Renting, once seen as a straightforward housing option, has evolved into a flexible and popular choice for many. Nearly 6 million tenants in the UK, it now constitutes 36% of households. Despite its popularity, renting is often shrouded in myths and misconceptions. Let’s debunk these myths and see how DepositPass is revolutionizing the rental landscape.
Myth 1: Renting is Always More Expensive Than Buying
The idea that renting is financially inferior to buying is a common misconception. The cost-effectiveness of renting versus buying depends on various factors, including the housing market, location, and how long you plan to stay. While homeownership involves additional costs like taxes, insurance, and maintenance, renting simplifies your financial responsibilities.
DepositPass further eases the rental experience by reducing the financial burden of large deposits, making it accessible to all.
Myth 2: Renting Means You’re Throwing Money Away
One common myth is that renting provides no long-term benefits. This perspective ignores the numerous advantages of renting, such as flexibility and freedom from the costs and responsibilities of homeownership. In today’s dynamic world, renting offers the freedom to adapt to changing circumstances, which many consider invaluable.
DepositPass acknowledges this shift in lifestyle, providing a secure and flexible way to manage rental deposits, ensuring you can enjoy all the benefits of renting.
Myth 3: A Landlord Can Keep Your Deposit Without Reason
It’s a misconception that landlords can withhold deposits without valid reasons. DepositPass provides customers with a highly experienced and professional dispute resolution mechanism through the use of independent adjudicators who belong to the Chartered Institute of Arbitrators and comply with their Adjudicator Code of Conduct. This means that disputes are handled efficiently and fairly based on the issues in dispute and the evidence provided. As a customer, you can have complete confidence in the dispute resolution process, knowing that it is designed to protect your interests and provide a satisfactory outcome.
Only if the landlord’s claim is successful and the renter is found liable, the landlord can expect to receive the payout within 5 business days after the renter’s grace period has expired, if the required payments have not been made.
Myth 4: Renting Doesn’t Affect Your Credit Score
Traditionally, rent payments didn’t affect credit scores. However, rent payment history can now positively impact your credit score. Many renters still aren’t aware of this change. While DepositPass doesn’t directly influence credit scores, it supports renters in using their rental payments to improve their credit profiles. Moreover, with DepositPass, you can enjoy the added advantage of not requiring traditional credit checks. DepositPass works with your life savings insurance policy or that of a family member or friend, making renting accessible to a broader range of individuals.
Renting is a choice that offers flexibility, freedom, and countless opportunities. DepositPass challenges these myths, making renting even more attractive by simplifying the rental deposit process, enhancing security, and ensuring transparency for all parties involved.