[heading subtitle=”Is Renting For You?”]It’s Not For Everyone [/heading]
Renting is a great way to put your first foot through the home ownership process. Renting may be for you if you wish to be independent and you just simply want a place to yourself (more privacy) or due to life’s circumstances.
Simple All In One Package
Unlike owning a property, renting simplifies the process of obtaining an maintaining the property. For property owners they have to take care of the taxes, maintenance, mortgage and other hassles that come about when owning a property. Tenants get it easy. Most of the time tenants only expenses relating to the property is limited to the rent per month as agreed on between the tenant and the landlord.
Other costs that could be included are utilities such as: gas, hydro, water, etc… The last 3rd of any other expenses could be just basic upkeep of the property (usually limited to $50 and under – check your agreement for details). Optionally, you may come across two types of insurances of which your landlord may require before tenanting the property. This can be either: Tenant Liability Insurance and or Content Insurance. Check with your insurance company or bank to see if they offer these services.
For most veteran renters, renting may be the way of life. Renting provides a flexible way for people to be able to relocate at a moments notice. As mentioned above, the tenant will not have to deal with the hassles of disposing properties to move on, once the tenants pack their bags at the end of their lease term, the rest is history!
For an exceptional bunch of veteran renters, renting is really a preference. Why own when you can live when and where you please? An interesting encounter with a veteran renter reveals that renting also allows them to spice up their life by allowing them to experience living in another location each year! For others, living in the down town core for example, will appreciate the amenities such as indoor pool, gyms and sometimes even a spa!
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[heading subtitle=”Is Buying For You?”]It’s Not For Everyone [/heading]
If you’ve recently decided to make the transition from renter to homeowner, you are about to make an important investment in your long-term financial well being. Still on the fence? Consider the following benefits. Owning your own home can allow you to:
When you purchase your own home and make mortgage payments, you accumulate equity in the property. Think of your home as a “three bedroom savings account.” You may borrow against this equity or convert it into cash when you eventually sell your property. Over the long term, building equity in your own assets is far more astute than paying rent and financing someone else’s property.
Stabilize Housing Costs
While rent typically increases from year to year, with fixed-rate and some variable-rate mortgages your payments remain unchanged throughout the term of the financing. The impact of inflation over the years means you pay the same amount, but in devalued dollars.
Profit from Appreciation
Housing historically increases in value over time – which is as good as money in the bank for the homeowner. At the same time as you build equity by making mortgage payments, what you can get when you sell your home will likely increase over the long term.
Ultimately, buying a home isn’t only about money. Home ownership makes it easier to put down roots in your community, and can give you a new sense of pride in your surroundings. You have full freedom to renovate your space to fit neatly with your family’s lifestyle.