When it comes to renting or buying a home, both have their financial advantages. However, beyond the factor of cost, renting a home can be a much more convenient choice as well. Even though owning a home has long been considered a prized goal that many people strive to achieve, renting has increasingly become a favourable choice for many instead. Here we’ll delve into five of the most common perks of renting a home over buying a home.

There’s No Need for a Large Down Payment

As desirable as homeownership may be for some, the cost factor of saving enough for that initial down payment can often be enough to deter people from realistically being able to afford that dream. The reality is that with the flux of the economy and the state of the housing market, saving such a large sum of money is beyond the means of many. Additionally, the recent changes to the mortgage rules in Canada make it more difficult to get financing. That’s where renting has one of the best perks. There’s no need to worry about having to frugally save for those expensive fees, such as a down payments, closing costs, and monthly mortgage payments.

No Costly Repair Bills or Maintenance

As a homeowner, you may have the advantage of being able to customize your home any way you please, but there’s also a major drawback with all of the associated costs it can require. The costly bills for repairs and maintenance can add up significantly over time when it falls on you as a homeowner. When you rent, you can avoid having the responsibility of having to pay for necessary repairs as this falls on the landlord.

No Taxes

No one enjoys paying taxes, but it’s a reality that homeowners have to face. Renting allows you to avoid land transfer taxes and property taxes.

Lower Insurance Fees

Renter’s insurance is much more affordable in comparison to homeowner’s insurance. The average homeowner’s insurance is usually more than double the cost of renter’s insurance.

Access to Amenities

Depending on where you rent, some properties have the added perk of amenities such as a pool or parking that you can take advantage of as part of your rental. The best part is that if you do have access to a pool or gym, you don’t have to worry about the effort that’s required to maintain them.

Flexibility

Renting a home doesn’t come with the same level of commitment that owning a home does. You have the advantage of being able to be much more flexible for moving or even downsizing in the future without the major hassle of selling a home.

Owning a home may be a lifelong dream for some, but more people are recognizing just how beneficial it is to rent a home instead of owning. With the lower fees, amenities, and flexibility, it’s really not difficult to see why.