The question of whether it is better to rent or own an apartment has many facets and there are several important issues that need to be addressed. Much depends on the individual circumstances and requirements of the person trying to make the best decision.
The main point is possibly one of finances; in order to buy an apartment you need to have money. Unless you have a large amount of money to pay for the property outright, there will be a cash deposit required and then you will need to have access to sufficient cash to repay the loan. In order to qualify for a loan, you will need to fulfill several criteria and have a good credit rating. You need to have an income to qualify for a loan and if you default, you stand to lose your home.
As a tenant, you live in an apartment owned by someone else. You will need to show that you are able to pay the rent and may need to provide proof of income. You will probably need to pay a deposit that equates to a few weeks' rental costs and, in some cases, also pay a security deposit. This deposit is held by the landlord or their agent, in case you cause any damages to the property during your tenancy. If you fall behind, you could be evicted but at least you won't lose anything on the property.
When you are the owner of a property, you are responsible for all repairs and maintenance. If something goes wrong, you will have to pay to fix it. If the work isn't urgent, however, you are able to do it in your own time-frame and to your own standards, as long as the work is carried out in compliance with building codes.
When you are renting a property, you are only liable for any damage you cause; you do not have to pay for other repairs or maintenance. You simply inform the landlord that repairs are needed and you can expect it to be carried out within a reasonable time. There are set standards that any repair or maintenance work has to comply with and you can expect that this is the standard that will be reached.
You are free to decorate and paint your own home in whatever colors and style you want; it is entirely up to you and you can change it as often as you like. As a tenant, you have limited freedom to decorate your home, at best. While some landlords are happy for you to paint or hang some pictures, many require that you undo your work when your tenancy is over. Some landlords won't let you do any decorating at all so you can't personalize your home.
When you own your own home, you have many choices, like the style of built-in appliances, the type of energy you use or whether or not to cover the patio. When you are a tenant in your home, you cannot decide on any of these things. You have to accept the amenities as they are when you inspect the property and have no way to make changes.
The decision to look for Apartments for rent in Calgary or to buy an apartment is a personal one, based on your circumstances, financial position and preferences. These points will help you weight up the pros and cons.
The main point is possibly one of finances; in order to buy an apartment you need to have money. Unless you have a large amount of money to pay for the property outright, there will be a cash deposit required and then you will need to have access to sufficient cash to repay the loan. In order to qualify for a loan, you will need to fulfill several criteria and have a good credit rating. You need to have an income to qualify for a loan and if you default, you stand to lose your home.
As a tenant, you live in an apartment owned by someone else. You will need to show that you are able to pay the rent and may need to provide proof of income. You will probably need to pay a deposit that equates to a few weeks' rental costs and, in some cases, also pay a security deposit. This deposit is held by the landlord or their agent, in case you cause any damages to the property during your tenancy. If you fall behind, you could be evicted but at least you won't lose anything on the property.
When you are the owner of a property, you are responsible for all repairs and maintenance. If something goes wrong, you will have to pay to fix it. If the work isn't urgent, however, you are able to do it in your own time-frame and to your own standards, as long as the work is carried out in compliance with building codes.
When you are renting a property, you are only liable for any damage you cause; you do not have to pay for other repairs or maintenance. You simply inform the landlord that repairs are needed and you can expect it to be carried out within a reasonable time. There are set standards that any repair or maintenance work has to comply with and you can expect that this is the standard that will be reached.
You are free to decorate and paint your own home in whatever colors and style you want; it is entirely up to you and you can change it as often as you like. As a tenant, you have limited freedom to decorate your home, at best. While some landlords are happy for you to paint or hang some pictures, many require that you undo your work when your tenancy is over. Some landlords won't let you do any decorating at all so you can't personalize your home.
When you own your own home, you have many choices, like the style of built-in appliances, the type of energy you use or whether or not to cover the patio. When you are a tenant in your home, you cannot decide on any of these things. You have to accept the amenities as they are when you inspect the property and have no way to make changes.
The decision to look for Apartments for rent in Calgary or to buy an apartment is a personal one, based on your circumstances, financial position and preferences. These points will help you weight up the pros and cons.
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