have rented flats in England before. Traditionally, the rental market in English coastal resorts like Southport, Bournemouth and Brighton was to a large extent young people starting out on their own or individuals who could not afford to buy a home of their own. Yes, I know – I once rented flats in Poole, Bournemouth and Dartford! Those were the days before I’d avoid long term contracts.

My old flat in England – pros and cons of renting.

Today the home rental market is much more diverse and dynamic. It is filled with people who choose to be renters and not buyers for a variety of reasons, not just the financial aspect I hasten to add. Some individuals prefer not to have the responsibility that comes with owning a home, myself included and of course with being on a backpacking budget, I’d currently see any kind of mortgage as a “waste of money”, same with rent. These days when I return to the UK I often stay with friends and family and usually base myself in Bangor, Liverpool, Bournemouth or London. Even for the budget backpacker there are affordable accommodation options in London. But my recent trip back I’ve been thinking about Southport and whether it’s a good option to rent there for short term, or whether buying a house outright to rent out could be an option.

There are others who have decided not to enter the buying market because when house prices are high and rents are low, it may seem cheaper to them to rent than to own and they are happy to commit to 12 months in the same flat. There are some who use renting a home in Southport as a prelude to buying a home in the area. It is important not to rush into one of the greatest financial commitments you will make.

Instead of suffering from buyer’s remorse after already buying a home, it is a good idea to try the neighbourhood for a while. See if it is a good fit first – find a wee local pub, some mates and get a feel for the area – I remember loving Ensbury Park in Bournemouth by sussing the place out first. This way you can have a trial run before committing to buying a home. If you find that the home, neighbourhood, or town is not a good complement to your lifestyle it is a simple process to move on. It is not so simple if you have already bought the home…

My old bedroom in England.

There are homeowners who are in between homes. They may have recently sold their home and have not yet committed to purchasing a new home. They may be in the process of acquiring additional funds to buy a bigger home. They could also be taking their time to decide on their next move. Renting a home, even on a short term basis, is the ideal solution for these homeowners. Sometimes short term solutions tend to end up lasting for several years.

Owning a home is a big commitment. Upkeep and maintenance of the home is an ongoing, never ending job. You must be prepared to maintain the home or risk losing your investment and having the home deteriorate and fall down around you. If your home has a yard or an outdoor area, then the work load is doubled or even tripled.

There are not only safety implications but also legal implications for failing to do your duty as a homeowner. These are some of the reasons that some individuals choose to rent a home in Southport instead of buying one. They prefer the freedom of leaving the maintenance and upkeep of the property to someone else.

Regardless of the reason you choose to rent a home, you have the option of renting your home directly from the landlord or utilising the services of a letting agent. There are advantages and disadvantages associated with both ways of renting. However, there are many benefits to having an agent or third party to assist you in your dealings with a landlord. Also, to be able to have access to redress in the event of a dispute.