A very simple question, but a big decision!
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Tenant
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Owner
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With the growing supply of rental condos like that of Logisco and the current turmoil in the property sales market, you might be tempted to review your real estate status.
Are you hesitating between buying a property and renting a condo or apartment? Here are some tips that will help you make an informed decision and feel good at home!
Being a tenant, a thoughtful choice
It would be wrong to believe that tenants are out of spite. Many of them opt for this type of home because it corresponds in every way to what they are looking for: a place where they feel good, located close to what interests them and which offers them the flexibility they need. they want to benefit.
Contrary to popular belief, being a tenant has a host of advantages. Here are a few that might blow your mind!
Remarkable peace of mind
Opting for a rental also means saying goodbye (or no thank you!) To costly renovations and building maintenance work, which are more of the owner’s responsibility.
Indeed, a property necessarily entails a significant financial responsibility, both in terms of the cost of acquiring the property (down payment, mortgage loan insurance, transfer tax, notary fees, etc.) and in terms of recurring costs. (mortgage, municipal taxes, school taxes, etc.).
More time for yourself
If you lead a busy life, you certainly don’t have the time (and, let’s be honest, the inclination) to do yard maintenance, keep the pool cleaned, or schedule time to clean up each year. the gutters.
It must be said that the life of an owner is often punctuated with small household chores, which, when combined, end up weighing heavily in the balance. Renting, in return, frees its inhabitants from this mental burden.
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A discretionary budget for other projects
These savings in money and time allow you to invest attractive sums in an RRSP or to carry out other stimulating projects, such as a trip or even starting a business.
Planning to expand the family? By being a tenant, you can easily find a larger home without losing your benefits and above all, avoiding having to sell your property. That’s one less stress before the baby arrives! There are even rental projects designed and designed for families.
In the end, renting an apartment also means benefiting from a great deal of flexibility, in particular because of the lease to be renewed each year.
Happiness nearby
Finally, it should be noted that the position of tenant allows you to choose a home that matches your lifestyle.
Do you like the rhythm of the city center or the noble tranquility of the riverside? Very often, these boroughs are quite expensive when it comes to buying property, but rather accessible in terms of rental.
The rental offers the embarrassment of the choice between multifunctional complexes with underground parking and common areas, the prestige condos contemporary design or the apartments between city and nature.
So you can enjoy life without having to tighten your belt or compromise on the neighborhood!
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How much does it cost to own or rent?
Being at home is priceless … well, almost. Here are the main expenses to plan according to the real estate choice.
| Upfront costs of buying a property | Initial costs of an apartment rental |
| Inspection of prey | No |
| Assessment requested by the lender if applicable | |
| 20% down payment or less down payment and mortgage loan insurance with CMHC | |
| Notary to conclude the real estate transaction | |
| Transfer tax (“welcome tax”) | |
| Quebec sales tax (QST) and goods and services tax (GST) in the case of a new house | |
| Recurring costs of a property | Recurring costs of an apartment |
| Municipal taxes | Rent |
| School taxes | Heating if not included in the rent |
| Mortgage (principal and interest) | Electricity |
| RRSP repayment (HBP) if applicable | Telephone, internet and television |
| Heater | Tenant home insurance |
| Electricity | |
| Telephone, internet and television | |
| Home Insurance | |
| Maintenance of the property (condominium fees or other expenses) | |
| Emergency fund for renovations |
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