Is renting better than buying? Living in your dream home doesn’t always mean buying! Owning a home doesn’t make sense for everyone, and in many cases renting can be the best move. When you rent, you get to take advantage of some pretty great options that aren’t always available to people who buy a property. So let’s take a look at five reasons why renting is better than buying.
1. You Don’t Need a Down Payment
One reason renting is better than buying is because saving a large enough sum of money for a downpayment is increasingly harder. If you want to have a better chance of getting approved and avoid mortgage insurance, you need 20% or more! 20% of 250,000 is $50,000! What’s more, even if you can save $50,000, instead, it could be earning high risk-adjusted returns on a low-fee investment, which is also more liquid and a lot less expensive to manage than a mortgage.
2. Renting is More Eco-Friendly
If you want to help the planet, then renting is better than buying! Renting can help our climate thanks to better-managed properties and sharing amenities and capital. Landlords take on the risk of utility costs rising during the lease’s term, so they’re motivated to improve energy efficiency and keep costs low. What’s more, rentals are often smaller than houses, which leads to lower insurance and utility costs.
3. You’re Not in Charge of Maintenance or Repairs
Another fantastic reason renting is better than buying is that you are not responsible for paying maintenance costs or repairs. Your landlord must maintain the building and cover all improvements and repairs. For example, if your dishwasher stops working or your window won’t close, you call the landlord, and they’re required to fix or replace it. However, homeowners are responsible for all home repair, maintenance, and renovation costs, which can quickly add up!
4. You Get Access to Amenities
Unless you’re a millionaire, chances are you won’t have a cinema, a pool, a sauna, a gym, and a terrace in your house. But when you rent an apartment at BRiX, you get access to all of those amenities and more! This is yet another reason renting is better than buying because even condo owners need to pay monthly fees to access their shared spaces.
5. Your Life is More Flexible
As a renter, you can live anywhere you want! It’s more accessible to rent an apartment downtown, Montreal, than it is to buy a house in the same area. Renters can live practically anywhere since it’s easier to find an affordable monthly payment in a coveted neighbourhood than it is to afford a mortgage there.
If you’re convinced that renting is for you, contact BRiX today! We provide cozy, bright, and contemporary apartments with everything included – and we mean EVERYTHING! Your rent includes heating and air conditioning, hot water, electricity, internet, fridge, stove, washer, dryer, dishwasher, blinds, 9′ ceilings, a parcel delivery system, and 20,000 square feet of amenities. Learn more about us here and book your tour now!More Articles