Select Page

To Rent or Buy: What’s Your Best Option?

To Rent or Buy: What’s Your Best Option?

The discussion on whether to rent or buy has a lot of variables to consider. Some people wrongly believe that it is always better to buy than to rent. However, this is not always true. There are a lot of places in Canada where home prices are higher than they have been in years.

If you live in an area with high housing costs , renting is a great way to save money over time. If you are young, it makes even more sense to rent. This is a complicated discussion that few people truly understand.

Advantages of Buying

There are major financial advantages in buying a home versus renting one. One of the biggest advantages is the equity appreciation that you will receive over a long period of time. In a strong housing market, this is a great way for you to increase your net worth. Canada has had a booming housing market for the past decade.

Another major advantage of owning a home is that part of your monthly house payment pays off some the principal. When you are renting, you are not gaining anything in this area because you are just paying rent. Over a period of decades, this can really make a major difference in your finances.

Finally, a lot of people just like to have a place to call their own. If you are the type of person who likes to be creative with the look of your home, owning your own home is probably better for you.

Advantages of Renting

Renting is a great way to get housing without making permanent decisions on your future. If you are young and do not have a family, you have the luxury to move around as you wish. This is a great time in your life to discover yourself and different areas of the country. 

In addition, it costs much more to sell a home than it does to move out of one that you are renting. If you choose to sell the home through a professional real estate agent, you will need to factor in closing costs. On the other hand, moving out of a rental property is cheap and can be done quickly.

If you plan on moving for work in the future, renting is a great option for you. Not only will you save on closing costs, but you’ll save money on maintenance as well. 

Canada has a strong housing market in a lot of areas. This is good for homeowners and buyers alike. There is no correct answer when looking at renting or buying a property. You need to look at your current situation and decide what will be best for your lifestyle in the years ahead.

 

Photo credit

About The Author

Jeff S.

Proud father and husband. Loves music, Nine Inch Nails, UFC and inbound marketing.

Leave a reply

Your email address will not be published. Required fields are marked *

Recent Tweets