Top Benefits of Renting Vs. Owning

In life, many of us set ourselves in owning a property, whether it is condominium or house. Achieving homeownership is considered to be a lifelong investment and that’s a fact. Our society has developed this thinking of owning a home space gives you security and it shows practicality in life. While this has been proven to be a real thing, this has not been the case for others. There are those individuals who prefer renting a home space rather than owning it.

Here are a few good reasons why others opted to go renting space rather than owning it.

Landlords are Paying you to STAY!

Purchasing a property that is tied up to a mortgage, either a house or car means you have to pay an outright sum of cash to proceed in closing out the deal over time. Ideally, the property buyer is needed to make a down payment of at least 10% - 30% of the total price of the property. In this economic situation, many people has realized that its more advantageous to rent than to own. Most properties these days has a mortgage repayment that far exceeds the rental rates. This means, that the property owners are actually PAYING for you to stay in their property!

No Worry on Real Estate Taxes

If you are not the owner of the home space, they are free from any form of real estate taxes. These taxes involve a hefty sum of money depending on the estimated value of your property. Houses or any real estate properties nowadays are getting bigger over time and paying their corresponding taxes at times can be a financial burden. On top of that, there are building management fees, sinking fees, MOT to be paid, assessments, IWK, and various other taxes and charges associated with owning a property. For a renter, all you need to be concerned about is the rental rate, that’s it!

No Maintenance Cost

When you renting a property, you are not responsible for maintaining the property and the cost that follows it. The property owner or the landlord is the who is shouldering all responsibilities in maintaining the shared or leased space. If your rented space plumbing system suddenly stops working or the roof started to look, the tenants are free from any obligations to have those repaired.

Lower Utility Cost

It is relatively cheaper to pay for utilities like water and electricity in a shared or rented space as opposed to an owned house. Typically, the setup in leasing a property, tenants are sharing the utility costs making it more affordable to power up a small rented space such as an apartment or in a room sharing environment.

Flexibility

Engaging in renting a space comes with either a 6-month or 12-month contract. In case you need to move out and relocate to somewhere else, it is much more flexible for you to do rather than owning a house with a 30-year mortgage on it. Renting a space also gives the tenant the flexibility to downsize in case they needed to downgrade to meet their end’s lease.

Access to Amenities

Another interesting reason why others prefer renting a space is to have access to several amenities such as swimming pools, community clubhouses, fitness gym, and many more with no additional charges to tenants. This is the common setup leased complexes that are built for the home renting business.

So now that you know the advantages of renting a shared space, be sure to make full advantage of this!