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How Are Serviced Apartment Rentals Turn Into A Better Option Than Buying A Home?

by Oliver J. Real Estate
Buying a home may be a lifelong goal for many people but that doesn't mean it is suitable for you. Homeownership rates are currently rising with each passing day, but this hasn’t always been the case. For some people serviced apartment rentals in Toronto might make more sense. If you are still stuck in the dilemma, then let's find out why renting is better than buying a home.

No Maintenance Costs or Repair Bills

One of the blessings that come with renting a home is that you do not have to struggle with maintenance costs or repair bills. It signifies that when you rent a property, your landlord accepts full responsibility for all maintenance, improvement, and restorations. If an appliance fails to work or your roof begins to leak, you can contact the landlord, who will be responsible for addressing the problem.

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Contrary to this, homeowners are accountable for all home repair, maintenance, and renovation expenses. 

Access to Amenities

Another remarkable benefit of renting is you will get access to amenities that would otherwise leave a huge dent in your bank account. Amenities such as an in-ground pool or a gym come standard at multiple midscale to upscale apartment complexes and tenants do not have to pay any charge to relish these facilities.

If a homeowner wishes to access these amenities, they will probably have to spend thousands of dollars for installation and maintenance. 

No Real Estate Taxes

Another incredible benefit that is associated with renting is that tenants don’t have to pay property taxes. Real estate taxes can be a weighty burden on homeowners' shoulders and differ by county. In various areas, the costs linked with property taxes can amount to thousands of dollars each year.

It is no longer a doubt that property tax calculations can be complicated, they are specified based on the estimated property value of the house and the amount of land on which it's built. With new constructions becoming larger and larger, property taxes can be a substantial financial burden to homeowners. You certainly do not want to pay a significant chunk of money in filing taxes.

No Down Payment

Another area where tenants grasp a better financial deal is the up-front cost. Renters normally have to pay a security deposit that is equivalent to one month’s rent. This deposit is theoretically returned to them when they relocate to some other place on one condition that they haven’t harmed the rental property. These days, you can also easily find short-term rentals near me that are equipped with facilities of your choice.

 


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About Oliver J. Innovator   Real Estate

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Joined APSense since, December 28th, 2018, From Mississauga, ON, Canada.

Created on Jul 27th 2022 01:31. Viewed 204 times.

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