Renting Vs. Owning

You’ve probably heard this before: if you’re making a monthly rent payment, as opposed to a monthly mortgage payment, you’re essentially throwing your money away. Well, as common as the saying is, it’s not necessarily true – in many situations, it’s actually much more advantageous to rent an apartment rather than own a home. Here’s why:
StepsIt’s EasyCompared to owning a home, living in an apartment rental is incredibly easy. Why do the work yourself when you can enjoy the following benefits:
* Dedicated property and maintenance staff to call if anything goes wrong;* No back-breaking snow shoveling, lawn maintenance or pool/sauna care;* One single monthly rent cheque usually pays for everything (instead of several separate bills and fees when you own a house or a condo). You Get More for Your MoneyBelieve it or not, you can usually rent an apartment or house for much less than the cost of buying it – especially if you live in a larger city. And if you want to be right downtown, renting is almost always more affordable than owning a condo (and you get a lot more living space, as well, as downtown apartments are usually much larger than downtown condos).
As well, apartment renters don't have to come up with the thousands of dollars in down payments, closing costs and fees for things such as building inspections, legal counsel, land transfer taxes and insurance.
And this doesn’t even factor in the cost of borrowing – in the first five years of ownership, most mortgage payments are applied only to the interest, not the capital. This is money that you won’t get back when you sell your home (and you’ll still have all the hassles and extra costs of putting your house on the market). That Tax Break is Not GuaranteedGetting a big tax break is supposed to be one of the greatest advantages of owning a home – but you can’t always rely on getting this break. If your annual mortgage interest payment, plus any other deductions you are entitled to, isn’t greater than your standard tax deductions, you will not receive any tax benefit from owning a house.
If you rent an apartment, however, you’ll always receive some form of tax relief, as a large portion of your rent is tax deductible every year.
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