Everyone wants to buy their dream house with their hard-earned money. But looking at the enormous amounts of loans and the interest that follows, it is difficult for them. Not to mention that investing considerable money suddenly into one place is more burdensome than renting it. It is especially true in areas like Canada, where people come for jobs, vacations, and universities from around the globe.
Even though you rent a property, you don’t have to pay its maintenance or taxes; many people look down on renting. They like the idea of owning a house, but if it’s not according to your needs, what’s the use of owning such a property? Even then, many people sometimes need help finding rented apartments in Canada per their preferred location. They can look into companies such as CAPREIT, which helps people find rental apartments and townhouses in and around Canada according to their needs and preferences.
The median rent of a bachelor’s apartment in Canada is $1,225. In Canada, the average home price is $1,036,000 in Vancouver, while the average is $870,000 in Toronto. Fredericton city in Canada has the least average home price, which is $198,000. Also, the national median cost of living for a single individual in Canada is $2,730.
Though there is a contrast between buying and renting an apartment, one must understand that only some can invest a large sum at once. Read below to understand why rental apartments are better in Canadian cities.
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5 Reasons Why Rental Apartments Are Better
There is one significant issue with buying an apartment that, no matter what, everyone cannot compromise with. It is a large amount of downpayment and sudden investment of a large amount. There can be other issues, such as less space, no parking, and a single bathroom, but you can always find alternatives if needed.
Renting a place that satisfies all your needs is a better option than trying your luck buying it. If you get bored with the apartment, you can look for a new apartment from places like CAPREIT. It is a top-notch real estate investment trust in Canada with headquarters in Toronto and the biggest traded public apartment landlord in Canada. In Toronto, Canada, the average rent of a single-bedroom apartment is around $1,446, while the median rent of a five-bedroom apartment is $2,504.
Below are the top 5 reasons to understand how renting is a better option than buying an apartment.
● Less Responsibility
When leasing an apartment, there are multiple options that the owner of the apartment provides you with for flexibility. These options differ in the amount of responsibility and money you must spend to rent that place. It is especially beneficial for young people who need time to settle or have a heavy study burden.
● No Fees Or Taxes
You don’t have to pay maintenance fees or property taxes in a rented apartment. It is so because the property is not in your name, and maintenance of the property’s outer appearance is the owner’s responsibility, not the renter’s. It helps the renters with their housing needs without having a house owner’s responsibility.
● Near To The Destination
Places near this college’s offices and schools are usually costly to purchase. Whereas they can be readily available for rent for lower prices. Depending on your budget, you can rent whichever property you like and save travel time instead of waiting to purchase it.
● Seasonal Or Long Term Lease Rent
It is only sometimes that a person is looking to rent a property for work or education purposes. When a large group of people visits a place like Canada, going for a rented apartment instead of a hotel is a good choice. It is so because it will cost less and you can choose the place close to wherever you like.
● Access To Luxurious Amenities
When renting an apartment, the priority isn’t a 2BHK apartment. It is the various amenities it can provide for the duration you’ll stay there. These amenities range from a pool table and a mini theatre to a private swimming pool.
Conclusion
Choosing how to spend your money wisely can help you achieve your dream and save you the hassle of working tirelessly. You won’t like a private swimming pool or a pool table for your entire life. Thus when that time comes, you can rent another apartment you want. With rented apartments, you can change your rented place according to your budget, amenities, and family needs.
