When planning to move into a new house, you are caught in the war between renting a house vs. buying a house. You may not have adequate finances that support the mortgages and you may have a plan to move out soon because of an impending change in job. But renting a house or condo has certain strings attached in everyone’s mind. You may have heard so many negative connotations attached to taking a house on rent that you almost have a lump in the throat.
Talking about renting a place, the best realtor in GTA, Pranav Puri from HomeLife Canada, says renting is not a nightmare. He says that people have attached some misconceptions about renting and it’s not that you are necessarily squandering away your money like it’s believed. He clarifies that people take houses on rent out of choice and freedom that comes with it.
What are the Myths and Realities about Renting a House?
Pranav Puri is the most experienced realtor in Brampton, Toronto and he has been dealing in buying and selling houses in GTA. However he says that GTA is abuzz with a multi-million dollar rental community as well. Let us bunk some myths attached to renting a house:
- You are Wasting your Money
This is an often quoted statement. Every time you must have spoken about renting place, you must have been told that you are going to fill someone else’s coffers and waste your own hard-earned money.
The truth is that most rentals are inclusive of the household repair, maintenance and routine upkeep. You also have to analyze that rentals may not give you a share of ownership on the house but you are being saved of the other household expenses like taxes, mortgages, interests, repairs and maintenance.
For buying a house you need to be ready to pay down payment and evaluate the hidden costs. The opportunity costs that you may be living in a very expensive community or you may not be ready to settle in that locality for a very long time need to be evaluated.
All these reasons along with the freedom to change the house support the call of taking a house or condo on rent. To avail the best renting places, get in touch with a reliable and a patient real estate agent.
- You can be Evicted for No Reason
It is often believed that you can be thrown out or evicted as per the wish of the landlord.Pranav says this is not true because you sign a lease agreement in the first place.Make sure that you sign your lease agreement after reading all the clauses carefully.
The landlord will be able to evict you without much prior notice only if he has sufficient evidence of the breach of any of the clauses in the agreement or you may have surpassed the laws and regulations of the locality. Apart from this it will not be legal for the landlord to evict you with a little notice or without any cause while you are a tenant.
- Getting out of Lease is a Nightmare
Another misconception about renting an apartment or house is that you cannot get out of lease.
The best advice that comes from experience by Pranav Puri is that you understand your life course and whenever you see a major change coming, it will not be advisable to enter into an infinite or a long lease.
There could be sudden changes or jerks and you may need to come out of lease earlier than anticipated. Pranav says one option in this case is subletting the house and ensuring that subletting is allowed by the landlord. There may be fees attached with breaking a lease agreement but you may consider renting a house in one of the sister units in the new place.
Renting a place doesn’t mean you are chained to the place and if you have a shift in the job, talking to the property manager can really help.
- You have No Negotiation Power
Have you heard another misconception that you will lose all your negotiation powers like David and the landlord will be an overbearing giant like Goliath in The Bible?
Pranav Puri bunks the myth stating you have a lot of powers when you are negotiating. You must read the clauses in the lease agreement carefully and in case you feel that you wish to get a clause changed, you must speak and negotiate.Each landlord is different and he would want a good tenant. Likewise you would want a good relationship, so you must speak up foralterations in the clause if need be.
The guidance of an experienced realtor or property manager will help you compare rents and clauses of similar units in that area and you will be in a better state to negotiate.
- Landlord Can Intrude Private Space
Landlord can enter your house for inspection audits, routine maintenance, insurance audit, or a mere security check. But, rest assured, they cannot do so legally without a proper notice or your permission or a prior warning.Only in severe cases like floods or fire, a landlord can enter your house. Pranav assures that a genuine landlord cannot barge in the private space or your house without any rhyme or reason.
Buying a house or apartment vs. renting a space can be an ongoing battle. You have to take the help of an experienced realtor to help you outweigh the costs over the disadvantages and come to a genuine conclusion. For any help or queries contact Pranav Puri, sales representative at HomeLife, Canada or simply log in to propertyzonecanada.com and stay sorted.