Don’t get us wrong, buying a home instead of renting has its advantages. It can be viewed as an asset, you have more control over the property, and when people ask, you can tell them it’s yours! All yours! That being said, renting offers its own benefits that shouldn’t be ignored. Here are a few standout ones to consider.
Reduced Maintenance Costs
Many people buy because they want more control over what their home looks like. More control means more maintenance, which means more costs. Start-up costs, whether on a new home or a previously owned one, have to be factored into the price of the property, as do future maintenance issues. Painting, landscaping, renovations, and more all otherwise mean additional expenses, not to mention more of your time.
It’s true that when you rent, you don’t have as much control over the property. But the trade-off is worth it for many folks. You may not be able to make changes to the layout of the property, but when it comes to repairs and maintenance, all costs fall on the landlord.
Lower Monthly Costs
With monthly costs, other than utilities, property taxes can take a large chunk out of your pocket.
Over time, the money you can save from renting can add up pretty quickly. You can also find some apartments to rent which are partially decorated, which means you’ll be saving further with no need to purchase various furnishings, possibly including expensive beds, bed frames, and couches.
The Real Estate Market Can Crash
If you’re buying because housing prices have gone up and it seems like a good investment, don’t jump the gun. Real estate pricing goes up and down, and you could take a tremendous loss if you buy high and then there’s a market crash. In 2007, the Housing Market Crash almost caused another Great Depression in the United States. Renting is safer for your finances, and there are other ways to diversify your financial portfolio.
Renting is not as sexy as owning, sure. And you might not get that sense of accomplishment that you get from buying your own place. However, if money is important to you, renting is the way to go.
For a slightly more in-depth look, read more here.
If you are looking to rent an apartment in Ontario, please visit our website at www.clvgroup.com to search for vacancies! One of our representatives will be glad to show you around.
Happy apartment hunting!