Why waste the hard-earned lump sum amount on giving rent when you can pay a mortgage on your own apartment? When we hear this kind of phrase, this will let our mindset change into the thinking that owing is better than renting a property. But the bitter truth is that there are plenty of reasons that renting makes more sense than buying.
So, just explore out to know the good reasons!
1. Lower Interest Rates: - Buying your own property is often seems like a hallmark of success which further leads to so many kinds of additional costs such as Insurance, maintenance and so many unexpected ones.
- Insurance – The insurance of a rented person is very less as compared to the person having his own property. This is so because the insurance of a renter covers only the personal belongings of the person living on rent whereas the other one contains the apartment owner insurance as well as the belongings present inside the home.
- Maintenance – The rental apartment includes the interior and exterior maintenance. For instance, if a refrigerator breaks the landlord is responsible for its fixation as well as for the redesigning.
- Unexpected Costs – Apartment owners must have a special set aside for the unexpected amount being spent such as the bursting of a pipe or stopping of an operating furnace. These kinds of expenses are costly and further acts as a burden for the same.
2. Adjustment Capability: - The apartments which are given on rent in Regina need a tenant who can be fully committed to the property for the time duration when the lease is being signed. Once the contractual term gets finished, there is no choice to resign the lease or shift to some other place. So, don’t take tension about the long duration commitments. Also, there are no complications or stress to sell a property before a movement.
3. Low Uncertainty: - If a person living in Regina Rentals suffers from sickness or gets an injury, then they can shift to an apartment that offers lower rent and more opportunities related to employment. Whereas being an owner, you’ll come under depression as you need to pay the mortgage or possibly lose the amount if selling a property is the only choice being left with you.
4. No to “Property Taxes” or “Condo Fees”:- There are few locations in Regina where property taxes and condo fees can be nearly equivalent to the amount of renting another property on top of the mortgage. Whereas while renting a private suite the inclusion of taxes and fees is done in rent with no more amount to the tenant.
Buying an apartment in Regina is like the biggest financial commitment you will ever make in your life. But, do remember one thing that just because everyone is buying it doesn’t mean that you should also do the same and empty your pocket. To live a prosperous life, it is not necessary to buy a home.
Searching for a perfect Regina Rental Apartment in the city Saskatoon? Contact Mainstreet Equity Corporation as they can help you in finding out a suitable apartment within your budget. Contact us today for more insights!
Published by Robert Bint