6 minute read
Rental Pro
10 REASONS RENTING IS BETTER RENTING VS OWNING
ANNE MARSHALL
While many people idealize home ownership and cling to it as a goal, not everyone wants to own their own home. Especially after retirement, the “perks” of homeownership pale in comparison to the benefits of renting. If you’re thinking about making a change to your living situation, here are 10 good reasons why renting may be preferable to owning your home. 1. MOBILITY. If employment or other life circumstances require you to move to a different city (or province), it’s a lot easier to give your landlord notice and hunt for an apartment than it would be to put your home on the market, sell it and buy a new one. 2. PROPERTY MAINTENANCE.
Whether it’s shovelling snow for 90 days straight in winter, raking autumn leaves or mowing the lawn in summer, outdoor tasks are the responsibility of your landlord, superintendent or management company, unless your lease dictates otherwise. 3. FIXTURE REPAIR. When your shower stops running properly, your landlord is the one who has to call and pay for the plumber.
If the fridge or stove needs replacing, that’s their financial responsibility. 4. INTEREST RATE
INVULNERABILITY. Unlike homeowners, your rent is fixed and can only increase by small increments dictated by law. Not so the financial market, which could see you renegotiating
your mortgage every couple of years as interest rates and property values change. 5. ACCESS TO AMENITIES. Pools, gyms, party rooms and libraries are all fairly common features of upscale modern apartment buildings. In addition, highdensity housing is often situated in the heart of the city, close to entertainment and shopping, which opens up a world of possibilities for your social life. 6. NO DOWN PAYMENT. All you have to come up with to secure your apartment is enough to cover your rent and/or security deposit. Some landlords may ask for a security deposit rather than the last month, but it will usually end up being applied that way – at any rate, deposits aren’t excessive. With the average home price in Canada now well over $400k, even a very small down payment plus legal fees, plus home inspection, plus, plus, plus – it all adds up to a big investment and a lot of money to pay out on key day. 7. SAFETY. Living in a rental unit typically means living near a lot of other people, and while that can occasionally be irksome, those country music fans who hold a stomping hootenanny every Saturday night are also going to hear you scream if you’re in trouble, or notice if your car hasn’t moved or your mail starts piling up. 8. CHEAPER INSURANCE.
Unlike homeowners, renters do not have to insure the property – only the contents.
When you get your renters’ insurance, expect to be paying approximately half of what you would if you owned your home.
Canadian renters’ insurance averages $20 to $30 a month in most parts of the country. 9. NO PROPERTY TAXES. While you can assume that at least some of the rent you pay goes towards covering that cost for your landlord, it isn’t your financial responsibility. Your rent remains stable and increases in a predictable fashion. 10. LOWER UTILITY COSTS.
Heating (or cooling) a larger space than that which you actually occupy is one of the downsides of homeownership.
Rental units have more compact floorplans, and in the winter, you may even benefit from ambient heat from the building or apartments around you, depending on its layout.
”plumber.
Anne Marshall has lived in New York City, Glasgow (Scotland), Greensboro (NC), Toronto, and somehow ended up back in the fabulous small city of Guelph, where she grew up.
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