Considering apartments for rent in Windsor Ontario is not a waste of money, nor are you throwing your money away if owning a home is not in your forseeable future.
Let’s back up a moment. As we all know, the housing market took a big hit eight years or so ago. No one needs to remind anyone that it was a dismal time for many homeowners. Too many people lost their jobs, homes and any confidence that things would improve. For those that suffered through foreclosures, it was an extremely painful time. Renting apartments, homes or condos was the choice many had to make after years of home ownership. Many were under the impression that renting was a “waste of money,” because they weren’t gaining equity in a property, but really, helping someone else make money. However, I’m here to tell you that renting can be a good thing, which may seem funny coming from a real estate agent. Here’s why:
1. Time to play catch-up
Home ownership can create havoc on a budget that has been compromised. If you have lost your job or had to find another job at a lesser salary, then you know how much housing can cost. Between repairs, maintenance, utilities, insurance, mortgage and everything else, it takes a big bite out of your take home pay. For too many, the choice was obvious, get out of owning a home. Renting can allow a person to catch up, save money, pay bills while not stressing over making a monthly mortgage payment or an unexpected repair.
2. Speaking of Stress:
If something goes wrong with your apartment, say a leaky faucet or broken heater, all it takes is a simple phone call to the landlord. Usually, within a day the repairs are made at NO cost to you. Now, if you owned a home, you had to try to fix yourself, or call someone, wait for them to show, then pay!
3. Free time:
I have had clients that are now renting and they tell me that when they wake up on the weekends they ask themselves, “What am I going to do today?” For homeowners, it often means doing household chores, repairs or maintenance. For renters, it can mean anything they want to do. More time to do what they want is what many of my clients love about renting. Some have taken up new hobbies, others have traveled more without worrying about who will watch their home, and there are those that are simply enjoying the thought of not having to do anything.
When renting, you are not signing up for a 30 year lease. You can get up and go when your current lease is up, usually one year or less. This not only gives you time to think about what you want to do in the future, but also allows time to save and again, pay off any debts. It also gives you time to increase your credit score if this is a problem.
Advice for renting:
If, by any chance, you are trying to rebuild your life after losing a home, and you are renting, take these steps to make it a great experience:
1. Pay rent/bills on time:
If your rent is due on the 1st, then pay it on that day or earlier. If you want to own a home one day, it’s important that you pay your bills, including your rent, on time. After several months, you should see some improvement in your credit score.
2. Be a good tenant!
More people are renting than ever before! To be a good tenant, and get the most from your rental experience do the following:
Read your lease: read every word and ask questions if you are unsure of anything.
Follow the rules: If it says no pets, then don’t sneak your furry friend in.
Be respectful: Create an environment where you can live peacefully with your neighbours.
Respect: Treat your apartment, condo or rental home like you would your own.
Enjoy: Maybe your rental unit has a great swimming pool or weight room! Take them time to enjoy these features, especially if you didn’t have them in your home. One client enjoyed the pool every day of summer and told me she felt like she was on vacation! Another client got rid of his gym membership and enjoyed the facilities at his apartment building that was literally steps away from his unit.
Again, renting is never a bad thing and it’s certainly not wasting money if it improves your lifestyle. No one wants to be burdened with a house payment they cannot meet. If you find that you are hesitant about renting because you aren’t gaining anything, then reconsider. You might be gaining quite a bit!