They say it all the time: Paying rent is just lining someone else’s pockets for absolutely no gain. Why bother wasting time and money on renting a place when everyone’s ultimate goal – obviously – is to buy their own place?
But actually, renting is anything BUT a waste of money. It’s more affordable, more flexible and way more stress-free than attempting to buy a condo or house way out in the ‘burbs. Here are 3 definitive reasons why.
1) You aren’t tied down to any one place
One of the biggest drawbacks of owning a house or condo is being totally stuck in one location. What if the one viewing and 36 hours you got to put in an offer weren’t enough to decide if the neighbourhood would actually suit you?
Renting? Give the landlord notice, pack up your stuff, and peace out. You always have the ultimate freedom with renting a place: the freedom to leave whenever you want. Don’t like your neighbourhood, or want a better apartment somewhere else in town? Move. Want to live abroad? It’s so easy to pack up and get out.
2) You never have to worry about repairs
Want to see what happens when you flush an entire roll of toilet paper down the toilet? Chances are, you’ll be witness to a massive plumbing leak that destroys your condo, plus the neighbour’s below? When you own, you now you have to pay for a plumber to come over ($90/hour or more), then again for them to do work, and probably again when they say you need to buy new equipment.
You’re a renter and anything in the apartment breaks? Just call the landlord for a fix. (Flushing a roll of toilet paper would still land you liable for the bill, probably, but you get the point.) You might very well face issues with rental apartments in Toronto, but it’s better to have issues you don’t have to pay for than buy a lemon of a house that ends up costing you tens of thousands of dollars in repairs and maintenance.
3) Test-drive living with your lover, with an easy out
Thinking of moving in with your boyfriend/girlfriend? What better option than to test out the arrangement in a property neither of you own! If the worst happens, the only drama is who threw whose shirts out the window. You won’t have to go to court and you won’t have to worry about divvying up assets – just pack up your things and get out of dodge.
4) You don’t have to trade your lifestyle for a down payment
Not everyone has the $60,000, $100,000 or more it would take to scrape together a down payment on a new home, let alone the clout to pony up the mortgage payments every month! Let’s say you make a generous $5,000 net per month, and when the bills are paid and you’ve put enough aside for beer, food, gas and everything else, you’ve got $1,200 a month in savings. At that rate, it’ll only take you 50 years to save for your $60,000 down payment. *Cue cynical laugh*
Renters: Revel in the freedoms homeowners will never have!