By: Front Door Real Estate
The Disadvantages of Renting a Home in Edmonton
Tags: Edmonton Homes
Renting a home is a rather an affordable alternative. This is because many renters tend to believe that it is less costly to rent than to buy. According to experts, buying a home especially in Edmonton can be 45% cheaper than renting. When you are able to understand the disadvantages (such as these listed below) of renting a house, then you are better placed to weigh your options and make a sound decision.
Everyone will definitely want to change the look of a place they get into, by doing renovations such as painting the walls or changing the counters to make it more desirable. This however, is not allowed by many apartment owners in Edmonton. This means that if you rent a house and it doesn't look as desirable as you may want it to, the only option is to look for another one elsewhere. When you buy a home however, you can customize it's look by renovating it in order to make it livable, without regulations. There are some apartments also that have restriction on the number of people that should stay on that particular lease, as others also put restrictions on the pets that one should own. When in your own home, you have the choice to live with any pet or any given number of people.
One thing that one can never be sure of is a rented house. It is always lived in on a temporary basis. If every renter can have this at the back of their minds, then they can always avoid unnecessary conflicts with the landlords. A landlord can kick you out of his house any time he feels like, if he wants to rent it to another person or sell it. Another evident thing is, your rent will never remain the same at all times. It will increase depending on the increasing inflation. However, when you have your own home, no one will force you out of it or increase the rates of rent. The only time you will be forced to leave if you default your mortgage.
As you know, when you pay rent, it isn't building up any savings, neither is it being invested in any long-term security. However, when you own a home, you have an equitable long-term investment. And just like any other investment, your house has risks which you can lessen by increasing its value.
So, if you have been thinking of what to do and have not come up with a decision, I can freely advise you to have your own home instead of renting.