Monday, Jan 20, 2014
4 Reasons Renting an Ottawa Apartment is Better Than Buying a House
Here are four reasons why renting an apartment in Ottawa can prove to be more prudent than buying a house:
When you are renting an apartment, you can simply make a phone call when you run into maintenance problems. Leaks, electrical issues and even unusual smells can all be signs of very costly underlying issues that you would be responsible for as a homeowner. In contrast, when renting an apartment, you are not handed a bill when something goes wrong. In fact, even repairs for major appliances such as ovens, fridges and laundry machines are included in your rent and are looked after by your landlord.
The majority of people will never be able to afford to buy a home in their ideal location. When renting an apartment, you will be faced with far more manageable rent costs as opposed to the cost of a mortgage in a high-demand Ottawa area. This means you will be able to live the lifestyle you want in an area where you feel safe.
Utilities and Taxes
Another huge cost of owning a home is utilities. However, water, gas and electricity are usually included in your monthly rent. When you live in your own home you will be faced with additional costs that can be as much as $250 to $400 a month depending on the size of your home and your consumption. If you purchase a condo, there are additional monthly fees to cover amenities. These can be low fees to maintain the common areas or parking, but they can also be over $800 a month on top of your mortgage for the upkeep of pools, gyms, party rooms, patios, etc. Another large expense of owning a home is property taxes. Taxes can be as much as $500 a month or more depending on where you live.
Worry Free Living
You will also be faced with maintenance in your home. Imagine having to mow the lawn, weed in the summer and shovel endlessly in the winter. You will have to clean the eaves troughs in the fall and apply fertilizer in the spring. The tasks are endless when you own a home. When you rent an apartment, this is all taken care of for you so that you can have some time to relax.
If you are considering buying a condo or house in Ottawa, you might want to give some serious thought to these four points before you take the leap.