The investment of home ownership is an exciting endeavour, but not always the right decision. If you're still undecided whether you should rent or buy, there are a few things to consider. Freedom and financial stability could sway you towards the experience of renting vs the responsibilities of home ownership. We'll take you through three benefits of renting.
Freedom
Renting affords the freedom to pick up and move at the end of your lease. You could choose to rent depending on factors such as your remote job, your tendency to seek adventure, or if you're not sure where you want to settle. Renting can help you make these decisions while getting a taste of the experience of a neighbourhood or city. Apartment or townhome? We rent both in 18 different cities across Canada's prairies. From smaller locales like Yorkton to large urban cities like Calgary. Downtown or suburban? You choose.
Pet friendliness is often concern of those renting. It is becoming increasingly uncommon for landlords to allow pets in their rental properties. At Avenue Living Communities, we like to think of pets as part of the family too. While pet fees are applicable and specific limitations apply, we are pet friendly across all properties, so you're not limited in choice.
No Additional Costs
Not only do you have the freedom of choice when renting, but you have the freedom of lower stress because there are fewer financial worries.
Owning a home really adds up. From your down payment to home maintenance costs to the investment and fluctuating home prices. Sometimes these can be a surprise. When you rent, repairs and general maintenance responsibilities fall on the landlord. If you purchase a condo, fees for the upkeep of the property are the responsibility of the residents. These can range from an additional $50-$1,000 per month.
At Avenue Living Communities, we contract the experts in cleaning, landscaping, and snow removal for all our apartment buildings at no cost to our residents. We've partnered with Reliance Home Comfort and Enercare Home Services for furnace and water heater maintenance in all of our Alberta townhomes, so residents know they're getting service from the experts. Our dedicated in-house maintenance teams are qualified in general maintenance, always friendly and professional, so you can have peace of mind as we'll take care of any issues. Maintenance requests can be simply submitted online or through our call centre at 1-855-247-1492.
Lower Monthly Payments
While paying a lower monthly rent than a mortgage isn't always the case, you have more flexibility to choose what works for you when renting. It's easier to find something affordable that suits your budget at a specific time in your life.
If you choose the path of homeownership, a variable-rate mortgage may fluctuate in monthly cost, therefore the change in cost is something to prepare for. Renting allows you to budget for the same cost each month with no surprises. However, upon the renewal of your lease agreement often small rent increases can occur. These could be due to the changes in the rental market, or in your favour, due to quality-of-life property upgrades by your landlord.
When renting, many property management companies will offer residents rental incentives. These value-adds can be a deciding factor in choosing where to live, and can assist you further financially. Of course, something you don't receive when buying a home.
Whether you choose to opt for a rental property or take the step towards homeownership, try this cost calculator to discover your budget and make the best decision you can.