We've always advocated homeownership vs renting, but today, we'd like to open our minds and discuss the benefits of rentals. The reality of the situation is, the world economy is down and for some Edmontonians, renting makes financial sense as of the moment.
For landlords or Edmonton real estate investors, this is an opportunity to purchase more Edmonton rental properties to cater to the growing rental market.
Renting in Edmonton real estate is an agreement where a payment is made for the temporary use of a property owned by another. In most cases a person decides to rent an Edmonton property for the advantages it possesses. But what are these advantages?
So here are some advantages when renting an Edmonton property.
No Maintenance, No Repairs
When you rent a property, your landlord is responsible for all maintenance and repair cost. If any appliances stops working or the roof starts leaking then you don’t have any financial responsibility to fix any of these things.
Decrease In Property Value
When the housing market becomes unstable, renters are adversely not affected. Edmonton property value may go up or down but this doesn’t concern renters. That’s one reason why many choose to rent rather than to buy a house of their own.
One of the best advantages of renting Edmonton properties is access to amenities. Luxuries such as swimming pools and fitness center are a standard with no additional charge to tenants.
By renting you can easy leave the rented place specially if you are staying for a short time. And with the unstable economy today, those who rent can find more affordable living spaces at the end of their lease.
Fixed Lease Amount
Rents are fixed for the span of the agreement. Even if landlords raise the rent with notice, you can budget more effectively since you know the amount of rent you are needed to pay.
Lesser Utility Cost
Rental Edmonton properties have more compact floor, and renters can expect lower utility cost and affordable heat and power.
Real Estate Taxes No More
One of the benefits of renting is that a renter doesn’t have to pay real estate taxes.
While buying an Edmonton home is beneficial in the long run, for some renting is the better choice. In the end it’s your choice whether you buy or rent. Always remember that every choice you make has an end result.
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