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Buying vs. Renting
Buying vs. Renting

Buying vs. Renting

When making the decision to rent or buy a home consider the numerous advantages that renting has. Vertica Resident Services has put together a few of the top reasons why renting might just be the best fit for you including its cost advantages, low maintenance, amenities and increased freedom.

Pro 1: More Economical

Renting is almost always more economical than buying a home. The cost of renting is normally lower than a monthly mortgage and you don’t have to worry about annual property taxes or the Homeowners Association Fee. There is a lower cost upfront when it comes to renting, even with the requirement to pay first and last month’s rent and a possible security deposit. When it comes to buying on the other hand the upfront costs can include a hefty down payment, home inspection costs, closing costs and more. When renting an apartment or condo, you are responsible for the monthly rent and utilities, while the remaining fees are typically taken care of by the property owner.

Pro 2: Maintenance

When you rent a home or apartment the responsibility of maintenance is typically on the owner’s or property manager’s shoulders. There is very little (if any) maintenance that renters have to face on their own, meaning that if a pipe bursts or something breaks in the rental, you can call the landlord to take care of it. Contrary to renting, as a homeowner you may be looking at a hefty bill anytime you need to repair or replace items in the home.

Pro 3: Amenities

Vertica’s communities feature a variety of luxury amenities including (but not limited to) swimming pools, state-of-the-art fitness facilities, social rooms, theatre rooms, meeting rooms and laundry facilities. These amenities can add up to real savings that would be difficult to see as a homeowner with a pool and monthly gym membership. In addition, many of our apartments feature 24-hour security services to keep you and your loved ones safe. Adding security features to a bought home can be extremely costly and complicated, whereas renting removes this hassle.

Pro 4: Freedom to Move

Did you know that moving is cited as being one of the most stressful occurrences in a person’s life? Besides being stressful, moving can also be complicated and expensive. Before a home is put on the market, homeowners often have to do repairs and pay the fees associated with a real estate agent. When it comes time to sell, you’ll be at the mercy of the housing market and responsible for finding and securing a buyer. Renting offers much more freedom without the hassle of any of the aforementioned problems.

Vertica offers communities in over 10 cities throughout Canada including Toronto, Calgary, Montreal and Oakville (to name a few). Our communities offer exceptional facilities, amenities, and service.  With so many renting options available for every lifestyle and budget, renting has become an affordable option with incredible benefits.