{"id":7978,"date":"2023-08-23T10:00:36","date_gmt":"2023-08-23T14:00:36","guid":{"rendered":"https:\/\/www.delsuites.com\/blog\/?p=7978"},"modified":"2023-08-04T13:14:29","modified_gmt":"2023-08-04T17:14:29","slug":"9-benefits-of-renting-vs-home-buying","status":"publish","type":"post","link":"https:\/\/www.delsuites.com\/blog\/9-benefits-of-renting-vs-home-buying\/","title":{"rendered":"9 Benefits Of Renting a Furnished Apartment vs Home Buying"},"content":{"rendered":"

According to <\/span>Canadian Housing Market Data<\/span><\/a> for June 2023, the average home purchase cost is just over $700,000. With prices spiraling out of control and housing supplies hitting an <\/span>all-time low<\/span><\/a>, more and more people are considering renting vs. buying a house.\u00a0<\/span><\/p>\n

While it used to be the conventional wisdom to purchase a house to build equity, the difficulty of affording a down payment in today’s market is quickly changing people’s minds.\u00a0<\/span><\/p>\n

After all, no one wants to be house-broke and experience the stress and strain it can have on your quality of life. But there are plenty of advantages to renting instead of owning that many Canadians may not know about.\u00a0<\/span><\/p>\n

In this article, we’ll discuss nine benefits of renting vs. home buying so you can decide what\u2019s best for your lifestyle and budget.<\/span><\/p>\n

\"\"<\/a>Source: <\/span><\/i>Pexels<\/span><\/i><\/a><\/p>\n

1. You Get to Taste-Test Communities When You Rent<\/span><\/h2>\n

One of the most significant benefits of renting vs. home buying is that you can try the neighbourhood on for size. Renting allows you to sample different areas and determine if a community suits your lifestyle before making a major financial commitment.\u00a0<\/span><\/p>\n

There\u2019s no need to worry about selling your property or dealing with complex paperwork if things don’t work out. You can simply move on when your lease ends and try another area that may be better suited for you.\u00a0<\/span><\/p>\n

This makes it easier than ever for renters to explore their options without worrying about being stuck in an unsuitable neighbourhood or town.<\/span><\/p>\n

2. Kickstart Your Housing Journey With Lower Upfront Costs<\/span><\/h2>\n

Buying a home can be an exciting and rewarding experience; however, it\u2019s not for everyone. Before making the decision, consider the upfront costs of buying vs. renting. In Canada, when you buy a house, the down payment is between <\/span>5% and 20%<\/span><\/a>, depending on provincial regulations and may include closing costs such as lawyers’ fees or land transfer taxes, which can add up quickly.\u00a0<\/span><\/p>\n

In comparison, when renting, there are usually no additional costs outside the first and last month\u2019s rent, so you know exactly what you are signing up for. By opting to rent, you’ll forego those sky-high initial costs, allowing you to take the time to save for your future home.\u00a0<\/span><\/p>\n

3. Wave Good-Bye to Property Taxes<\/span><\/h2>\n

Property taxes are an unavoidable part of home ownership in Canada and can represent a significant financial burden. The amount of your tax bill generally depends on where you live, as <\/span>taxation rates<\/span><\/a> often vary from one municipality to another.\u00a0<\/span><\/p>\n

When it comes to renting, however, those pesky property tax payments become someone else’s problem! Your landlord is responsible for paying these taxes each year \u2013 leaving more money in your pocket that you can put towards other things such as savings or investments.\u00a0<\/span><\/p>\n

\"\"<\/a>Source: <\/span><\/i>Pexels<\/span><\/i><\/a><\/p>\n

4. Enjoy Deluxe Building Amenities When Renting<\/span><\/h2>\n

Living in a rental property allows you to take advantage of luxury amenities provided by the building. Many <\/span>deluxe rental buildings<\/span><\/a> come with amenities such as:\u00a0<\/span><\/p>\n