4 Ways Your Life Is Made Easier By Renting0
“Why rent a home?” is one of the most commonly asked questions by people within the 20 to 40-something age range. Is renting a home really preferable than buying one? Here are some of the advantages of renting a home in Canada:
#1 – Low initial payment
Why rent a home? Because initial payments for renting houses cost less than down payments for purchasing houses. It is easier to save up for the initial payment for home rentals than saving up to buy a house.
#2 – No property taxes
Why rent a home? Because you don’t have to spend much on property taxes. In Canada, some provinces levy taxes on real estate properties. The property taxes are based on the current value and use of the land where the residential property is built. The money collected for the payment of property taxes makes up about ten percent of the total taxation in Canada. If you rent a home, you don’t have to worry about property taxes at all because you don’t hold the ownership rights of the property.
#3 – More flexible options
Why rent a home? Because it provides you with flexibility. It allows you to choose a type of residence with a rental fee that you can afford. You can always move into a better apartment or home as you climb up that ladder to a successful career.
#4 – No mortgage issues
Why rent a home? Because you don’t have to worry about mortgage. Mortgage refers to the pledging of a property as a form of loan security. By renting a home, you don’t even have to apply for mortgage loans because you don’t have any properties to secure them with. Renting a house saves you from all types of mortgage issues such as defaults and foreclosures.