Knowing whether to rent or buy the place you live in is difficult. There are a lot of factors that determine how you choose, and there are definite pros and cons to both choices. For example, in terms of intangible benefits, renting offers flexibility and the opportunity to have someone else take care of repairs and maintenance. On the other hand, renting also means unpredictable increases in rent and lack of any equity in the long term. With homeownership, you get a sense of stability and belonging. You gain an asset that stays with the family for a long time. At the same time, owning property is a commitment. You have to take out time for maintenance regularly.
Choosing between owning and renting is a matter of comfort and convenience. Some people live on the go, always moving from place to place for work or pleasure. In this case, renting offers the necessary accessibility. Otherwise, if your goal is to settle down and set down roots in a neighborhood, you like, owning is the right choice.
With every passing year it seems that, for many, the dream of moving from renting to buying a home slips farther and farther away. Comparably, Toronto also has the highest rental prices in Canada. So when it comes to rent versus buying, 2020 may be the year to really look at your finances and weigh the pros and cons of renting vs buying. If there’s one thing we know for sure, the best day to buy is always yesterday; as prices climb, the money you do have today will be worth less tomorrow.
Ready to make the change? Let us help you find and purchase your dream home.
Rodney Schunker | Mortgage Broker (Lic. M12000165)
Cell: 416-697-6423 | Toll Free: 1-855-697-6423
Fax: 1-855-787-7723 | Web: www.kingdommortgages.ca
Mail: 10 George St North, Suite 202, Brampton L6X 1R2
Email: schunkerr@gmail.com
Rock Capital Investments 10556 O/A The Mortgage Centre
