There is a great debate happening in all geographic areas of Canada today: should you buy or rent a home? This conversation has taken place on a daily basis in Canadian cities, where real estate is booming, and becoming increasingly more expensive by the day. It isn’t as easy to purchase a home as it used to be, due to high home costs and frequent bidding wars on home, but investing in real estate can also offer major economic benefits. Let’s explore the options available for people looking to either buy or rent an apartment in Calgary.
One of the many perks of renting an apartment in Calgary is the fact that most maintenance and apartment fees are covered by your landlord. If you were to buy a home, all of those maintenance costs would not only be your responsibility - they can also be a heavy burden on your wallet. Taking care of a home that is double or more the size of an apartment can impede in your ability to spend on yourself versus your home. Some examples of maintenance on a home that you would not have to deal with if you were renting an apartment in Calgary are: snow plowing, salting, lawn mowing, gardening and more. Renting an apartment where these costs are covered really does give you a larger sense of freedom for your home. When you rent, you can also budget more accurately as your home care expenses will not fluctuate drastically. As a homeowner, major expenses like restoration or repairs come out of your pocket.
Additionally, one of the biggest issues and concerns of buying a home in today’s market is the cost of a mortgage. Mortgage rates are in some cases increasing, and in other cases, it can be intimidating to take on a mortgage that leaves you financially stretched. If mortgage rates increase, it can leave people and their families in very tough positions. When renting an apartment in Calgary, you will not have to worry about the weight of a mortgage on your back. That said, if you have some extra cash, it can be wise to invest it in real estate in today’s market.
Finally, the accessibility of available homes for sale in Canada has lowered, as many people are not putting their houses on the market due to lack of funds to purchase a different one. The availability of rental properties has increased, however, because more people are putting homes and apartments on the market to rent as income properties. There are many options for renting an apartment in Calgary due to the surplus of available income properties, as well as the rise of new buildings.
It truly comes down to how feasible it is to buy a home when considering your circumstances, versus renting a apartment. Renting an apartment in Calgary can in some cases provide you with less expenses today, and in the future. If you are looking for a rental property, either furnished or unfurnished, contact Creative Rental Solutions.
For information on the process of renting an apartment and to see options available to you, visit our website, www.creativerentalsolutions.com, or call us at 1 (844) 392-4713.