Though both renting and buying a home have their advantages, not everyone is in the financial position for homeownership. Moreover, given the sweat and stress associated with maintaining a home, not everyone has the desire to own one these days. As such, a growing number of would-be homebuyers are choosing to go the rental route, while sidestepping down payments, mortgages, and property taxes.
If you’re looking to skip the cost and commitment of homeownership, keep reading to learn some benefits you can enjoy as a renter.
Five Advantages of Renting
- Avoid the costly downpayment, realtor’s fee, home inspection costs, closing costs, and costs for repairs or renovations.
- Cut down on regular expenses, such as mortgage payments, property taxes, homeowners insurance, utilities, and costs associated with regular maintenance.
- Leave water leaks, toilet clogs, broken windows, chipped paint, and other big-ticket repairs—as well as their financial burden—to building management.
- Enjoy a flexible living experience, without any of the risks of owning property.
- Enjoy amenities like pools, gyms, sporting areas, laundry services, gardens, rooftop lounge areas, and concierge services. These add a sense of luxury to the renting experience, while also providing a sense of community and security.
Avoid the Down Payment
It’s no secret that purchasing a home requires a significant investment up front to cover the down payment—typically 20 percent of the property’s market value. It’s also important to note that the downpayment is just one of many expenses associated with acquiring a home. On top of the down payment, you should also expect to pay for realtor’s fees, home inspection fees, closing costs, and any repairs or renovations that the home might need.
Regardless of whether or not you have the money to make this possible, owning a home is a big commitment that not everyone has the desire to make!
With renting, you get to skip the down payment, as well as the big commitment. Instead, renters pay a fixed monthly amount, as well as a (refundable) security deposit. Rental hunting involves a fast-moving application process that will keep more money in your bank account.
Enjoy Financial Freedom
The aforementioned expenditures associated with securing a property are just the tip of the iceberg for homeowners. In addition to those one-and-done fees, homeowners must bear the burden of recurring expenses, such as mortgage payments, property taxes, homeowners insurance, utilities, and the cost of any repairs or renovations that the home may end up needing down the line.
Conversely, renters don’t have to worry about many of these costs, with a few exceptions. While there are some expenses that are not absorbed by the property owner, such as utilities and insurance, these costs are typically much lower for renters than they would be for homeowners. For instance, renters insurance is much cheaper than homeowners insurance, and covers nearly everything owned, including furniture and valuables.
Skip the Maintenance
No matter how well-maintained a property is, there are bound to be unexpected complications. Think water leaks, toilet clogs, broken windows, damaged roofing, and moulded insulation, amongst so much more. Not only are these kinds of repairs stressful and time-consuming for homeowners to deal with, but they are also costly.
When you rent, your involvement in the maintenance of the property is significantly less so. Though renters are responsible for some degree of damage incurred to the apartment itself (remember that security deposit?), maintenance request systems exist so that tenants can quickly inform building management when big-ticket repairs are needed.
Less Risk and More Flexibility
Owning a home is one of the biggest investments many people make in their lives. As such, it carries big risks. Market fluctuations can negatively affect property value, which can end up affecting mortgage rates and property taxes. Meanwhile, expected and unexpected repairs can end up being costly, stressful, and time-consuming.
One of the greatest benefits of renting is freedom from those kinds of stressors. Renters also tend to have their pick of trendy neighbourhoods, close to popular amenities and the city core. Additionally, renters can forgo the hassle (and cost) of having to market and sell the property when it comes time to move on.
Enjoy Built-In Amenities
For today’s renters, amenities are one of the enticing perks of multi-family living. Many rentals today have upgraded the experience they offer through shared amenities like pools, gyms, sporting areas, laundry services, gardens, rooftop lounge areas, and concierge services. Additionally, the cost for using and maintaining these little luxuries is incorporated into what the tenant is already paying to rent. Not only do such amenities lend a sense of luxury to the renting experience, but they also provide a built-in aspect of community and an added sense of security.
Rental apartments in Sault Ste. Marie, Niagara, Sudbury, and Hamilton
If you’re interested in a redefined rental experience, we offer renovated rental apartments in sought-after neighbourhoods in Sault Ste. Marie, Niagara, Sudbury, and Hamilton. From top-of-the-line finishings to energy-efficient appliances to digital amenities, our units have been upgraded to reflect the unique values of today’s tenants. Get in touch today to find out more about condo-style apartment living with CPM Properties.