When it comes to a place to live, most of us have always held firm to the benefits of buying over renting. Our parents always preached the positives of purchasing. And while it’s true that there are benefits to owning your property, renting also offers its own advantages. There has been a growing section of the population in recent years that prefer renting to owning. Many of them are young and starting out, retiring and downsizing or just enjoy some of the financial and other freedoms that renting provides. Here are a few things to consider when wondering if renting is right for you:
There are many upfront and closing costs associated with buying a property that you do not encounter when renting a property. While you provide a damage deposit for your rental unit, you don’t need to pay a costly down payment, land transfer taxes, closing costs or property taxes.
Beyond the actual costs of purchase, you also save a lot of money in the upkeep and maintenance of your rental property. When buying a home, you are responsible for all of the upkeep and repairs; on a rental property the bulk of those costs fall on the owner. A busted pipe or broken water pipe is a little less of a headache when you know you don’t have to pay to fix it. There are also often some utility costs included in your rent, offering more cost savings from month to month.
If there’s one thing you can predict about life, it’s that it’s unpredictable. Renting provides you with much more agility and flexibility when life throws you one of those classic curveballs. If you need to relocate you can do it fairly quickly, without having to put your house on the market and wait for it to sell. It’s much easier to go wherever life takes you when you’re not at the mercy of a mortgage and an often-fluctuating housing market.
There are pros and cons to both buying and renting. It’s not a clear-cut, black and white decision. You need to look at your life, both now and in the future, and decide what is best for your situation. If you’re looking to enjoy the flexibility and freedom of renting, contact us and let our team find the perfect rental property for you. Or browse our current rental properties yourself.