The Canadian dream has always been to own your own house. But similar to everything, the times are changing and now so is that dream. nowadays, about 35% – 45% of renters are renters by choice. So let’s quick look inside the dream that these people have been having in the Seven Dream Secrets of Renting:
1. Flexibility. People change jobs nowadays more often than ever. If anything, this tendency is only likely to continue if not accelerate. Today, having a home might mean loss of next promotion. For those making profession a main concern, renting just makes more sense.
2. Cash. Leasing simply doesn't tie up money like owning. The first month's lease and security deposits are normally not exactly even the end costs connected with obtaining a home, not to mention the initial installment. Also, now and again owning has unforeseen costs, similar to mortgage holders affiliation duty, protection and surprising repairs.
3.Tax Advantages. It used to be that owning a home had extraordinary tax preferences. Be that as it may, now the standard deduction is $6,300 for singles and $12,600 for married couples and interest rates are always at lows. For some imminent property owners, the interest deduction won't not be more than the standard deduction. What's more, none of the costs of home landlords like protection and repairs are deductible.
4. Equity Buildup. The feeling for equity grown from ownership may never come to realization. First, in the early years of a mortgage, most of the expense goes toward interest. Second transaction costs from a deal can eaten up gratefulness so seriously that a few specialists say to anticipate remaining in a home no less than seven years to equal the initial investment on these expenses.
5. Price fluctuation. It used to be that property prices only changed in one direction – up. But in more recent times, we’ve witnessed perilous down fall in home values, leaving many landlords “underwater,” owing more than their house is worth.
6. Liquidity. If situation change – employment, health or relationships, being attached to a home can sometimes make a bad situation poorer.
7. Lifestyle. Some tenants by choice are just plain sick of maintenance, mowing and all the other drudgery of home proprietorship. Toss in that numerous flats are found nearer to transportation, shopping, stimulation and business and it just bodes well to lease.
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