Buying a home is an investment. How many times have you heard that? Or, maybe you’ve heard that owning a home is the American dream.
Owning a home isn’t necessarily all it’s cracked up to be. Although it’s true that owning a home may pay off in the long run, it can also end up costing you a lot of money. And contrary to popular belief, by searching for apartments for rent in Calgary and deciding to call one your home, you can actually end up saving money.
Maintenance and Repairs
Maintenance and repairs. They are the bane of every homeowner’s experience. That’s not the case for apartment dwellers.
When there’s a problem, all you have to do is make a call. It’s up to your landlord or property manager to take care of the problem, and it won’t cost you a penny. You can literally save thousands on:
- HVAC repairs and replacements
- Mold abatement
- Electrical and plumbing updates
- Septic repairs
- Roof and siding replacements
- Pest control
- Appliance updates
- And more
Although it is true that your landlord is responsible for the bulk of the maintenance and repairs on the property, you have certain maintenance responsibilities. However, you’ll pay peanuts changing a battery in a smoke detector and replacing the furnace filter compared to what you would spend on maintenance and repairs if you lived in a house.
Utilities and Amenities
The bills just keep rolling in when you own a house. You’re responsible for all of the utility bills, and you’ll likely have a few bills for additional amenities your family likes to enjoy. You can get away without paying for some of these things when you live in an apartment.
For example, some landlords pay sewer and water, while others will even pay for cable and internet. Some complexes contain a pool and a workout facility, which means you don’t have to pay for them either.
That’s not all. The utilities you do have to pay will likely be much smaller. There’s a lot more square footage in a house than an apartment, which sounds good at first, until you realize that your electric bill is three times more expensive than it would be in an apartment.
More stuff isn’t better, but when you live in a house, you feel obligated to fill each room with furniture and remodel spaces that aren’t to your liking. That can cost a lot of money. There’s no need for all that in an apartment.
In addition to the financial benefits of living with less, there are many mental health benefits as well. Living in an apartment means spending less on furniture and feeling more content with what you actually have.
No matter what society says, owning a home isn’t always the answer. If you’re looking for ways to save, consider moving into an apartment. Your pocketbook will thank you.