Why Renting A House In Montreal Is Better Than Buying A House?

Why Renting A House In Montreal Is Better Than Buying A House?

August 30, 2016 0 By pastordave

Whether you should buy or rent a house is a perennial confusion. While it’s a continuing goal for many to own a house in their lifetime, many prefer renting a house instead for several reasons. We agree that there are quite a few advantages of owning a home as well, like you have the peace of mind of having your own home, you don’t have to move around once the lease is over, you get the tax benefits on the housing loan, etc. But, in this economy renting a house seems to be a better option and gains a significant edge with its financial advantages. So, let us take a look at some of the really good advantages of renting a house as opposed to buying one.

Renting A House

If you own a house you would know how financially taxing can it be to pay for any repairs or the maintenance charges. However, if you rent a house, apart from paying the electricity bill you are not liable to pay for anything else. Whether your roof is leaking, renovation required, and the maintenance expenses to be paid, it’s the owner’s or the landlord’s responsibility to pay the bills. The repair or the renovation costs can be significantly higher which you ultimately save on. Amenities are another aspect that saves you a lot of money when you decide to rent a house. Montreal apartments for rent of higher standards offer many additional facilities like, a fitness center or a swimming pool that will incur no additional charges, whereas for your own house you usually have to shed huge amounts for the installation and the upkeep.

Montreal apartments for rent save you from a much bigger financial responsibility and that is paying real estate taxes. The property tax is usually based on the approximate property value of your house and hence, it can end up being a heavy burden for you. Moreover, buying a house also calls for paying up a huge down payment which is much more than what you pay as a deposit to rent house. You can rather place that money in your bank account and earn interest. Besides, property market is barely stable and the prices for new property keep rising almost every now and then. This leads to many buyers heading to rent a house instead, while it keeps you unaffected from the rising and falling prices of the property.

What’s even beneficial of renting a house is that the rent amount is fixed till your lease agreement is over, and it helps you to plan your budget accordingly. You also do not need to pay for the home owner’s insurance which is usually between the range of $25 and $80 per month, whereas renter’s insurance is just a mere $12 per month. You also do not need to pay huge amounts in terms of utility expenses as the rented homes or apartments are generally smaller than the owned spaces.

Therefore, considering that a rented home has so many financial advantages over buying a house, you can get Montreal apartments for rent and live your life much peacefully.