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Reasons to Rent Property Rather Than Buy by Cleo Gib
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Reasons to Rent Property Rather Than Buy |
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Real Estate
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When looking for homes, many people by default start looking for a house to buy. However, there are many reasons to think about finding a great property rental in Toronto, Ontario, to move into. Here are some of the best reasons that you might consider renting a home rather than jumping into purchasing a home and all that homeownership and mortgages entail. You Have No Down Payment Many loan programs exist that do not require a down payment to buy a new home, but there are other costs associated with these types of loan programs that you might not know about right now. Ultimately, if you do not have a down payment to put down toward buying a home, renting a house can be a great way to build up your savings so that, maybe a year or two in the future, you will have enough to buy a home. You Do Not Qualify for a Loan There are a lot of reasons why you might not qualify for a loan. Perhaps you just started a job and don't have a reliable employment history yet. Maybe there are things on your credit score that would bar you from qualifying right now. Or maybe you just don't have the money to purchase a home at the moment. Whatever the situation is, it's okay. Buying a home is not for everybody right this minute. If that is something you want to work toward, then give yourself time and have patience. You Are Moving Again Soon These days, if you are not going to be spending more than 3 years or so in a home, renting might make more sense. Otherwise, you might be paying a lot for a home and then turning around and selling it at a loss or barely breaking even. If you move around a lot or every couple years at least, renting might offer a better lifestyle for you. You Are Not Handy With homeownership comes great responsibility. Pretty soon you will likely end up with a long list of things that need to be done. One of the great things about tenant life is that you likely won't have to fix things yourself when they break, and you won't have to be responsible for ongoing maintenance of the home. If you are not a do-it-yourselfer or a handyman, renting might be a better fit. You Are Unfamiliar with the Area One of the worst things you can do is move into an area virtually sight unseen, without knowing anything about the area or the neighborhood first. Renting a property in a neighborhood is a great way to get a feel for it and to see if you can see yourself there long-term. For these and many other reasons, considering a property rental in Toronto, Ontario, might be a much more ideal situation over buying a house. Give yourself time to build up a down payment or research and get to know some of the different areas where you might want to live, and buy a house when it is the right time for you.
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