The Advantages of Renting a Property
Given the high costs of property on the Isle of Man, renting may be a perfect option for you. Renting a property offers a wide range of flexibility, especially in terms of proximity to workplaces.
The following are some of the benefits of renting a property:
- Since tenancy allows you to start from as little as 6 months, you can use the opportunity to test if you like the type of property and area .
- Renting allows for a notice for you to vacate the property.
- Renting takes away the burden of property maintenance from you.
- The property owner takes care of costs of maintenance, building service charges and insurance.
- With renting, you can easily determine your monthly expenses since you don’t have any additional costs.
- Although the costs of renting a property can be higher in the long run, it is quite easy to get on the rental ladder given the low costs of renting compared to the high costs of buying a property. You’re required to have a deposit of at least 5% of the purchase price before you can buy a property.
- Renting allows for property sharing which is a plus for someone looking to live in high-end areas that seem out of your budget.
- There are regulations in place which mandate rental properties to conform to certain safety standards.
- If you’re in between a move from one property to another, renting can be handy for you before renovation is complete at your new home.
- Generally, short term property renting is all inclusive of costs. You don’t have additional expenses afterwards.
Good luck finding your new property to rent!