The Perks of Renting!
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Do you think you’re not quite ready financially to take the home-ownership plunge?
Are you allergic to the idea of settling down in one place?
If you’ve been wondering whether or not you should rent a house instead of own it?
Here are some perks of renting!
1) No long-term commitment
2) Renting is more affordable
3) No maintenance or repair bills
4) No financial risks
5) Insurance costs
And once you moved in, don’t forget to cover your belongings!
Find our guide for tenant insurance here!
1) No long-term commitment
Don’t you like to stay in one place for too long? Are you the restless type?
Renting is ideal for you.
When you feel the urge to pick up and move on, all you have to do is giving your landlord notice (read carefully your lease agreement to know the exact amount of days of notice).
If you own a place and you want to move out, you have to go through the sale process. You should get your place sale-ready, putting it on the market and waiting for it to sell.
2) Renting is more affordable
Is renting just throwing away money?
Homeowners might argue that the rent you pay each month is the same as some monthly mortgage payments.
While that may be true, you also have to consider added costs associated with buying such as realtor fees, closing costs, property/land transfer taxes, utilities and the initial down payment (5-20%).
3) No maintenance or repair bills
As a renter, the responsibility for any maintenance and repair costs is on your landlord.
When you own a place, you’re responsible for these costs such as: fixing a leaky roof, a burst pipe or replacing a faulty appliance.
Owning a place means maintenance !
4) No financial risks
When you buy a house is very difficult to understand if you’re buying at the right price and if your property value will increase over time.
Fortunately, renting doesn’t come with that risk!
5) Insurance costs
As a renter, you just have to be sure you’re contents are covered and you’ll be able to pay for any living expenses if you’re forced to vacate your place while repairs are being made.
A tenant insurance policy is very affordable. It’s between 15 and 30 CAD a month!!
At the end, there isn’t really a right or wrong answer to the rent vs. buy choice.
It depends just on your personal preference!
Once you moved in, don’t forget to cover your belongings !
Find our complete guide for tenant insurance here !