Reversal of Fortunes: From Owning to RentingDecember 2, 2014
Ella Mason, an experienced freelance writer, wrote this article. Ella specialises in providing useful and engaging advice to small businesses.
Move on and find a decent property
Waving goodbye to a property that was once yours can be extremely difficult; after all, you probably worked long and hard to afford your own pad. While you might feel upset and scared, you need to remain practical and concentrate on finding somewhere safe and secure to live. Unfortunately, you might find it hard to buy another property of your own for a while as lenders don’t tend to give mortgages to people who have had their homes repossessed due to missed payments, but there are many other things you can do.
Firstly, why not look into renting privately? Of course, some landlords will want to run credit checks which might not work in your favour but if you can prove you’re in full-time employment, get a letter from your employer and provide bank statements you may be in with a chance. Secondly, many landlords will also accept people on benefits so it’s worth checking out what you’re entitled to and going from there. Housing benefit, for instance, could cover a large part of your rent until you’re back on your feet and is designed to help people in difficult situations.
Alternatively, you could always put your name down for a council house and join a waiting list. The housing authorities will assess your application and do their best to find you a property in accordance with your wants and needs. It’s worth noting, however, that all council tenants are placed into priority bands with the neediest people being dealt with first, so you might be on the list for a little while. If your situation is urgent and you’ve nowhere to go, you could also seek help and advice from the housing and homeless charity, Shelter and make a homeless application. You’ll probably be offered temporary accommodation until something more permanent comes up and will receive plenty of support along the way.
Make a house your home
Once you’ve found a place and have settled in, start making personal touches to ensure the house you’ve decided to rent feels like home. If you’re renting privately, you might not be able to make any significant changes to the décor but you can certainly personalise your new space with soft furnishings, pictures, photographs, ornaments and anything else that makes you feel happy and comfortable. Look after the place well and you could find you settle in quicker than you might have expected.
Going from owning a property to renting one can seem like a massive kick in the teeth and a step back in life, but it’s important to stay positive. There are many benefits to renting that shouldn’t be taken for granted such as the ability to move on as and when you want with minimum obligations and stress. The landlord is also responsible for the maintenance of the property and if house prices fall in that area it won’t affect your personal finances.
Life is full of ups and downs, so embrace everything that comes your way and make the most of it.