Know how much work you want to do. Why do the work yourself when you can enjoy the following benefits:
- Dedicated property and maintenance staff to call if anything goes wrong
- No back-breaking snow shoveling, lawn maintenance or pool/sauna care
- One single monthly rent cheque usually pays for everything (instead of several separate bills and fees when you own a house or a condo).
Figure out your budget. You can usually rent an apartment for much less than the cost of buying it – especially if you live in a larger city. And if you want to be right downtown, renting is almost always more affordable than owning a condo (and you get a lot more living space, as well, as downtown apartments are usually much larger than downtown condos). As well, apartment renters don't have to come up with the thousands of dollars in down payments, closing costs and fees for things such as building inspections, legal counsel, land transfer taxes and insurance.
Know the advantages of a tax relief. If you rent an apartment, you’ll always receive some form of tax relief, as a large portion of your rent is tax deductible every year.
Research the flexibility of renting an apartment. Renting provides an enormous amount of flexibility. You can pack up and leave immediately at the end of your lease (which can be monthly or yearly, whatever best suits your lifestyle) – there’s no waiting to sell and no agonizing about the housing market before you move. For many people, the freedom to live where you want and when you want is a huge benefit that simply cannot be overlooked.
Know what risk is involved in renting an apartment. The financial devastation that comes with losing your home is far greater than being evicted from your apartment. In addition, there are several social service programs that are run by all levels of government to help people in need pay their rent so they won’t be evicted.
Source: The Advantages of Renting an Apartment
Photo courtesy of Homfd
Source: The Advantages of Renting an Apartment
Photo courtesy of Homfd
