If you and your family have been looking at houses, but you know that you will not be in the area long, then you should actually be considering rental homes. Renting property is a great option for those who have work that moves often or for those in school for the short-term. It will still have that homeyness that you desire, and you can live the way you would at home as long as you keep the house in order.
Do you own a vacation home? Are you planning to rent it out and make some money? If yes, then wait. Do you know about the tax rules for renting out a vacation home?
If you’re a landlord with houses to rent, and you offer them to large groups of people, or you rent them as student homes to unrelated tenants, you have certain responsibilities that you must meet and maintain. The first thing you must do is to check if you need a licence from your local authority; if any of the houses you rent are considered to be a house in multiple occupation, or HMO, this license is a legal obligation which you must comply with. For your property to fall into the HMO category it must be occupied by 5 or more sharers who are unrelated, and the house should also offer accommodation over 3 or more storeys. These rules may be subject to change depending on your particular authority, so always double check!
Nowadays, everyone is encouraged to be practical. Because of the skyrocketing prices of basic commodities, people must be careful in spending their hard-earned money. Personal investment seems to be the last priority. This is because immediate necessities should be fulfilled first. Hence, having a house that they can call on their own is still an impossible dream for everyone. This is for the fact that no matter how hard they work; their savings are still not enough to achieve their hopes.
Everyone has their justifications to renting either a home vs an apartment, and hopefully you will find something here that will help keep you on track.