| Buying

The dilemma that has wracked most people’s mind at one point or another – renting vs buying – can easily overwhelm someone when they want to make a location change in their life. How do you know if the decision you are making is right for you, not just in general? Here are some important topics to consider in the battle of renting vs buying.

Flexibility

How flexible do you want to be in the place you will move into? If you like being able to move at the drop of a hat, renting could be the option for you as you can move without penalty when your lease ends. This flexibility goes both ways, however. Just as you are flexible to leave your rented unit, so, too, can your landlord sell the unit and force you to find a new home unless you are in a dedicated rental building.

Budget

Many people prefer to own their own home because they know that each month their money goes towards building equity. These people might not have considered the budgetary stability one has by renting. While each month your rent is the same, there are fluctuations ins monthly costs. For example, when you own your house and the roof leaks it is up to you to pay for the repairs. When owning, you will always need a larger emergency fund for situations related to the maintenance of your home.

Lifestyle

How busy are you on a day-to-day basis? If you work long hours or travel a lot, you might not have the time to take on the commitment that comes with home ownership. However, if your heart is set on owning a home, there are ways to circumvent some of the chores that come with owning a home. You could look to live in a condo or you could move in a community with a homeowners association.

Passive Income

If you are looking to make even the most modest of investments, consider buying. You can then, provided you follow all local rental property laws, rent out part of your property. Having a tenant live on your property with you can help offset your mortgage. Remember that owning a home and being a landlord means your flexibility diminishes. Therefore, if you really value your flexibility, consider renting.

Creative Freedom

If you love interior design, buying might be the way to go. When you rent, there may be many constraints to how you decorate your home. You might need to keep your walls or shutters a certain colour, you might need permission before you nail anything to a wall. Some designers love the challenges that come with renting – they find it exhilarating to get the best design given their constraints. Others prefer custom building their home and if that is the path for you then you should strongly consider buying.

Which end of the spectrum do you see yourself leaning towards when it comes to renting vs buying? If you would like to talk to an expert to help you come to the best decision, please feel free to message me! I am always available to discuss the options that best suit you.