It can be tough to decide whether to rent or purchase a new home, especially when you are unsure about your affordability. If you have been planning on buying a house in Edmonton, you may be aware of the increasing rental apartments and home buying costs after the pandemic boom. You have also probably heard that homeownership can cost you more, and hence, renting is the best choice in today’s market. Read this blog to the end to learn why renting an apartment is better in Edmonton
Perks of Renting an Apartment in Edmonton
Here’s why you should rent an apartment in Edmonton:
1. Freedom
One of the prime reasons for renting an apartment is the freedom it gives. Renters can live anywhere as per their choice, while homeowners are bound to live in the place that they can afford to purchase. If you frequently relocate due to work, signing a rental agreement is a better choice.
On the other hand, renting is a better choice for beginning families. For instance, if you are renting an apartment, it becomes easier to shift to a larger house if you need more space once your agreement ends.
2. Budget-Friendly
Some people prefer renting because of their situations. For instance, if you have a new job and just moved to Edmonton, renting an apartment is a better option. For new job holders, the lifestyle and career scope that core city locations can provide are perfect. Hence, apartments in the city center are the right choice for new professionals and students in Edmonton.
Renting helps you live in a location you can afford and prefer. Also, it gives you the capacity to shift if you don’t want to establish your career in Edmonton.
3. Zero Down Payment
Edmontonians prefer renting because they don’t have to invest a considerable amount for a down payment. If you choose to rent, you just need to pay a security deposit that is the same as one month’s rent. Therefore, people who don’t have sufficient savings or cannot get mortgage approval can easily rent.
4. Fewer Duties
Renters can abstain from the sudden and hefty expenses that come with homeownership. Such responsibilities are managed by the landlord, not the tenant. The landlord is accountable for covering constant costs, including home insurance, renovations, repairs, and maintenance. For instance, the property owner will manage the costs if you require an electrician or plumber. However, the damage should not be caused by the tenant’s negligence.
5. Decide Monthly Expenses
Renters don’t need to worry about unexpected increases in property taxes and interest rates. As long as you can cover your living expenses and monthly rent, you can comfortably live in Edmonton.
Verdict
The aforesaid points clearly explain why renting an apartment is better in Edmonton If you want affordability and flexibility and want to move out or live in another Canadian city after a few years, renting is a more practical option. Hunting for the best rental apartments in Edmonton? Check out the selection of rental apartments offered by Greenstone Park.