Looking for a new place to live in Toronto? In our opinion, renting in Toronto still carries many benefits over owning. Here are four reasons why:
Housing prices almost always increase over time and owning could prove to be a great investment with good equity. As a renter, you will not see a direct return on the money you pay towards rent, however, you can still invest money elsewhere such as a Real Estate Investment Trust (REIT) and see a significant return over time.
On average, families save for up to 10 years for a down payment on their first home and home ownership comes with additional costs such as taxes, home insurance, and more. Renting requires no borrowed money and the up-front expense is usually first and last month’s rent and possible utility/security deposits. You can expect your monthly rental expenses to be fixed, without much variation aside from utilities.
When you own, you can never be truly certain how much it will cost you each and every month above your mortgage payment. When you own, if your heater breaks, your plumbing clogs, your roof leaks, or your driveway cracks, you’ll need to spend your own money to replace it.
In Toronto, many of the homes are decades old, meaning the odds of having to replace or repair something is likely high. Even in a condo, you are responsible for the maintenance of the inside of your unit. So if you’re not financially ready to cover the unexpected expenses that arise with home ownership, renting is a better choice. When you rent, unexpected and large-scale home repairs are covered by your landlord.
Flexibility of Renting
One of the most significant benefits of renting is that you have the freedom to move whenever you need to (within your rental lease agreement). With no mortgage to worry about, you can pick up and go to a new area of the city after providing your notification.
When you’re ready to find an affordable apartment in a good area of the city, we can help! CLV Group is your go-to property management expert offering an excellent property in Toronto and many other options in the surrounding areas of Southern Ontario. Contact us today to find an apartment that fits both your needs and your budget!