Advantages of renting apartments and owning houses

Living in an apartment rental is very easy compared to owning a home. Why do you work when you enjoy the following benefits:

·If you have any questions, please call the property and maintenance staff

· No destructive shoveling, lawn maintenance or pool/sauna care

· Once a month, rent checks usually cover all fees [rather than paying a few separate bills and fees when you own a home or apartment]

You get more money

Believe it or not, you can usually rent a flat or house for less than the cost of buying it - especially if you live in a bigger city. If you want to be in the city centre, renting is almost always more affordable than owning an apartment [and you can get more living space, as downtown apartments are usually much larger than downtown apartments].

Similarly, apartment tenants do not need to provide thousands of dollars in down payment, closing costs and building inspections, legal counsel, land transfer taxes and insurance.

This does not even consider the cost of borrowing - in the first five years of ownership, most mortgage payments apply only to interest, not capital. This is the money you won't get when you sell your home [and you still have all the hassles and extra costs of bringing the house to market].

Tax refund is not guaranteed

Getting a substantial tax cut may be one of the biggest advantages of owning a home - but you can't always rely on this break. If your annual mortgage interest and any other discounts you are entitled to do not exceed your standard tax credit, you will not receive any tax benefits for owning a home.

However, if you rent an apartment, you will always receive some form of tax credit, as most of your rent is tax-free every year.

Maximum flexibility

Leasing offers great flexibility. You can pack and leave at the end of the lease [can be monthly or yearly, the best for your lifestyle] - no need to wait for the sale before you move, nor will it hurt the real estate market. For many people, the freedom to live where you want and where you want is a huge benefit that cannot be ignored.

Minimum risk

For homeowners, if their financial situation collapses, the risk will be very high. When they are unable to pay the mortgage, the lender has a lot of leverage - the house and all the equity invested in it can be at risk. If the tenant can't pay the rent, it's not that there is no consequence - but the financial damage caused by losing the house is far greater than being expelled from the apartment.

In addition, there are several social service programs managed by governments at all levels to help those in need pay rent so they are not expelled. Is the bank lenient or supportive when paying a mortgage?

In the end, the decision to rent a house or buy a house is more than just comparing rent, mortgages, lease terms and tax breaks. It combines all the personal situations that take place in your life – both now and in the next few years.

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