A lot of people dream of buying a home or a condo in Vancouver, BC. It would definitely feel great to own a place to call your own. However, it is also true that there are some aspects that make renting a condo a better option than buying your own house, or looking into condos for sale in Vancouver. The post aims to shed light upon such factors.
No Repair Bills or Maintenance Cost
One of the greatest benefits that you can enjoy as a renter is that you will not have to worry about repair bills or maintenance costs. When you get a property on rent, it is the responsibility of your landlord to take care of repairs, improvements and maintenance. For instance, if the roof of your condo starts to leak, or any appliance fails to function properly, you will have to contact your landlord who will get it fixed. On the contrary, if you’re looking for luxury homes for sale in Vancouver, note that as an owner, you’ll have to pay for maintenance work, which at times can get quite heavy on the pocket.
Access to Excellent Amenities
Another noteworthy monetary advantage of renting a condo over purchasing one is that you gain access to numerous amenities that you would otherwise have to pay more for. A lot of luxuries such as fitness centers or in-ground swimming pools often come as standard at mid-to-upscale condos for rent in Vancouver, BC without you having to pay additional charges. Condo owners, on the other hand, have to pay fees on a monthly basis to enjoy such amenities.
No Property Taxes
The good news if you’re not looking into condos for sale in Vancouver is that you’ll avoid paying property tax! Even though there is a complicated method to calculate property tax, it’s basically determined on the basis of estimated worth of the property, along with the size of land.
Fixed Amount of Rent
The amount of rent that you are supposed to pay as a tenant is fixed as long as your lease agreement is valid. Yes, it is true that landlord has the prerogative to raise their property’s rent, but they can only do so after giving you a notice regarding it, in advance. This way you can re-arrange your finances knowing the amount of the raised rent that you’ll need to pay in the future.
Lower Costs of Utilities
Although houses vary in size, they are typically larger compared to condos. Consequently, heating or cooling them is much more expensive. Condos for rent in Vancouver BC are generally more compact, and their floors are planned efficiently making them more affordable when it comes to heating or even cooling the space as compared to a full-fledged house.
Easier to Downsize
A lot of people working in the trade sector are affected by weak global growth. By renting, people have the flexibility to move whenever they want a living space that is less expensive. Furthermore, the ability to downscale is particularly important for retirees who prefer a smaller, less costly alternative to live on their limited budget.People cannot do this by owning luxury homes for sale in Vancouver. The reason behind it is that it is not very easy to sell a large house at the price you demand that, too, in an economy that is constantly deteriorating. Recovering money that you have invested in the form of renovations would be challenging, as well.