There are many different reasons that may make renting an apartment better than buying a house. If you are concerned about potential issues in the home ownership market from possible overheating, renting an apartment can provide a cost effective alternative, and help cut the risk that goes with home purchasing.
Renting provides a number of advantages over home ownership, particularly with respect to short lease terms (relative to mortgage periods) providing the flexibility to move. The ability to move offers advantages in career opportunities that may not exist, depending on local market conditions.
Cashflow is one of the largest factors as well, as you will require a sizable down payment. Monthly rental costs are typically lower than a typical mortgage after you factor in insurance, taxes and maintenance. Maintenance can be a particular issue, as you will be on the hook for all required maintenance, and may result in a number of trips to local Ottawa hardware stores to ensure that the property is in good repair. Further, when you “own” (you don’t actually own it until it is paid off…30 years from now) a home means that you are entirely responsible for everything that happens.
Apartment living offers can offer lifestyle benefits as well. The Imperial Apartments at 171 O’Connor offers significant amenities that may not be available in a single home, such as cameras and entrance access control, to a pool. Further, apartment buildings offer location advantages over many homes, with access to transportation and shopping that exist from the higher concentration of people in the area. With great access to entertainment and dining, a comparable experience in a mortgaged house would be at a significant premium over the rental costs.
Give us a call to experience the Imperial Apartments at 171 O’Connor for your own review! We have some space availability, and a great Ottawa location!
