3 Main Reasons Why Renting Could Be Better Than Buying!

Owning a home may be a lifelong goal for many Canadians but that doesn't mean it's for everyone, especially if you are a newcomer. For some people renting might make more sense based on their financial circumstances, check the free affordability calculator. Below, we've listed 3 of the main advantages of renting instead of buying a home right now in Ontario.

1) No Maintenance Costs or Repair Bills. One of the benefits of renting a home is that there are no maintenance costs or repair bills. This means that when you rent a property, your landlord assumes full responsibility for all maintenance, improvement, and repairs. If an appliance stops working or your roof starts to leak, you call the landlord, who is required to fix or replace it.

2) Access to Amenities. Another financial benefit of renting is having access to amenities that would otherwise be an enormous expense. Luxuries such as an in-ground pool or a fitness center come standard at many midscale to upscale apartment complexes with no additional charge to tenants. If a homeowner wanted to have access to these amenities, they would likely have to spend thousands of dollars for installation and maintenance. Condo owners aren't exempt from these costs either. These expenses are rolled into their maintenance fees, which are due on a monthly basis.

3) No Real Estate Taxes. One of the major benefits of renting versus owning is that renters don’t have to pay property tax. Real estate taxes can be a hefty burden for homeowners and vary by location. In the GTA region, the costs associated with property taxes can amount to thousands of dollars each year.

Although property tax calculations can be complex, they are determined based on the estimated property value of the house and the amount of land on which it's built. With new constructions getting larger and larger, property taxes can be a significant financial burden to homeowners.

If you couldn't afford a dream house, rent it! There are condos like 5-star hotels or houses in case you need more free space. Let's discuss it in detail, request a FREE consultation with me.