The transition of owning a home to renting a home is a big move. The economy has not been forgiving, and many people are facing a similar predicament. Perhaps your rental won’t feel like home right away, but it will start to have a freeing feeling of non-attachment. Nothing can ever really be “owned” in this life anyways. By renting, you will have many other benefits to take advantage of.
The first benefit of moving into a rental property is the ability to move freely without an expensive mortgage tying you down. Paying a couple thousand dollars a month in mortgage payments seems like a hefty price to pay for a home that might take 30 or more years to pay off. Renting doesn’t allow you to own a home, but you can certainly lower your overall costs while the market is in a deep recession. If times are challenging, it isn’t hard to downsize and move into a smaller home. It also makes life easier to pay off debts or go on vacation from time to time. Saving money is easier when you have less monthly bills!
Another advantage of renting is lowering the maintenance work on your home. Most rental agreements cover certain maintenance throughout the home such as basic repairs, furnace changes, carbon monoxide detector checks, or fire place cleaning. Some rental properties will even have snow shovelling and leaf removal to clean up the property. This is a really nice advantage of not owning! And it’s for this reason that is it good to have healthy communication between you and you property owner so that everything stays in tip top shape.
Rent-to-own homes are also a good option for those who want to settle down but still want the opportunity to rent just in case. Renting to own can give you a bit more security in knowing that your money is being put towards a long term investment. More and more people are seeing renting as a viable option with the housing market heading into a lull. The biggest problem people seem to face when they look into renting is the social stigma attached to this type of living. Homeownership is considered the ‘American Dream’, and this is no different in Canada. People seem to consider renting acceptable for students or young professionals only. The funny part about this social stigma is that 1 in 3 Canadians rent! It doesn’t make sense to hold such a limited view, especially when renting is an intelligent move in this economy.
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