Thursday, Jul 10, 2014
Benefits of Apartment Living in Ottawa
Many people feel that they have to buy their first home as soon as possible. However, once you commit to a home and mortgage you will find that all of your money goes towards mortgage payments and maintenance. Here are some benefits of apartment living that you might not have considered:
Many people assume that when they rent an apartment it is money down the drain when, actually, it is one of the best ways to save money. If you rent an apartment where the utilities are included, that is a lot of money you can save over time. Living with a roommate can also save you quite a bit of money as bills tend to be split evenly, taking the majority of the costs off of your shoulders. By saving that extra money, you have several choices of what you can do with it. For example, saving up for a down payment on a house or a car – the choice is yours!
When you rent an apartment, you don’t have to worry about fixing a leaking tap or broken window. Fortunately, your landlord or superintendent does that for you. If you own a home it is not that easy as you must fix the issue yourself or hire someone to do it. Either way, it can be very costly and time consuming.
Many apartment buildings offer a number of great amenities that you don’t get when owning a home. Some of these amenities include (but are not limited to): gyms, pools and local convenience shops.
Test Drive the Location
If you are considering buying a home but are nervous about committing to a particular area, you can rent for a year or so and see how you like the neighbourhood. If you are happy with the location you can start your search for a house and if you are unhappy you can always look for an apartment in a different area.
When you rent an apartment, you often do not have to worry about drastically rising monthly payments such as hydro or other utilities. However, when you own a home, this is something that is always on your mind as you are constantly faced with fluctuating interest rates as well as decreased housing prices in your neighbourhood. Renting an apartment offers more stability with less stress about money, investments and interest rates.
As you can see, there is no reason to rush into homeownership. Take advantage of a rental before you commit, enjoy life and save yourself some money.