When renting really does make sense

There has been a lot of debate recently about the cost of buying a home versus the costs of renting. Property website Zoomla reckons it is now about 10% cheaper to buy than rent and that gap is growing. Despite this, there 1 million more people renting today than six years ago. There are lots of reasons why but it all points to a fantastic growth in the rental market.

Of course, like most things property related, there are big regional variations with rental in the Midlands generally being a considerably more expensive option. Anybody renting in the West Midlands needs to think seriously about storage in the West Midlands because minimising your rental space is the best way to keep rental costs down. For example, people often rent a second bedroom and soon fill it up with stuff they hardly ever use. This makes them expensive storage cupboards. A long term self-storage solution will save money, and with 24/7 access, it’s easy to get a hold of anything should the need arise. Renting a flat may be cheaper than renting a house, and there are often additional savings in lower running costs. An often heard complaint about flats, however, is there lack of storage space – certainly there is no loft to cram everything into. Use some of the savings you make on the rent to find local self-storage – and cram everything into that; it’s dry, secure and if you choose your storage location well, in your things are never too far away. It’s the same story for modern houses, especially terraces and semis; they do have lofts but very little other storage. Don’t be tempted to rent somewhere bigger than you need when self-storage offers a realistic cost-effective alternative. It’s only natural people want their belongings close at hand, but it’s not practical or even necessary with the growth of low-cost, no commitment storage – in Warwickshire, West Midlands or wherever you find that rental accommodation. Most people would love to buy their own property for lots of reasons spend many years in rented property. Careful planning, a realistic approach to what you use on a daily or weekly basis and an awareness of the advantages of self storage will help save money – and perhaps put a little towards the deposit for that first property.