How renting can give you the freedom to travel
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Do you want to do more travelling but you’re tied down to responsibilities? Renting could be the answer for you. Here are some ways in which renting can give you the flexibility to travel more.
You’re not tied in long term
When you buy a house, most people get a mortgage for around 25 years, if not longer (mine was 40 when I first got it!). This means that you’re tied in for that time unless you sell your house.
Selling a house can take at least three months and sometimes can be over a year which means you’re unable to be spontaneous, if you just fancy some longer term travelling.
Your other option is to keep your house while you travel but then you end up paying the costs for a house as well as your accommodation while you’re travelling.
When you rent a house, you might have a contract for six months or 12 months, or you may even be able to negotiate a shorter term rental where you can renew on a monthly basis. This means that you can pack up and go without much notice.
It may be easier to rent than buy
If you have been working different jobs and travelling a lot, or if you’re self employed, it can be difficult to get a mortgage to buy a house. When you’re renting there isn’t as much scrutiny on your finances so it’s easier to get accepted.
This also means that you might be able to afford somewhere larger, or in a nicer area, to rent.
Your bills may be smaller
Although your actual rent may work out slightly more expensive, or on par, with a mortgage, your bills may not be as much as if you own a house, giving you more spare income to spend on your travels.
Some rental contracts include utility bills like gas and electricity and you won’t need to fork out for buildings insurance, should anything go wrong, as your landlord will have landlord insurance which will cover any issues with the building.
As well as this, you won’t have to pay out for general maintenance of the property as your landlord will usually sort all of this for you.
You can rent anywhere in the world
If you fancy living a more nomadic lifestyle you can rent in any country if you want to stay there for a couple of months. Just make sure the wi-fi is good if you plan on working remotely there!
If you don’t want to stay in one place too long, you could try renting an Airbnb for a couple of weeks instead. Post-pandemic so-called “workcations” are going to prove popular as, even if you have a full time job, lots of roles can be done remotely.
It will stop you building up lots of possessions
If you’re often travelling and moving house, you’ll find that it’s a bit of a nightmare to constantly be moving lots of stuff around and you’ll want to cut down on your physical possessions.
This means that you’ll only end up keeping the things that are really important to you, instead of building up lots of things which you don’t really need.
You will also be able to rent apartments or houses which are furnished and so you won’t need to buy your own furniture. This will save you costs on storage when you travel too.