Not every family ends up buying their home. Many people continue to rent for years after they have kids. This does make a lot of sense. It can be expensive to buy a home, particularly when you consider the issue of mortgage repayments. Sometimes it can be wiser and indeed more freeing to rent your property. However, you do need to be careful about living in a rented property. There are advantages and disadvantages of this type of setup, particularly if you are keen to get the deposit you paid back. Deposits can be substantial, particularly if you are renting a house rather than an apartment.
First, let’s look at some of the benefits. One of the biggest benefits is the worry of unexpected costs. When you have a family, it can be difficult to handle large costs that you weren’t expecting at all. This includes a boiler break, a plumbing problem or an appliance that needs replacing. Depending on your setup renting, the landlord should cover most of these costs for you. That means you won’t need to worry about whether or not you can afford them. It does mean that you also won’t have to worry about constantly having a larger sum of money in savings. This is, in turn, frees up your money for other luxuries such as family vacations.
Renting provides flexibility as well. It’s quite possible that even after starting a family you still don’t feel like you have job security. This can make putting down payment on a property difficult and renting might be the best option. It will make it easier to pick up and go, moving to a new location with your family.
Will kids be impacted by the fact that you don’t own the property you’re living in? The likelihood is that, until they reach a certain, age, they won’t be aware of it. As they get older, it still won’t impact their life that much. Though, you should be wary of moving to multiple properties over a brief period as this type of instability may impact their social development. Now let’s explore some of the other aspects you may want to consider when you have a rented property with kids.
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