The Advantages of Renting an Apartment vs. Owning a Home

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Compared to owning a home, residing in an apartment rental is incredibly easy. Why do the work yourself when you may enjoy the following benefits:

· Dedicated property and maintenance workers to call if anything goes unsuitable

· No back-breaking snow shoveling, lawn maintenance or pool/sauna care

· One single monthly rent cheque normally pays for everything (instead of a number of separate bills and costs once you own a house or a rental)

You Get More for Your Money

Imagine it or not, you’ll be able to normally hire an apartment or house for much less than the cost of shopping for it – particularly if you live in a bigger city. And if you want to be right downtown, renting is sort of always more affordable than owning a rental (and also you get lots more living area, as well, as downtown apartments are usually a lot larger than downtown condos).

As well, apartment renters do not have to come up with the 1000’s of dollars in down payments, closing prices and charges for things resembling building inspections, legal counsel, land transfer taxes and insurance.

And this would not even factor in the cost of borrowing – within the first 5 years of ownership, most mortgage payments are applied only to the curiosity, not the capital. This is money that you won’t get back when you sell your home (and you’ll still have all of the hassles and extra prices of placing your house on the market).

That Tax Break is Not Guaranteed

Getting a big tax break is supposed to be one of the greatest advantages of owning a house – but you may’t always depend on getting this break. In case your annual mortgage curiosity payment, plus another deductions you are entitled to, isn’t higher than your standard tax deductions, you will not receive any tax benefit from owning a house.

In the event you rent an apartment, nonetheless, you may always receive some type of tax relief, as a big portion of your rent is tax deductible every year.

Maximum Flexibility

Renting provides an infinite amount of flexibility. You can pack up and depart immediately on the end of your lease (which may be monthly or yearly, whatever best suits your life-style) – there is no waiting to sell and no agonizing about the housing market before you move. For many people, the liberty to live where you need and if you need is a huge benefit that simply can’t be overlooked.

Minimal Risk

For dwellingowners, the stakes are enormously high should their finances crumble. Once they cannot pay the mortgage, the lender has nice leverage – the house and all of the equity invested in it could possibly be in jeopardy. That’s to not say there aren’t consequences if a tenant cannot pay the hire – but the financial devastation that comes with dropping your home is way better than being evicted out of your apartment.

In addition, there are a number of social service programs which might be run by all levels of government to help people in need pay their lease so they won’t be evicted. Are the banks as lenient or supportive when it comes time to pay the mortgage?

Ultimately, making the choice to either hire an apartment or buy a home involves much more than merely comparing rental rates, mortgage payments, lease lengths and tax breaks. It is a combination of all of the personal circumstances happening in your life – each now and a number of other years down the road.

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