In the lower mainland the housing costs have priced many out of purchasing a home. Do you put yourself in some financial peril by over extending yourself to buy a home or do you rent. Deciding whether or not to rent or own a place? Look no further, we have compiled a list of reasons of the benefit of renting.
1. Renting is more affordable
Some may say that renting is the equivalent of burning your money. While the cost of rent may be the same as a mortgage payment, the benefit of renting can include not having to pay realtors fees, taxes and the down payment that purchasing a house can involve.
2.Reduced Maintenance Costs
Leaky pipes, roof repairs, and even broken appliances are some of the things a home owner has to be concerned about. Having to pay for even just routine household repairs can get expensive. One benefit of renting is the ability to call the landlord and it is up to them to maintain the residence. If you have a bad landlord, that is another issue.
3.Financial Risks Are Reduced
The ever changing housing market can cause homeowners some sleepless nights. A downturn in the market like has happened in Detroit recently has meant that homeowners have lost tens of thousands of dollars when they have had to move. Will rent prices are affected as well, the ability to move and not lose as much is another benefit of renting.
4.Improved Financial Stability
Unexpected expenses like maintenance, an increase in property tax and market adjustments can mean some pretty unstable days planning your budget. Having a set amount each month without the unexpected extras is a great benefit of renting.
5.The Ability To Not Be Locked In
If wanderlust has ever been a part of your make up then the long term commitment of home ownership may not be for you. In renting you can embrace your inner explorer and have the option to live in many parts of the country without the headache of selling and buying a home.
6.Insurance Is Cheaper
To be honest, Home Insurance can not be cheap. By renting and only having to get Tenant Insurance you have another benefit of renting as it can be substantially less expensive.