The ongoing debate over whether home rental or home buying is the better choice does not really have a defined answer. The truth is each situation is different! There are many pros and cons to both renting and buying that one might need to consider before they make any big decisions. The rental lifestyle may be the perfect option for one person, but completely wrong for the next. You might also find your desire to rent or own changes over the years. Maybe renting right now is a more affordable option while you save a down payment for your dream home later. Or perhaps you’re perfectly happy with the rental lifestyle long term. Rent vs buy is a hot topic; the key is understanding which is best for you.
Benefits Of Renting Over Buying
Why might people choose to rent a home rather than buy a home? This question has many answers. Let’s dive into some of the many benefits offered by a rental lifestyle!
There are fewer upfront costs when renting an apartment, a townhome, a condo, etc. Sure, most landlords will require you to put up the first and last month’s rent before moving in, but that’s much more affordable than putting down a down payment on a house, which can be anywhere from 5-20 percent of the cost of a home.
As a homebuyer, you’ll need to consider all the extra fees (and hidden fees) that can come with homeownership. This can include any expense that could catch you off-guard such as home inspections, contractor payments needed to make the home livable, and other costs such as condo fees to cover landscaping, maintenance, and general repairs.
When renting, you won’t need to worry about things like maintenance and repairs; that’s the job of the landlord. The hassle of keeping up with the lawn mowing, dealing with broken plumbing or heating issues, or other tedious household concerns fall on the responsibility of the ones who own the building – not you!
Renting can be a more relaxed and easy-going option over homeownership. With a rental property, you can forget about the hassles of property maintenance and repairs, save money on things like mortgage payments and property tax, and enjoy a carefree lifestyle.
How To Know If Renting Is Right For You
When considering whether to rent vs buy, there are a few factors to look into that will help you decide which option is the right for you.
Location: Do you have a job that requires you to move around a lot? Are you looking to move to a new area and haven’t decided which neighbourhood will be best for you? If so, renting is a fantastic option for you! If you don’t know how long you’ll be living in an area or just want to test out a trendy neighbourhood before making any long-term decisions, an apartment rental makes it easy to get a feel for the area without having to commit to anything right away. In some cities, the cost of buying a home is astronomical and renting is the more financially sound option.
Costs: For those who like to budget and plan, renting is an easy way to keep track of your spending and can sometimes cost less than home ownership in the long run when you factor in property tax, association fees, maintenance and repairs, and all the other responsibilities of owning a home.
Lifestyle: Renting is a perfect choice if you like to have flexibility and the option to move around. Do you find you enjoy a refreshing change of scenery after a few years?You have the option of reassessing if your current location is best for you every time your lease is up. Individuals heading out on their own for the first time, single adults, or retirees who don’t want the hassle of household upkeep may find that renting is the best option!
When it comes to major life decisions, such as where to live, sometimes it’s best to take it slow, feel out your options and find out what will be best for you in the long run.
Related Post: The Best Time To Buy A House: Buying a Home in 2022
At Sifton Properties, our team of experienced and dedicated staff make it their goal to provide you with an outstanding customer experience from the moment you meet with our leasing agents. With long established apartment and townhome communities in London, Brantford and Guelph you’ll find exactly what you’re looking for in a Sifton rental!
Find out why renting with Sifton is a great choice!