Key factors! Top reasons to rent in Alberta:

  • Both renting and buying have their financial advantages, and either scenario isn’t always easy to determine what’s best for you.
  • Unlike homeowners, renters have bear minimum costs outside of their agreed monthly or yearly rent costs
  • Renting usually requires a security deposit equal to one month’s rent; a homebuyer is required to have a down payment ranging from 5-20% of the cost of the home when purchasing through a bank.
  • Flexibility on terms is a big winner for most. Especially when you are unsure where you want to be in six months, a year, or beyond

The obvious benefit is that there are absolutely minimum to no costs to maintain a property if you rent. These kinds of obligations fall into the list of responsibilities of the land or home owner. In the case of these townhomes, really all you need to look after is the general condition of your unit and a little bit of simple sprucing up in the yards and your doorstep. Pretty good deal for those working long days, night shifts, overtime or may have a busy family life!

Come our long, snowy winter months, it’s nice to know that you can sleep in or avoid having to move mounds of the white, frozen stuff to appease the bylaw requirements elsewhere. Rent in Alberta, can be a very economically sound decision to make.

No extra fees!

When renting, you minimize the financial expectations of your pocket book. You don’t pay condo fees, you don’t pay property tax, you don’t get hit with any surprise billing. At the end of the day, it’s pretty satisfying knowing that your cost of living is extremely predictable. Just about the only predictable thing in 2021.

Decreased cost of living

In fact, you may even see decreased financial requirements such as your overall personal insurance policies. Renters insurance is on average, significantly lower than the cost of homeowners insurance. Just take note that while a home can appreciate in value, you are still covering every dollar required to keep it. So, if you have more money every month to save, re-invest, etc. you are actually creating further positive cash flow opportunities for yourself.

Avoiding large down payments.

We know that for most, coming up with thousands of dollars to put down on a property, is not exactly appealing or necessarily easy to do. Life is expensive and trying to balance savings with expenses is tough for many. When renting, sure you pay a security deposit typically the cost of one months rent and pet fees, but that’s where that ends. A nominal fee and you get to move in and live your life, stress free.

Flexibility

Renting means that you can test out your area, don’t like it – Move! Love it, buy! Or even extend your lease if you are after the overall cost savings benefits. You are not committed to hefty penalties if you terminate a mortgage early, or a 25-year mortgage that requires renewal at every single term. Renting is just about as ideal as it gets, when you’re a busy professional, young family or settling down senior.

There are really great reasons to rent in Fort McMurray. The industry changes so rapidly, renting is a way to adapt to many of those variables. You can also be selective and pick between trim available, floorplans, even which unit best receives daylight throughout the day, here’s an example of various floorplans hangingstonepoint.ca/properties

Owning a home can be beneficial for homeowners over the long run. This comes in the form of equity they acquire in their home. Renting is excellent for those who want to avoid the hassles associated with homeownership, the costs of upkeep, and property taxes, the list is long. Consult with your financial advisor and they can help you identify these benefits to best suit your needs!