Benefits of Renting
The real financial benefits of owning your own home occur slowly over time. Renting is ideal for people with a short time frame; should you be a commitment-phobe, think about renting instead of buying.
The Advantages of Renting a Home
- MINIMAL UP-KEEP, HASSLE-FREE AND LESS EXPENSIVE TO RENT. A plugged toilet, plumbing leak or broken window pane can all be dealt with by a call to your landlord for repair, as opposed to having to do these repairs on your own in your home.
- ONE EASY FORESEEABLE MONTHLY PAYMENT. Owning a home requires more than just meeting your mortgage. You need to take into account the cost of property taxes, maintenance, condo fees, water and sewage bills, utilities, home insurance, etc.
- IT’S CHEAPER TO MOVE WHEN YOU’RE RENTING. Having trouble or unhappy with your community? You can easily move out. Tenants can quickly and economically move every year, if they choose to do so. Buyers pay Land Transfer taxes when buying, and agency commissions when selling, as well as legal expenses for both.
- SOMETIMES IT’S more cost effective TO RENT. On a monthly basis, your overall expenses will often be lower when renting instead of buying. This is especially true when you have an initial low down payment towards your home. When you rent, you are building your landlord’s equity, not your own.