The Advantages of Renting an Apartment vs. Owning a Home

Apartments Rent - The Advantages of Renting an Apartment vs. Owning a Home

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

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Apartments Rent

· Dedicated property and maintenance staff to call if anything goes wrong

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

· One particular monthly rent cheque normally pays for all things (instead of some detach bills and fees when you own a house or a condo)

You Get More for Your Money

Believe it or not, you can normally rent an apartment or house 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 approximately all the time more affordable than owning a condo (and you get a lot more living space, as well, as uptown apartments are normally much larger than uptown 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 change taxes and insurance.

And this doesn't even factor in the cost of borrowing - in the first five years of ownership, most mortgage payments are applied only to the interest, not the capital. This is money that you won't get back when you sell your home (and you'll still have all the hassles and extra costs of putting 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 home - but you can't all the time rely on getting this break. If your every year mortgage interest payment, plus any other deductions you are entitled to, isn't greater than your proper tax deductions, you will not receive any tax advantage from owning a house.

If you rent an apartment, however, you'll all the time receive some form of tax relief, as a large part of your rent is tax deductible every year.

Maximum Flexibility

Renting provides an enormous number of flexibility. You can pack up and leave immediately at the end of your lease (which can be monthly or yearly, anything best suits your lifestyle) - there's no waiting to sell and no agonizing about the housing market before you move. For many people, the leisure to live where you want and when you want is a huge advantage that naturally cannot be overlooked.

Minimum Risk

For homeowners, the stakes are enormously high should their finances crumble. When they can't pay the mortgage, the lender has great leverage - the house and all the equity invested in it could be in jeopardy. That's not to say there aren't consequences if a tenant can't pay the rent - but the financial devastation that comes with losing your home is far greater than being evicted from your apartment.

In addition, there are some collective assistance programs that are run by all levels of government to help people in need pay their rent so they won't be evicted. Are the banks as lenient or supportive when it comes time to pay the mortgage?

Ultimately, manufacture the decision to either rent an apartment or buy a home involves much more than naturally comparing rental rates, mortgage payments, lease lengths and tax breaks. It's a mixture of all of the personal circumstances happening in your life - both now and some years down the road.

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