Owning a house used to symbolize maturity and economic fulfillment, but not so much anymore. Now, more and more people are seeing the advantages of renting over buying a property and are choosing the first option. The housing market and inflation constantly fluctuate, which creates concerns among people who want to buy a house, seeing how much uncertainty comes with it. All of this is entirely understandable, especially if we look at all the advantages of renting.
But even when it comes to renting, there is the common question of which city to move to. The advantage is that you don’t have to stress too much, as you can always move elsewhere.
Whether we’re talking about houses for rent in Toronto or another major Canadian city, they have many more benefits than buying a property there or renting in a suburb. Below you can see precisely what renting in big cities entails and what perks come with it.
All major cities have excellent public transport systems, making transit in the city highly accessible. You can use your time on the metro, tram, or bus to listen to a podcast, read a book or listen to some music to unwind after a long day. By using public transport, you’ll not only save money, but you’ll also save the stress you usually get in traffic.
Moreover, when public transport is well structured, you will notice that you will not even need a car and you can even give it up. Thus, you will save a lot of money that you can use for other purposes. Not to mention the positive impact this decision will have on the environment!
No Strings Attached
Perhaps among the best aspects of rentals like these new york homes for rent is that you’re not tied to a house, a neighborhood, or a city. You can move much more easily and without too much stress whenever and wherever you want. It is precisely this freedom that attracts many young people to choose to rent over buying.
If you’ve found a job that appeals to you on the opposite side of town from where you live, you don’t have to stress about the daily commute; you can simply move there. The same goes if you notice that you don’t like the neighborhood or even the city you live in after a while. You don’t have to spend time in a place that makes you unhappy just because you paid money for it.
No Down Payment
Another important aspect is the amount of money required in the first phase to purchase versus rent a home. These are considerably different, with the financial advantage being on the side of those who choose to rent.
When you buy a house on credit, you also need to pay a down payment, generally 20-25%, which is a considerable amount, especially for a young family. On the opposite side, when you rent, you are usually only required to pay the rent for the first few months and a deposit, which is often worth a month’s rent. This deposit is returned when you decide to leave the house if you have not damaged anything in the house, which is a plus compared to the down payment.
Since it is relatively difficult to save the amount of money needed for a down payment, it is more advantageous to rent. Not to mention that when you rent, you don’t have to worry about the house depreciating and that you will lose the money invested in it.
When we talk about life in a big city, we are clearly also talking about access to a highly developed labor market. In a city like Toronto, which is enjoying tremendous economic and industrial development, you don’t have to worry about not finding a job. In addition, the job doesn’t have to be tied to the house, and not being tied to the house lets you focus more on the job because when you live with rent, you can move at will.
When you own a home, you have more stress on you. First of all, you are responsible for everything that happens in and around your home. When you rent, this responsibility falls on the landlord. For example, if a pipe breaks or the oven fails, you don’t have to worry about how you will change it or how much more money it will cost you to have to replace it and have a new one installed. All you have to do is call the landlord, who will take care of it.