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Benefits related to apartments in Trinidad and Tobago
Owning a home may be a lifelong goal for many Trinidadians but that doesn’t mean it’s for everyone. HDC which is government owned is the main provider of subsidized housing in Trinidad. However demand far exceeds supply. For that reason many are unable to own their own home.
Although it may not be ideal, renting does have its advantages, too. For some people renting might make more sense for their financial circumstances. Trinidadians believe that renting is “dead money” and not a good investment. Like paying taxi fare, rent is a cost you pay for a place to live. It is an important service you are paying for.
Below, we’ve listed the main advantages of renting instead of buying a home.
- No Maintenance Costs or Repair Bills
One of the benefits of renting a home is that there are no maintenance costs or repair bills. This means that when you rent a property, your landlord assumes full responsibility for all maintenance, improvement, and repairs.
- No Real Estate Taxes
One of the major benefits of renting versus owning is that renters don’t have to pay property taxes. Real estate taxes can be a hefty burden for homeowners and vary by county. In some areas, the costs associated with property taxes can amount to thousands of dollars each year.
- No Down Payment
Another area where renters have a better financial deal is the up-front cost. Renters generally have to pay a security deposit that is equal to one month’s rent. And that’s usually all. This deposit is theoretically returned to them when they move out, provided they haven’t damaged the rental property.
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- More Flexibility As to Where to Live
Renters can live practically anywhere, while homeowners are restricted to areas where they can afford to buy. Living in an expensive area such as Westmoorings may be out of reach for most home buyers, but it is entirely possible for renters. Although rents can be high in areas where home values are also high, renters are more apt to find an affordable monthly payment than home buyers.
- Access to Amenities
Another financial benefit of renting is having access to amenities that would otherwise be an enormous expense. Luxuries such as an in-ground pool or a fitness center come standard at much midscale to upscale apartment complexes with no additional charge to tenants.
- Flexibility to Downsize
Renters have the option to downsize to more affordable living spaces at the end of their lease. This kind of flexibility is especially important for retirees who want a less costly, smaller alternative that matches their budget.
It’s much more difficult to break free of an expensive house because of the fees involved with buying and selling a home. Also, if a homeowner has invested a significant amount of money in renovations, the selling price might not cover these costs, leaving them unable to afford to sell and move
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