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Should I rent or buy?

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Should I rent or buy?

Kevin Yu

Kevin might be a real estate fanatic and expert, but his love of the housing market in Toronto and the people that are intermingled within it is just ...

Kevin might be a real estate fanatic and expert, but his love of the housing market in Toronto and the people that are intermingled within it is just ...

Aug 21 3 minutes read

Which side are you on?

Life is full of hard questions: Paper vs. Plastic. Coke vs. Pepsi. Apple vs. Android.  The Lannisters vs. The Starks(Maybe not this last one...)

 As far as heavily debated topics are concerned, you can throw in Rent vs. Buy. With the battles line drawn, let's step into the octagon and see if we can crown a champion!


Reasons to buy💰

1) Longevity

Moving soon? If you plan to set up shop for the long run in a particular, buy a house is something worth exploring. The initial costs such as a down payment will be recouped over time.

In the long run, you will actually OWN the home after you’ve paid off your mortgage. Then you just have the property taxes and insurance which is undeniably much cheaper than rent!

2) More "Fixed Costs"

Landlord ever jacked up your rent $200 a month? Not fun. Of course, property taxes do fluctuate both up and down over time.  However, a fixed rate mortgage of 15 or 30 years looks stable compared to a fluctuating rental market.

3) Freedom

Making a house your home is a lot easier when you call the shots. Want to install something that involves more than a hammer and a nail? Not having to ask permission from a landlord gives you the power to do what you please.

There is also the sense of pride in ownership. This still holds true today. According to a recent survey by NerdWallet, 75% of North Americans said that owning a home was a goal of theirs in 2018.

Reasons to Rent 💰

1)Maintenance

Of course, when faced with a leaky faucet or a flooding issue, the renter isn’t going to be swiping his card at the local Home Depot or Googling a local plumber. Renters know that it won’t be their wallet hit by the unexpected up-keep of the property. 

2) Short-term flexibility

Moving to India in the next 2 years? Rushing to buy a house may not be on the top of your list. When your rental lease is up, it’s up. Packing up your stuff and getting a U-Haul needs to be done for renters and buyers. You can kiss that place you called home goodbye. As a homeowner, you would need to sell your home or rent it out if you were to leave the country.

3) Lower expectations

How “perfect” does your furniture need to look in your rental unit? How much is that outdated kitchen bothering you? If you are the homeowner, the answer is likely going to be more so. Renters can “deal with” their imperfections better because after all, it's not their place. Renter's don't suffer from the keeping up with the Jones's mindset.

And the Winner is.......

A draw!!?

Looking for a more decisive outcome of what makes sense for your situation?

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