Is It Better to Rent or Own in Winnipeg

Should I rent a house in Winnipeg or buy? This question is pretty popular among those people who plan to move to Winnipeg. Before starting the blog and answering to the question, let’s understand what kind of city Winnipeg is.

Winnipeg is a beautiful city and there are many reasons why you it’s worth living there. Once you visit Winnipeg, you will certainly love it. There are many amazing parks, historical buildings, cultural spaces, restaurants, outdoor activities and more. This city is considered to be Canada’s heart and many more people prefer this city. So if you are looking for an ideal combination of luxury city life along with country living, then Winnipeg is the ideal city for you. With so many opportunities, Winnipeg is considered to be a fantastic city to live.

Now let’s understand owning or renting is a suitable option for you!

For people, ownership is very important and a highly desirable thing. Even from the early years of our life, we are told that owning is better because if you rent you spend more money. It’s because owning means you are the owner of that property but renting means you have to pay someone else in order to stay in that house or apartment. However, though owning is a great decision for many people, there are also other people who have many reasons to rent instead of owning.

Of course, today’s market is hit by COVID-19 but The Jennifer Queen Team claims that their sales have never decreased. Even during the pandemic, this Luxury Real Estate in Winnipeg has served many people and the number of their listing has never decreased. For many real estate agencies, it was pretty difficult to sell a home but for The Jennifer Queen Team, selling a house in Winnipeg has never been an issue.

Here we have provided some of the top reasons why it’s better to rent than to own a house in Winnipeg.

  • Flexibility on when to move and where to live

The first benefit is that you don’t have to worry about overwhelming housing prices or hiring a realtor if you decide to rent. So if you are a renter, then you can easily change your house anytime you want. That is you have the much needed freedom. For example, you may want to change your location and move to a new neighbourhood because you want to be closer to your workplace. Besides, you also have that freedom to travel for a long time or move to a new country if you are a renter. However, if you are a homeowner then you are dependent on your property.

  • You avoid down economy

If you’re a renter in a down economy, moving to a less expensive unit will not be an issue at all. However, you will be locked into a mortgage and it will be difficult for you to sell your house fast.

  • Fixed rent – no interest rate worries

Rate change can have much impact on home owners. However, if you are a renter then you don’t run the risk of facing the discomfort brought by rate change.

  • No need for repairs

Being a renter also means you don’t have to worry about repairing or maintaining the house. The landlord is the one who is responsible for these bills and you are the one who just pays and enjoys his/her living.

  • Availability of various amenities

Some home owners give their tenants access to their amazing amenities like pools, fitness centres, terraces, etc. However, if you own a private home, it you need to spend thousands of dollars to avail some of these amenities.

  • ‍No down payment

Of course, renters almost always make a security deposit. But we can confidently say that these deposits are not big compared to a down payment to buy a home. Today, to buy a common house in Winnipeg, you need to spend at least $327,000. Banks ask for 20% down for mortgages, so this means that you have to make a $65,400 down payment. Don’t you have other plans? Don’t you want to spend or invest that $65,400? If yes, then there is no point in buying a home because your money will be locked in and you cannot use it.

  • Property value can decrease

Property values can both rise and fall. For example, in 2008 and 2009, property values decreased in the United States. So our history is full of such many examples when property values decline. Besides, neighbourhoods change as well and very often a long-term decline can happen in that area

  • Lower insurance costs

Also, note that renters always pay lower insurance rates. It’s because you are insuring the contents of your apartment but not the building. This is also one of many exciting benefits that renting allows you to enjoy.

  • Lower utility rates

In general, homes are larger than apartments. So if you own a house and there is large space then it becomes more difficult to heat or cool the house. Currently, newer buildings and well-maintained properties offer a lot of savings, so tenants can save a lot.

  • The chance to enjoy luxury

Due to renting, you spend a little but you enjoy a luxurious apartment. After all, buying a luxury home can be difficult and even impossible if you don’t have a good source of income. So renting a luxury property can be an affordable choice. Contact Winnipeg Best Realtor if you are looking for a suitable property. This team has helped many people in buying and selling procedures, so they ensure to help you as well. If buying is what you are interested in then let this Luxury Real Estate in Winnipeg find the best deals for you. The Jennifer Queen Team has an experienced Winnipeg Best Realtor so you can fully trust them and they find a new affordable luxury apartment in Winnipeg. SImply head over to The Jennifer Queen Team!